The Innovation Exchange connects large businesses facing digital and innovation challenges with ambitious SMEs that can fast-track solutions, creating an innovation marketplace. The benefits to both are significant:
- Established businesses receive access to Ireland's most talented and innovative SMEs and to a framework that accelerates growth through digital transformation
- Innovative SMEs get to build a sales pipeline and access a framework that develops the capability to navigate sales and procurement, accelerate expansion and achieve commercial success.
Following a successful pilot programme in 2021, which successfully initiated multiple collaborations between multinational companies and SMEs, it was announced that a full rollout of The Innovation Exchange would commence in 2022.
At the launch in the Guinness Enterprise Centre, Simon Harris TD, the Minister for Further and Higher Education, Research, Innovation and Science, said: “This creates real business opportunities for small and medium-sized businesses while also addressing innovation challenges facing larger companies. We will support 300 companies in 2022 across many sectors, including technology, agri-food and energy, and we will support this with a€5 million investment.”
Identifying challenges, developing solutions
The current call for applications focuses on identifying challenges within the area of digital transformation and using emerging technologies, such as artificial intelligence, Internet of Things (IoT) and robotics, across key sectors, including energy, food, travel, health, education, human resources, logistics and compliance.
The collaboration between ambitious SMEs and established multinationals is an opportunity for participating SMEs through access to new markets, new customers and industry expertise. In turn, participating multinationals gain access to start-up creativity, new ways of working, and ways to successfully harness emerging technologies.
Glanbia and IBM are two of the multinationals currently taking part in The Innovation Exchange. Current participating SMEs include Tigim, Empeal and Buymedia.
“The Innovation Exchange has been hugely positive for Glanbia and we have got value out of every step of the process,” says Brian Leahy, Glanbia’s digital incubation hub manager. “Above all it has given us exposure to lots of different companies, innovating in lots of different ways that can help Glanbia accelerate at speed.”
Aurobinda De is co-founder of start-up Empeal, one of the ambitious SME that began a collaboration with a potential customer as a result of The Innovation Exchange pilot. “The challenge to selling to large organisations is that the wheels move slowly and the sales process is long,” he says. “The bigger challenge is getting in front of the right people; those that make the decisions and fully understand what they are looking for. The Innovation Exchange solves both these problems.”
What’s in it for SMEs
- Understand the innovation challenges facing industry
- Pitch your solution to corporate buyers (15+ pitch prospects in 2022)
- Tailor-made training for SMEs selling to large corporates
- Feedback from prospective customers
- Access to an innovation ecosystem
The Innovation Exchange is currently recruiting innovative SMEs with a proven ability to create and deliver digital transformation solutions. See https://theinnovationexchange.ie/register.
What’s in it for established businesses
The Innovation Exchange offers faster and more successful innovation, leading to competitive advantage and accelerated growth. Key benefits:
- A framework to support the innovation journey
- Providing access to, and support in navigating, the supplier landscape
- A managed process for collaboration with potential solutions providers
Established businesses looking to increase competitive advantage by fast-tracking innovation can join The Innovation Exchange at any time. Get in touch at theinnovationexchange@dublinbic.ie.
About The Innovation Exchange
The multi-year programme facilities collaboration between Irish SMEs and large multinationals to boost innovation. It will support more than 1,000 companies between 2022-2025. The programme is managed by Dublin BIC in partnership with Skillnet Ireland.
“The Innovation Exchange perfectly captures the spirit of collaboration that lies within the Irish business ecosystem,” says Paul Healy, chief executive of Skillnet Ireland. “As a talent development agency, Skillnet Ireland is committed to supporting businesses at both ends of the scale, be that our home-grown SME community to the major multinationals that are vital to our economic wellbeing.
“Through the Innovation Exchange, and in partnership with Dublin BIC, we are connecting ambitious SME leaders with some of the leading global organisations based in Ireland with the common goal of boosting innovation and competitiveness.”
Says Michael Culligan, chief executive of Dublin BIC: “The Innovation Exchange is an ambitious initiative for ambitious businesses which accelerates innovation and drives real results. By developing the structures and processes to make innovation partnerships work, The Innovation Exchange will see Irish SMEs bring their ground-breaking solutions to some of the largest corporate businesses in Ireland.
“Not only does this relationship offer solutions to multinational businesses, but it has the ability to help SMEs in charting a course toward expansion, scale and success.”