INTERVIEWMORE THAN A PHELAN (P.26)

TRAVELVIVA VELOCIDAD (P.72)

ASIA VIEWPOWER PROBLEMS (P.14))

GLOBAL MARKETSGOOD VIBRATIONS (P.11)

Read us online: www.businessandfinance.comwww.irelandinc.comMARCH/APRIL 2014€4.50 INCLUDING VAT • STG£3.00/$6.50

Driving global trade andattracting FDI

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Front Cover spread Irl Inc Issue 2014:Layout 1 3/3/14 20:05 Page 1

ISSN: 0007-6473Published by: Business & Finance Media GroupUnit 1A Water’s Edge,Charlotte Quay, Dublin 4 Phone: 01 2377000

The average audited net circulationper issue of Business & Finance duringthe period January 1 to December 312009 was 14,676 copies as certified bythe Audit Bureau of Circulation

Publisher Ian Hyland

Editor Niamh Mac Sweeney

Web & Features Editor Anne Whelton

Contributors Aidan DonnellyMark Godfrey

Head of Design Keith Dalton

Designer Fiona Sheridan

Events Director Louise Delahunty01 - 2377013

Events Manager Lucy Remitz01 - 2377012

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Staff e-mails:firstname.surname@businessandfinance.com

42 InvestmentNorthern Irelandgrowth

44 60 second interviewRichard Reed, InnocentDrinks

45 FinanceDevelopments in thebanking sector

47 State visitHistory in the making

51 Insight The Little Museum ofDublin

54 CEO interviewMargaret Shannon,Emirates

60 Ones to WatchEmerging enterprises

62 Enterprise of the YearIntegrity Solutions

LIFESTYLE

71 Diary datesCultural eventsnationwide

72 TravelCuenca, Madrid andValencia aboard theAVE

77 ReviewFamily fun at Fota

80 TechnologyTech update

PHOTO GALLERIES

83 FDI 100

87 Haiti Ball

89 Sandbox

90 Intel

92 ITLG

COMMERCIAL FEATURES

95 Features and profiles

MARCH 2014. VOL 50 NO 1 NEWS

2 Businessperson of the Month: JanuaryRose Hynes

4 Businessperson of the Month: FebruaryGervaise Slowey

6 Company of the Month: JanuaryGoogle

8 Company of the Month: FebruaryRyanair

COMMENT & ANALYSIS

11 Stocks & marketsGood vibrations

14 Asia viewPower problems

17 Markets & economicsProspects for life

21 UK Trade &InvestmentFuture partners

24 Intellectual propertyFraming the IPframework

26 FDI commentaryMore than a Phelan

30 M&A activityMastering M&A markets

33 European fundingIn it to win it

36 Global reachEnterprise ambassador

37 FinanceReviving the banksystem

INTERVIEWS & FEATURES

39 R&DInnovation valley

40 Global tradeRules of marketengagement

FDI commentary

Louise Phelan on why big badgecompanies are investing in IrelandPage 26

Travel: Viva Velocidad

Time travel seems almost possibleabroad the AVE high speed trainPage 72

60 second interview

Richard Reed, co-founder, InnocentDrinks and JamJam InvestmentsPage 44

MARCH 2014businessandfinance.comContents

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emerging market equities and currencies sell off.The changing risk attitude towards emergingmarkets moved beyond their borders and beganimpacting sentiment in developed markets also.This situation has not been helped by a series ofdisappointing economic data from Europe andthe US. Despite the fact that, for now anyway,much of this poor data can be explained by thesevere weather conditions experienced in NorthAmerica so far this year, the uncertainty that itcreates does not lie easy with investors who are ofa mind to shoot first and think later.

NOT ALL BAD NEWSAt this point it is worth remembering that allemerging market countries are not created equaland there have been many positive developments

11

11

March 2014 Business & Finance

As we exited 2013, global equitymarkets were in buoyant mood

having capped a year of strong gainsthat left many Western exchanges at,

or close to, all-time highs, writessenior equity analyst at Davy Private

Clients, Aidan Donnelly.

In the US, in recognition of the improvingeconomic outlook for the country, theFederal Reserve announced at its meeting in

mid-December that it would begin the process ofreducing its bond buying programme known asQuantitative Easing (QE). Although investors hadoriginally balked at the notion of tapering whenit was first suggested by the Federal Reserve inMay 2013 – leading to a sell-off in markets, coinedthe 'Taper Tantrum' – reaction to the actualcommencement was greeted positively and itprovided a final impetus to equity markets asthey staged a ‘Santa Claus’ rally into year-end.

The 'good vibrations' spilled over into the earlydays of 2014, but since then the mood has takena turn for the worse. One of the unintendedconsequences of the vast amounts of money thathave been pumped into the financial system bythe major central banks since the financial crisisbegan, has been that much of this liquidity hasfound its way into the stock markets, bonds andcurrencies of many of the developing oremerging markets around the world.

As investors sought greater returns, the higherinterest rates on offer and the better growthprospects in these regions were appealing.Investors voted with their feet, so to speak,resulting in significant capital inflows into thedifferent asset classes in these areas.

