Mike Burke, AGG Corporate & Finance partner, leader of the Ireland & Northern Ireland practice, and member of Ireland INC, contributed an article titled “Creating Ireland’s Future Economy” for the Ireland INC US 250 Index 2023, a report comprising 250 of the fastest growing Irish companies investing and operating in the U.S.
“The future Irish economy will be knowledge-based,” Mike said. “With outstanding universities, dynamic entrepreneurial hubs, and a supportive ecosystem, innovation across the Island of Ireland will impact sectors like pharmaceuticals, food, medical devices, agricultural technology, healthcare information technology, and others.”
However, Mike stresses the importance of forging real business links between Northern Ireland and the Republic to fully maximize the opportunity and incentivizing businesses to operate in both jurisdictions.
While Irish businesses must aim for global competitiveness, Mike shares that emerging and established businesses should look to the U.S. as their first export market as it can be a relatively simple and easy market for Irish business expansion.
In order to succeed in the U.S., Mike advises that businesses across the Island of Ireland invest in a consistent presence in the U.S. to conduct market research and due diligence, to meet customers, and other similar reasons. This might mean detailing someone from the home office to work in the U.S. or hiring a U.S. person.
“Businesses across the Island of Ireland have to start U.S. expansion with a mindset that they will be wildly successful, not one where they think that they might be successful,” said Mike, “Companies should think about the best-case scenario for what their U.S. presence and market would look like in 25 years, and then make a deliberate and intentional plan to realize such scenario.”
To read the full article, please click here.