Business
WestBIC Chairman offers cautious economic outlook for year ahead
The Galway-based head of one of the west’s leading incubation centres for new business has preached caution in his economic outlook for 2017.
At the recent WestBIC 2016 Annual General Meeting, Dr Chris Coughlan, the WestBIC Chairman pledged an even greater effort by WestBIC to continue to drive the jobs issue for the Region.
“It`s the only real, long term indicator we are interested in,” he said.
“It`s the outcome of a sustainable and well tested Applied Innovation Process and Support Service that we have been constantly updating and improving over the last thirty years.
“Innovative companies need innovative advisors and our holistic approach of offering the global standard of Applied Innovation supports, incubation, validation, investor grade Business Planning, timely access to Private and Public sources of Start and Growth Capital and, most importantly, International Networking opportunities for clients will be deepened and get our full attention” he added.
“We are particularly committed to doing more and attracting resources to the less favoured sub Regions, where the key indices of Start-Ups, jobs etc., are lagging behind Regional averages not to mind National averages.” Dr Coughlan continued.
WestBIC, as the Quality Accredited EU Business and Innovation Centre for Irelands West and North West Region, is located at seven contact points throughout the Region from Donegal to Galway.
As a Specialist Service Provider in the Governments Portfolio of Supports to Industry, WestBIC is the lead delivery Agency of the enablers of Applied Innovation which includes Incubation Infrastructure and Systems and Investor Grade validation and Business Planning support to candidate innovative Start-ups.
In the last year, WestBIC clients raised almost €6M of Start and Growth Capital from Public, Private and EU sources working closely with EI, Údarás na Gaeltachta, the LEOs, the Colleges, the City and County Councils and the WestBIC Private Equity Support Community of Business Angels, both in Ireland and overseas.
“There is no room for complacency and the recovery of jobs, particularly in the less favoured sub regions, is very much on our Agenda into 2017 and beyond. Our Board and Team are committed to that,” concluded Dr Coughlan.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
Connacht Tribune Digital Edition App
Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.
Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite HERE.
Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
Families queue up for school’s offer of free house
West has lower cancer survival rates than rest
Galway minors continue to lay waste to all opponents
Gardaí and IFA issue a joint appeal on summer road safety
Marathon Man plans to call a halt – but not before he hits 160 races