TURNING OFF THE TAPSIf the various incarnations of QE from majorcentral banks provided a boon to the highergrowth regions in the last few years, thenreducing or removing it has the potential tocreate the opposite effect. And so it was over thelast few weeks as the combination of capitaloutflows and political tensions has seen

Good vibrations

COMMENT & ANALYSIS

MARKETS

Aidan Donnelly, seniorequity analyst at Davy

Private Clients

14 ASIA VIEW17 FRIENDS FIRST21 UK TRADE & INVESTMENT24 IP LAW26 FDI COMMENTARY30 MERGERS & ACQUISITIONS33 EUROPEAN FUNDING36 ENTERPRISE AMBASSADOR

11 - 12 Davy Markets:Layout 1 3/3/14 17:19 Page 11

There’s been a lot of talk about wageinflation in China rubbing out much of thecountry’s once-formidable

competitiveness in manufacturing. Factory wages are still rising at an average 10%

a year in China, counting inflation, yet there’sanother inflation that’s about to make businesshere more expensive, and that’s energy.

Electricity prices are set to increasesignificantly to pay for pollution, and havingadopted a develop-now-fix-environment-laterapproach to economic growth, China is paying aprice for pollution much sooner and moreexpensively than it had anticipated.

A few days of severe smog in January 2013 anda collapse in tourist numbers last summer, wereenough cause for extreme alarm in the wealthyenclaves of Beijing where Communist Partyofficials and executives live.

Closing and retrofitting a swathe of coal firedpower plants is Beijing’s ambitious answer topollution levels in Beijing, which frequentlyexceed by 40 times the recommended WorldHealth Organisation limits.

POLLUTION The model which made China prosperous is nowbeing ditched as a wealthier population demandsan end to pollution previously accepted as aninevitable side effect of factory-driven

14 Business & Finance March 2014

development. Coal-fired heating and electricity isblamed for a quarter of the pollution chokingBeijing and cars account for another quarter ofthe problem according to energy consultants IHS.

More than 70% of China’s 4,937 terrawatthours generated in 2012 came from coal. Underan urgent-sounding government plan publishedin September that figure is supposed to drop to52% within 10 years.

Regional coal-fired power plants contributeanother 25% of Beijing’s smog woes. That meanscoal fired plants like Keliyuan, Shijingshan andHuohua in neighbouring Hebei province have allbeen told to cut emissions by modernising. Butthese plants provide power to factories in hugeindustrial estates in Hebei province and the portcity of Tianjin. Someone’s going to have to paythe billions required to fix the power plants.

Given the world emissions trading system setup under the Kyoto accord is largely ineffective(carbon trading tariffs aren’t attractive enough forinvestors to make it worthwhile to fundretrofitting of Chinese coal plants), it’s lookinglike costs will have to be passed onto the enduser, including the Chinese factory owner.

RISING TARIFFSThat means electricity tariffs will have to risefrom an average of $0.08 per kilowatt hour tosomething more like European averages ($0.30in Ireland, $0.45 in Germany). One of the reasonsChina is choking on coal is it’s cheap – about halfthe price of gas-fired power- and the state-runelectricity sector has avoided raising prices byusing the cheapest fuel. Since 2006, coal hascontributed 80% of new capacity, with hydrotacking on another 12%.

To placate its new middle class, China is havingto clean its coal plants, fast. Before last year’sapocalyptical smog, China was charting a moresophisticated, long-term solution to pollutionwhich would also provide the country with awhole new industry.

China drew attention with ground-breakingclean-coal power plants like the GreenGenproject in Tianjin. Alas, that zero-emission powergenerator has been making huge losses andhence doesn’t feature so much in the state mediaanymore, though obviously the lessons learnedthere in scrubbing coal are going to be useful.

Technology like this was being sold five yearsago as a pain-free, scaleable and sale-ablesolution for pollution. This was supposed to beChina’s way of innovating and dominating newtechnological solutions to pollution.

But while China still has the opportunity tobecome a world leader in clean coal and nuclear

ASIA VIEW

Power problems

COMMENT & ANALYSIS

Mark Godfrey warns that China’s big plans to targetpollution will make manufacturing here a lot more expensive.

Now that China isabout to countthose costs,doing businesshere will get a lotmore expensive

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Above: In Xintang, wherethe economy is centeredaround textile production,Greenpeace has found highlevels of industrial pollutionand has documented theeffects on the community

14 Asia View :Layout 1 3/3/14 15:48 Page 14

15March 2014 Business & Finance

MAKING THE SWITCHAnyone in the business of retrofitting powerplants is making a killing in China. Companieslike LP Amina and Siemens have been strugglingto meet all the work coming their way sinceBeijing started to get serious about clearing theair following some horrendous smog last year.

There’s plenty more to go: notoriously leakyrefineries here have to switch to higherstandards, for instance. And all of this will bedone, not just because of the ability of anauthoritarian system to effect change, butbecause China can’t afford to suppress the realprice of energy and pollution in order to delivereconomic growth.

Marketisation of utilities prices, announced ina batch of reforms last November, will alsofacilitate rises in China’s state-controlled energyprices.

Credible economists here have often claimedthat China’s GDP growth would actually be in thenegative if the real cost of utilities and the cost ofenvironmental degradation caused by thecountry’s factory-driven development modelwere counted.

