Exports from firms we support reached €34.57bn last year, a new record for Irish exporters.
And North America remained a priority market for these Irish-owned companies, as it accounted for 19pc of their exports in 2023, up 5pc on the year to €6.48bn.
It’s vital to have a founder or co-founder on the ground, especially in the early stages
Irish-owned companies employ thousands across the US – and Ireland is in fact the ninth largest country for FDI there, according to the US Bureau of Economic Statistics. Up to 60 Irish firms set up operations there each year.
In fact, IT service management experts Version 1, commercial refrigeration company Novum USA and Intact Software all announced plans to open new offices in the US during a joint Enterprise Ireland and IDA Ireland trade and investment mission in recent weeks.
Led by Enterprise Minister Peter Burke, the focus of this trade and investment mission to New York and Boston was to boost relationships and promote world-class Irish companies in the US.
Dozens of meetings were held throughout the week, and there were visits to WorkHuman and AppleGreen sites, in Massachusetts and New York respectively.
During this strategically important visit, Irish digital health company Salaso announced it was expanding its operations in the US, as did WaterWipes – 30 of its 400 employees are already in North America.
And Irish software companies Capella and Tines also announced they are expanding their operations further in the US on foot of recent successful fundraising.
Investment and establishing a market presence were the focus of this trade mission, and the Ireland Strategic Investment Fund (which has made significant investments in well-established VC funds in the US), co-hosted a round table discussion.
While it can be rewarding, it can also be an expensive market to enter
Ten American VC firms joined this discussion, which covered the fluid political landscape in the US, the increasing need of Irish companies in scaling capital, and challenges for VCs when investing in European companies.
These VC firms also offered many insights to Irish firms looking to the United State, emphasising that it’s vital for them to have a founder or co-founder on the ground in the early stages – as it demonstrates their commitment, enables better networking, and helps bring company culture to the market.
Exports by Irish-owned firms supported by Enterprise Ireland have increased 60pc since 2018, and the US now accounts for a fifth of all exports by Enterprise Ireland client companies. These successes are all underpinned by strong innovation and research.
The opportunity is enormous, but it’s important to be well funded and have done your research to ensure a strong product-market fit. Irish companies interested in exporting to the US should ensure they focus on specific market and vertical opportunities, and should time their market-entry well.
While it can be rewarding, it can also be an expensive market to enter, and it’s vital that companies do their homework, set up the right legal and tax structures and receive expert advice on employment law and work visas. If you are leading an Irish owned company and are interested in exploring opportunities in the US, contact our office at new.york@enterprise-ireland.com
Aidan McKenna is regional director of the Americas at Enterprise Ireland