Avid Partners has a number of clients operating in the technology sector working in areas ranging from community based e-commerce operations to an applications developer targeting new advertising opportunities in the Irish media sector. When working with technology company’s we have to really get inside the mind-set of the business operator as in many cases it is very much an “out of the box” business area and concepts are often very new and invention based. Because of this an entrepreneurial perspective can work best when working with technology and e-commerce businesses and whilst traditional practices and financial best practices are always essential, a fresh approach is helpful when driving aspects of growth and development of a client’s technology business.
When people think of technology companies most conjure up images of the large multinational tech companies like Google, Intel, Microsoft, Amazon, Apple, Paypal, Facebook, IBM and similar global players. Whilst it is true that the majority of employment and revenue comes from the large players, there is also a significant subsector of smaller technology companies that feed into the big industry companies and indeed feed off them as well. Many indigenous companies are fostering collaborative relationships with the multinational sector to create strategic alliances, working partnerships and fostering innovations. Some key facts regarding the industry in Ireland include:
The technology sector is very vulnerable to economic uncertainties and much of its investment comes from perceived benefits in future operations rather than current day benefits. The lifecycle for new products and technologies is also getting shorter with many new inventions being killed off early in the development process if immediate benefits are not attained. Access to capital is always an issue for technology firms as revenue streams are usually generated down the line and many technology companies need access to ongoing capital until revenue streams materialise. Other issues facing technology companies includes the disruptive influence of patent troll companies and the recent advances in microfinance and crowd funding opportunities now available to small and start up technology companies.
- The technology sector in Ireland currently employs over 105,000
- Technology is a leading industry for the export market, current responsible for 40% of Ireland total exports
- Ireland has a thriving indigenous digital technology sector than employs more than 30,000 and generates revenues over €2bn according to the Irish Software Association
- Recent technology success stories include Stripe (payment process firm), Storyful (social media news agency) and Boxever (travel customer intelligence solutions)
Contact Avid Partners today on 014286900 to see how we can assist you with your technology business. Download our article on your area, book a place on our next industry seminar and make an appointment today to chat about your business with one of our expert Avid Partner staff.
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