Now that China is about to count those costs,and to pay the cost of pollution, doing businesshere will get a lot more expensive. �

power technology, in a recently tighterbudgetary situation Beijing will have to spreadsome of the pain and lift subsidies which havekept electricity relatively cheap.

ENERGY DEMANDSUrbanisation means China’s demand for energyis going to climb 50% over the next 10 years; thebulk of that is happening in the east coastclusters that account for 51% of China’s GDP.

Of course there’s also the chance that dirtymanufacturing gets moved inland. But that willonly delay the inevitable of higher energy prices,and thus higher manufacturing costs, in China.Having gotten used to affordably-made-in-ChinaTV sets and clothes, Western brands andconsumers are going to have to get used topaying a higher China price. There’s no backingout of this for the government here.

This being a Leninist political system, there’splenty of national plans and targets that don’talways make it to fruition. But this one is likelyto be implemented. Because trust ingovernment is very low, policy makers in Beijinghave taken the unusual step of allowingpublication of pollution data. The publicavailability of data measuring smog means thegovernment will have to act.

A wealthierpopulationdemands an endto pollutionpreviouslyaccepted as aninevitable sideeffect of factory-drivendevelopment

2014-24GLOBAL ENERGY ATTRACTIVENESS INDEXCHINAS ENERGY DEMANDS

CHINA’S ENERGYDEMANDS WILL CLIMB OVER THE NEXT 10 YEARS 50%

Electricity tariffs will have to rise from an average of $0.08 per kilowatt hour to something more like European averages

($0.30 in Ireland, $0.45 in Germany).

AMERICA

$1b in private investment is being

used for clean energy projects

SINCE 2006, COAL HASCONTRIBUTED 80% OF

NEW CAPACITY, WITH HYDROTACKING ON ANOTHER 12%

BRAZILBrazil has awarded

more than 3GW of renewables

capacity this year

AUSTRALIALegislation is being

published that will abolish the country’s carbon pricing

mechanism from July 2014

IRELAND

A €200m fund, co-invested with the EIB for Irish wind projects

UK

Labour pledges to freeze energy prices in 2015

FRANCEA carbon tax and

nuclear levy will help

fund the annual

€20b energy bill

CHINATax breaks and subsidies for solar energy to help

meet 35GW

target by 2015

14 Asia View :Layout 1 3/3/14 15:48 Page 15

Although there is a more positiveoutlook for the life assurance and

pensions market this year,JP Hughes cautions that consumers

need to re-engage in making financialprovisions for their future.

It is very encouraging to see clear signs of anincrease in business activity and consumerspending, but we must be mindful thatdisposable income remains constrained becauseof the austerity measure and so spend on long-term financial products will continue to reflectthis in 2014.

On balance, we are projecting c.10% marketgrowth in new in 2014 and continued gradualgrowth into 2015. We also believe that the level ofpolicy cancellation will reduce marginally as morecustomers look to retain their necessary benefits.

LONG-TERM PLANNING As an industry, we advocate that consumers makeproper financial provisions for unforeseen lifeevents and their future, especially after retirement.But we are increasingly concerned that there is anexcessive short-term focus among many of thosewho are employed.

Research Friends First undertook last yearindicates that when many consumers examinetheir finances, life and health assurance productsand funding for old age are not coming out veryhigh on their list of priorities. It's a choice eachperson has to make and there are still significant‘affordability’ issues for most consumers, butunfortunately there will be adverse lifestyle issuesfor many in the future if they do not fundadequately for their retirement.

Less than 50% of those in employment haveany form of pension, and this figure is just 40% ifwe exclude those in public sector employment. Atleast half of those in employment will relyexclusively on the State pension in retirement. Butthose eligible for a State pension on retirementwill now have to wait longer to receive it – aged 66for those retiring from 2014 onwards.

COMMENT & ANALYSIS

17March 2014 Business & Finance

JP Hughes,chief commercial officer at

Friends First

How is theGovernment

going to continueto fund the

existing €11,976per head perannum for an

increasinglyageing

population?

The life assurance sector is something of abellwether of the economy – if the economyis doing well, the life assurance sector tends

to do well, and vice versa. Back in 2006 and 2007,the life assurance industry was a beneficiary of theexcesses of the Celtic Tiger. Many consumers wereinvesting their own funds and indeed borrowedfunds in all sorts of assets.

All of that changed dramatically with the onsetof the global financial crisis and the recession. Lifecompanies are impacted in two ways by aneconomic downturn. Firstly, fewer new customersbuy protection or health insurance policies orinvest in new pension or savings products. As aresult, sales of new life products declined by 65%between 2008 and 2012.

In addition, many customers who took outpolicies before the recession were struggling tomeet their financial commitments in recent yearsand so an increasing number either reduced theamount of their premiums or cancelled theirpolicies altogether.

The level of policy cancellations was alsoinfluenced by an increasing level of rebrokering orreselling, some of which was not always for thebenefit of customers. This issue abated somewhatin 2013.

While the life market stabilised in 2013 and newsales were up 7% compared to 2012, we werestarting from a low base and it will be a long timebefore we see the level of new businessexperienced in 2007.

SIGNS OF IMPROVEMENTWhile still challenging, the economic outlook forIreland is more positive than we have seen since2008. The key factors which impact on theeconomy here are improving, and providedpolicymakers continue to provide stimulus for aslong as required, a gradual expansion of economicactivity is likely here and internationally.

For consumers, the labour market is improvingslowly, disposable incomes are growing andconsumer confidence is at a six-year high; albeitfrom a very low base. All of these factors will havea positive impact on not only our industry butothers as well.

MARKETS & ECONOMICS

Prospects for life

17 - 18 Friends First:Layout 1 3/3/14 14:15 Page 17

here are over 700 UScompanies operatingin Ireland thatcontribute animpressive $204bn inFDI and €100bn in

exports for the country. Moreover, the IDA’s figures for jobgrowth in 2013 speak volumes.More that 13,000 new jobs werecreated by IDA client companies inthe past 12 months. This net

increase of employment is thehighest level of job creation in overa decade and sets the inwardinvestment promotion agency

firmly on track to exceed itstargets, as set out by the

business services, are all factorsresponsible for securing strongresults thus far. But how canIreland ensure that investment,competitiveness and expertisecontinue to translate intoeconomic gains for the country?

CORE COMPETENCIES Newly appointed president of theAmerican Chamber of Commerce,Louise Phelan believes its time tocapitalise on the gains alreadymade and to continue tovigorously secure investment.

“The golden pyramid of tax,talent and competitiveness iscritical to the enduring interest ofmultinationals in Ireland,” shesays. “These elements are at thecore of our success in attractingFDI and it is essential that they aremaintained.”

Horizon 2020 strategy. Big badge companies such as

Twitter, eBay, Salesforce, Vistakon,Facebook, Symantec and De Puyhave all announced recentinvestments, while companiessuch as Google, Linkedin, Intel andPayPal continue to contributesignificantly to the FDI landscapein Ireland.

Identifying and targetingspecific growth sectors and

business models, increasedcompetitiveness and an improvedinternational reputation as aleader in all sectors, with particularfocus on digital, ICT, internationalfinancial services, life sciences and

Louise Phelan, president, American Chamber of Commerce

26 Business & Finance March 2014

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COVER STORY: US INVESTMENT

Big badge investments in Ireland remain strong, but Louise Phelan tells Niamh Mac Sweeney wecan’t afford to stand still while global competitors continue to gain advantage.

More than a Phelan

Critical to attracting new investment is ensuring wehave a strong ‘business case’ for investors

FDI COMMENTARY

26 - 28 - Louise Phelan (Cover Story):Layout 1 3/3/14 17:21 Page 26

data, we can develop better diagnostics, therapiesand disease prevention strategies. Funding in thisarea aims to deliver breakthrough research andinnovation both in poverty related diseases andin antibiotic, resistant, infectious diseases.

CLEANER ENVIRONMENT€359m has been allocated to support renewableenergy technologies that will assist the EU inreducing greenhouse gas emissions. The aim ofthis call is to bolster this policy objective bytackling the whole innovation process, covering awide range of technology readiness levels,combining research, development andinnovation with market uptake and byaddressing non-technological issues such asstandardisation and impact analysis.

A further €190m will finance research activitiesto develop more energy-efficient solutions, suchas in the area of building components or inheating and cooling systems. This will help toreduce energy consumption needs in largecongested urban areas. The transport sectoraccounts for 63% of oil consumption and 29% ofall CO2 emissions in Europe.

In December 2013, the European Commissionpublished calls for proposals worth €15bnunder the EU Horizon 2020 programme. This

is the largest programme in support of theresearch, innovation and science sectors that hasever been undertaken in the history of the EU.

It is testament to the fact that the EU is backinginvestment within these important policy sectorsso as to ensure that the economies in Europe,including in Ireland, become more competitive.Investments of this nature will help to bothcreate and maintain high quality jobs, which is acentral requirement for economic recovery.

Irish small, medium and large-scale companiesshould look very carefully at the opportunitiesthat are available via this first Horizon 2020 callfor proposals.

A number of areas have been identified forspecial focus and support.

IMPROVING HEALTHAt least €549m is being put aside for research andinnovation activities in the area of personalisedhealthcare. By better understanding the causes ofhealth and disease, and by making use of big

33March 2014 Business & Finance

Máire Geoghegan-Quinn,European Commissionerfor research, innovation

and science

At least €549m isbeing put asidefor research and

innovationactivities in the

area ofpersonalised

healthcare

EUROPEAN FUNDING

Irish businesses must take advantage of the recent call for proposals in the fields of research,innovation and science under the EU Horizon 2020 programme,

writes European Commissioner, Máire Geoghegan-Quinn.

In it to win it

COMMENT & ANALYSIS

33-34 Ma?ire Geoghegan-Quinn 2:Layout 1 3/3/14 15:12 Page 33

on, from making music to going intospace. That's pretty awesome.

Q. In three words or less, how do youdefine success?Excitement and satisfaction.

Q. How do you motivate yourself andyour staff?By creating a sincere, aspirational,achievable and ethical goal.

Q. How do your relax?I read, I run, I meditate and I drink.

Q. What’s your motto? Live fast, die old.

Q. What are your aspirations for thefuture of your business? To make the world a little bit healthier. �

Q. What was your first job?Picking up dog biscuits in a dog biscuitfactory.

Q. What would you regard as yourgreatest achievement to date?My greatest achievement to date? Itwould have to be Innocent.

Q. What’s the best piece of adviceyou’ve ever been given?You get more by being nice than beingnasty.

Q. If you could step into the shoes ofone business person for the day, whowould it be and why?Richard Branson. He's theentrepreneur's entrepreneur and he’sjust got such a brilliant, exciting andvaried range of interests that he leans

60SECONDS

INTERVIEWS & FEATURES

Richard Reed, co-founder, Innocent Drinks

THE INNOCENT BUSINESS IS LED BY A MISSION TO ‘TASTE GOOD AND DO GOOD’

Successful entrepreneur, Richard Reed isthe co-founder of Innocent, the no.1smoothie brand in Europe. The business wasstarted from a market stall in 1999 by Reedand fellow Cambridge University graduatesAdam Balon and John Wright and hasgrown into a business with a turnover ofover £200m, trading in 15 countries acrossEurope. The Innocent business is led by amission to ‘taste good and do good’, andgives 10% of profits each year to charity. In2013, the founders sold their controllingstake in Innocent – over 90% – to Coca-Cola

in a deal valuing the business at over £320mbut remain on the board as minorityshareholders.

As well as co-founding Innocent, Reed is

the co-founder of JamJar Investments, acompany that backs young entrepreneurs;Art Everywhere, the world’s largest artshow; and the Reed Page Foundation, acharity that funds peace-brokering andenvironmental protection initiatives.

Huddersfield-born Reed is also chairmanof the Innocent Foundation and a patron ofPeace One Day. He has, at various stages inhis career, been a non-executive director atthe Department of Energy and ClimateChange, a director of charity Videre, and agovernment advisor on entrepreneurship.

WHAT HAS RICHARD SMILING?

Business & Finance caught up with Richard Reed as part of the Cityindex.co.uk Celebrity trader campaign. Every month Cityindex.co.uk challenges acelebrity to trade on the financial markets. Each trader is given an initial balance of £2,500 to trade in an attempt to earn money for a charity of their choice.

Co-founder of Innocent Drinks and JamJar Investments.

RICHARD REED

44 Business & Finance March 2014

44 - 60 seconds:Layout 1 3/3/14 15:29 Page 44

Business & Finance March 2014

endurance andrecovery foryoung and elite

athletes, therewas nothing

tailored for the needsof their specific age group.

How is it funded?While initially self-financed,in February 2014 Elivarannounced it had raised€700,000 from multiplesources including EnterpriseIreland and private investors,and had become the firstcompany to receiveinvestment from the newlyformed HBAN (Halo BusinessAngel Network).

Future plans?On the back of the €700,000investment, Elivar hopes tocreate 10 new jobs by the endof 2015 and expand its saleschannels across Europe in thecoming year.

World’s first nutritionsystem for over 35s

1. Elivar

1What is it?Elivar develops arange ofcarbohydrates,proteins, vitaminsand minerals tailoredspecifically for athletesand active sports people inthe over 35 age group.Elivar’s main markets are theUK and Ireland, from where90% of its current salesemanate. It also exports toGermany, France, Belgium,Italy and the Netherlands.

Who’s behind it?Elivar was founded in Dublinby Donal Hanrahan and LenDunne in 2012. BothHanrahan and Dunne trainedand rowed at an internationallevel in their 20s and now, intheir 40s are active inendurance sports. Theyfound that while there isabundance of sports nutritionproducts that support

{ }Streamlined chemicalengineering solutions

2. APC

2{ }

NEWS

What is it?APC provideschemicalengineeringsolutions andtechnologies topharma companies toensure the delivery of robustand scale-independentprocesses. APC currentlyworks with eight of the top 10pharma and five of the top 10biotech companies in R&D,commercialisation andmanufacturing support. Thecompany has previously wonthe NovaUCD 2011 Start-UpCompany of the Year Awardand in 2013 won two awardsat the Irish Laboratory Awards.It has also been shortlisted forthe 2014 Irish TimesInterTradeIreland InnovationAwards.

Who’s behind it?APC was co-founded byProfessor Brian Glennon and

Dr Mark Barrett in2011 as a spin-outfrom UCD’s School

of Chemical andBioprocess

Engineering. Beforejoining UCD, Professor

Glennon worked as a chemicalengineer in Merck Sharp &Dohme, while Dr Barrett gainedindustry experience as aprocess development engineerwith Schering-Plough.

How is it funded?Enterprise Ireland - APC was aparticipant of the CampusCompany DevelopmentProgramme (CCDP) at UCD.

Future plans?The company currentlyemploys 33 people with plansto employ an additional 20over the next two years. APCalso plans to investapproximately €1.2m this yearin internal R&D activities.

Ones toWATCH

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Check out the new lookBusiness & Finance website

60 - 61 ONES TO WATCH DPS:Layout 1 4/3/14 10:22 Page 60

March 2014 Business & Finance

What is it?Sub sandwichbrand Nom NomSubs, whichopened its firststore in Pearse StreetStation in December 2013,recently announced plansto develop Nom Nom Subsinto a franchise, withprocedures already in placeto open 10 new storesnationwide and create 60new jobs in the process overthe next 18 months.

Developed by family-runComplete Cuisine - acompany that has morethan 40 years’ experiencewithin the food industry -the Nom Nom Subfranchise concept beganinitiation in 2011.

Since then it has sinceseen an investment of over€500,000 from its parentcompany to establish itselfin the Irish market.

Who’s behind it?Nom Nom Subswas founded by

Dermot Hanrahan.With over 30 years

in food production,including roles with

Complete Cuisine theLimerick man now serves assales director of Nom NomSubs.

How is it funded?Nom Nom Subs is a 100%Irish-owned company andwholely backed by CompleteCuisine, which has invested€500,000 into thedevelopment of the franchise.

Future plans?Nom Nom Subs is currently inthe process of developing itsfranchise and plans to recruitover 60 people for roles inmarketing, store management,retail and production over thenext 18 months. �

Laboratory in theuniversity’sSchool of

ComputerScience and

Informatics, after adecade of joint research

with IBM. Dr Parsons, who ischief scientist at Logentries,is originally from Dublin andis a graduate of UCD, while DrHolub is chief technicalofficer at Logentries andoriginally from the CzechRepublic.

How is it funded?To date, Logentries has raised$11.1m in funding fromPolaris Partners, EnterpriseIreland, Floodgate, FrontlineVentures and RRE Ventures.

Future plans?Logentries is currently usingfunding to acceleratingproduct development anddrive a go-to-market strategy.

Log management andanalysis at its best

3. Logentries

3What is it?Logentries is aSaaS-based, logmanagementservice forcollecting andanalysing huge quantitiesof log event data and makingthat data easily accessible toimprove IT and businessoperations. The companycurrently actively servicesover 10,000 users, acrossmore than 100 countries,processing more the 20billion log events per day. InDecember 2013, Logentrieswon the NovaUCD 2013Innovation Award and alsoannounced plans to create 20new jobs in Dublin.

Who’s behind it?Logentries was co-founded in2010 by Dr Viliam Holub andDr Trevor Parsons as a spin-out company from UCD’sPerformance Engineering

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Sub sandwich brand toexpand nationwide

4. Nom Nom Subs

If you would like to be profiled in Business & Financeas a one to watch’, please emailinfo@businessandfinance.com with ‘Ones to Watch’in the subject line.

4{ }

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60 - 61 ONES TO WATCH DPS:Layout 1 4/3/14 10:22 Page 61

Attracting visitors from allover the world, Dublin’sthree-day St Patrick’sFestival is a highlight inthe city’s festival calendar.With everything from livemusic and streetentertainment to beerfestivals and of course theannual St Patrick’s Dayparade, there’s somethingfor everyone. The 2014Festival Parade theme,‘Let’s Make History’,draws on the past as itsinspiration and is sure todelight children and adultsalike.

WHAT: St Patrick’sFestivalWHEN: March 14th-17th2014WHERE: DublinPRICE: Free - €25MORE INFORMATION:stpatricksfestival.ie

Celebrating its 7th year in2014, the West WaterfordFestival of Food returnsthis April to the sunnySouth East with four daysof restaurant trails, artisanfood markets anddemonstrations fromsome of Ireland’s topchefs. There also lots tokeep the kids busyincluding an animal farmand baking and cookingclasses.

WHAT: West WaterfordFestival of FoodWHEN: April 7th-10th2014WHERE: Dungarvan, Co.WaterfordPRICE: Free - €40 forrestaurant trailsMORE INFORMATION:waterfordfestivaloffood.com

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71

March 2014 Business & Finance

LIFESTYLE

DIARY DATES

72 TRAVEL: SPAIN77 REVIEW: FOTA ISLAND 80 TECH UPDATE83 PHOTO GALLERIES

DINING OUT INDUNGARVAN

Celebrating the best ofnew and established Irishand international authors,the Cúirt InternationalFestival of Literaturereturns this April for the28th year with an arrayof events for all tastes,including readings, booklaunches, discussions,poetry slams, workshopsmasterclasses and anumber of theatricalevents. Previous years havehosted literaryheavyweights such asEdna O’Brien, SalmanRushdie, Seamus Heaney,A. M. Homes and JohnBanville.

WHAT: CúirtInternational Festival ofLiterature WHEN: April 8th-13th2014WHERE: Galway cityPRICE: Free - €20 forworkshops MORE INFORMATION:cuirt.ie

READ BETWEENTHE LINES

Now in its second year,Ireland’s only festivaldedicated to food and winewriting, the BallymaloeLitFest is a feast for thesenses and a ‘must attendevent’ for foodies. Joinsome of the world’s mostrespected chefs, cookerywriters, food broadcasters,restaurateurs andsommeliers – including TomParker-Bowles, ClodaghMcKenna, John and SallyMcKenna, Darina Allen,Rachel Allen and TomDoorley – on May 16th-18thfor a scintillating anddelicious weekend atIreland’s foremost cookeryschool.

WHAT: Ballymaloe LiteraryFestival of Food & WineWHEN: May 16th-18th2014WHERE: BallymaloeCookery School,Shanagarry, Co. CorkPRICE: €15 - €95MORE INFORMATION:litfest.ie

FOODIES, FORMORDERLY QUEUE

CAPITALFESTIVITIES

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wift, smooth,striking andsophisticated, if the

Renfe AVE was ananimal it would be a

Peregrine Falcon. Thefastest bird – and fastest animal

on earth – the Peregrine soars to great heightsthen dives at speeds of over 300km/h. The AVEtoo travels at speeds of up to 310 km/h and glidesalong the tracks as if motionless.

Perched majestically on the tracks of the Puertade Atocha in Madrid on the verge of certain, rapidtransportation to Valencia’s Joaquín Sorollastation, the AVE (ave, meaning ‘bird’) is a fine featof locomotive engineering. The AVE is tolocomotion as the Concorde is to aviation, andmore importantly, it is the lifeblood and gatewayconnecting all cities, coast and corners of Spain.

Whether your visit to Spain is for business orpleasure, the savvy traveller will find the AVE tobe the fastest, cheapest and most convenient wayto get around this vast and dynamic country.From city to coast, the high-speed train networkwill take you to cities including Madrid, Valencia,Seville, Malaga and Barcelona, with plenty of

enticing pit stops along the way.Travelling hundreds of kilometres at great

speed, the high-tech trains that run fromMadrid to Barcelona take 2½ hours, and withfrequent departures running every half hour,there really couldn’t be an easier way to getfrom M-B. The Valencia to Madrid train takes 1½hours, and with one train an hour, getting fromone side of Spain to the other is as pleasant andplush as it is pain-free.

In a country as large and vast as España, this isindeed a good thing, and less time travellingequals more time soaking up the nature, culture,gastronomy and festivals that permeate across allregions of the spirited Spanish Kingdom.

And there’s plenty of choice too when it comesto choosing routes and journeys along the AVEnetwork. We decided to take the Madrid toLevante line along a route that would take usfrom Madrid to Valencia, then Cuenca and back toMadrid again.

There were certainly no complaints as wejourneyed at high-speed across the country. Ouronly minor grumble was having a train to catch,when really we wanted to stay longer in each ofthe three destinations.

LIFESTYLE

72 Business & Finance March 2014

TRAVEL: SPAIN

Edited by Anne Whelton

VivaVELOCIDAD

Time travel seems almost possible for Niamh Mac Sweeneyas she takes in three cities – Madrid, Cuenca and Valencia –aboard the Alta Velocidad Espanola high-speed train.

It is the lifebloodand gatewayconnecting allcities, coast andcorners of Spain

Top: The City of Art andSciences, Valencia

Above: Renfe AVE train

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city grew. A wander through these labyrinthinecobbled streets transports you back to anothertime and are indicative of Valencian character,where old and new blend with seamless ease.

Dinner that evening at El Coso restaurant, onthe lively Malvarrosa beach promenade, gave us

the chance to see all the Marina Real Juan Carloshas to offer – and it has plenty. The harbour hostsyacht races, while the marina itself is surroundedby the Formula1 circuit, the modernist Veles &Vents, and is the base for sailing teams in theAmerica’s Cup.

Staying in the Eurostars Gran Valencia, we get toglimpse the future. The hotel is in a prosperous areaof Valencia. Under expansion, the two main focalpoints of the Benicalap district are the Congress Halland the Nou Mestalla football stadium, which, witha capacity of 75,000, is set to be one of the mostmodern stadiums in Spain when completed.

While Valencia as a city has everything adiscerning traveller would anticipate, it is the natureand wildlife surrounding the bustling metropolisthat is most unexpected. The largest lake in Spain,the Albufera Natural Parc is one of the mostimportant wetland areas in the Iberian Peninsula.This ecological centre has rare species of birds and isrich in wildlife and scenery. A boat trip along thepicturesque lake provides a calming contrast to thecity, which is surprisingly only 10km away.

Both fishermen and rice growers have workedthese waters for centuries and local gastronomy istestament to that. We went to the quaint village ofEl Palmar where there are more than 30 restaurantslocated in a small area serving traditional paella forlocal Valencians.

Back in the city, Apéritifs at Café de las Horasseemed like the perfect anecdote to an afternoon onthe lakes. The cafés charismatic owner first openedthe doors in 1994 and has been serving an extensiveand exciting combination of cocktails in this classicSpanish literary café, come bohemian Parisianbakery, come English tearoom – the result of whichis a distinctly cosmopolitan and stylish affair.

Sipping ‘Agua de Valencia’ at Café de las Horas,and eating the most inventive and inspiring Asian-inspired tapas created by proprietor, Steve at the

VALENCIAN VISIONDubs will be familiar with the architect SantiagoCalatrava from his iconic cable-stayed SamuelBeckett Bridge, joining the south and north city atJohn Rogerson's Quay and North Wall Quayrespectively. Calatrava’s signature design is anarchitectural marvel of futuristic vision, butValencia offers much more than the greatestexample of modern architecture. Nature, sunnybeaches, conference centres, heritage and culturesteeped in 2,000 years of history, cathedrals,museums, award-winning food and wine – itseasy to see why Spain’s third largest city is soattractive, not just for travellers and citybreakers, but also for business tourists.

If you do nothing else while in Valencia, theCity of Arts and Sciences is a must. Thisextensive science and cultural mecca is not justan epicentre for innovative and interactivescientific discovery, it is a unique multifunctionalspace. The avant-garde opera house – Palau de lesArts Reina Sofía – has seen many world renownedmusic concerts and operatic performances; theOceanográfico is the largest aquarium in Europewith over 500 marine species; and the impressivel’Assut de l’Or bridge and the Agora – the mainvenue of the Valencia Open 500 tennis tournament– are all venues of architectural genius fromCalatrava, but they are as much about design asthey about the variety of art, culture and scienceencased inside.

Given that Spain’s signature dish – paella –originated in the region of Valencia lunch at LaCigrona Restaurant would not only satisfy ourhunger for traditional paella, but would also offersome much needed ‘fuel’ for our sightseeingbicycle tour of the city.

Biking it is the easiest way to get around Valencia.We took a bike tour with Valencia Guias anddiscovered the real gems and spirit of the city. Aunique metropolis, you can easily cycle from oneside, through the Turia Gardens – a former riverbed– to the other. And although you know you’re in anurban space, you are equally immersed in nature.We took a 9km route, starting from Cabecera Park,taking in the many museums and monumentsalong the way.

The Mercado Central, situated inside a jewel ofpre-modernist architecture, is one of Europe’slargest markets and is a stunning example of Gothicarchitecture. The Lonja de la Seda – declared anIntangible Cultural Heritage site by UNESCO – thePlaza de la Virgen, the cathedral quarter, theMicalet, the Basilica of the Virgin, Barrio delCarmen, the mediaeval gates of the Serrano andQuart, and the Almoina; are all ancient monumentsdistinctive to whether they were built on theIslamic or Christian side of the wall from which the

73March 2014 Business & Finance

Top: Museo de Bellas Artesde Valencia

Above: Museo Nacional delPrado, Madrid

Theselabyrinthinecobbled streetstransports youback to anothertime and historyand are indicativeof Valenciancharacter, whereold and newblend withseamless ease

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LIFESTYLE

80 Business & Finance March 2014

SMALL BUT PERFECTLY FORMEDLaunched in February, the Xperia Z1 Compact smartphone is designed for those whowant a ‘mini’ size without compromising on Sony’s flagship features including: GLens camera technology, Exmor RS for mobile, high-quality 4.3 inch TRILUMINOSHD display and X-Reality for mobile. Available in a range of colours, the Xperia Z1Compact is available now through the Meteor and eMobile networks until April 1stbefore general release across all networks.

SPECS• 127 x 64.9 x 9.5 mm• 20.7 megapixel camera • HD video recording• Runs on Google Android 4.3 (Jelly Bean)• 2.2 GHz Qualcomm MSM8974 Quad Core• RAM: 2GB• Waterproof and dust-resistant • Up to 18 hours of talk time

PRICE: From €19 bill pay/€459.99 pre pay from Meteor and eMobile.

THETECHNOLOGY

TECHUPDATE

Edited by Anne Whelton

Bite-sized news, views and updates from the global tech industry.

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Smart glasses, fitness bands andwatches, should sell about 10million units in 2014, generating€2bn according to DTTL’s GlobalTMT Predictions

81March 2014 Business & Finance

X MARKS THE SPOTNokia has entered the Android market with thelaunch of the Nokia X range. The new range, whichwas launched at 2014 Mobile World Congress inBarcelona is described as ‘an affordable introductionto popular Microsoft services’, will run on a version ofAndroid 4.1 and is powered by QualcommSnapdragon(TM) dual core processor.

The first device to be released, the Nokia X, comeswith a 4 inch IPS capacitive display, a 3 megapixelcamera and supports Dual SIM, allowing users toswitch SIM cards. The Nokia X will go on saleimmediately – unfortunately an Irish release date hasyet to be revealed – with prices starting at €89. TheNokia X+ and Nokia XL are expected to roll out laterin the year and will be priced €99 and €109,respectively.

COME FLY WITH MEVirgin Atlantic passengers have become

the first air travellers to experiencethe benefits of pioneering Google

Glass and Sony Smartwatchtechnology as they arrive atLondon Heathrow airport, in aninnovative pilot scheme thatbegan in early February.

Virgin Airline staff areequipped with either GoogleGlass or a Sony SmartWatch 2,

which is integrated to the VirginAtlantic passenger service

system. Individual passengerinformation is then pushed directly

to the assigned staff member’s smartglasses or watch just as the passenger

arrives at the upper class wing, which aidsswift check-ins and improved service as the staffwearing the technology can update passengers ontheir latest flight information, weather and localevents at their destination and translate any foreignlanguage information.

BOLT FROM THE BLUEBlueface has announced it will launch a full M2Mplatform in Q2 2014 to enable businesses to roll outapplications for the wireless Internet of Things.

The SMARTY platform will target serviceproviders, carriers, fleet management providers,utilities, applications providers and other companieswho have innovate M2M applications and need areliable, secure platform to provide the access layerfor such services. The M2M platform will be highlydifferentiated by virtue of its open architecture andease of deployment for companies who haveapplication layers and need to roll out their servicesin an efficient and flexible manner.

PAYMENTS ATYOUR FINGERTIPSPayPal and Samsung recentlyannounced a collaboration thatwill make the new SamsungGalaxy S5 users the first to beable to login and shop at anymerchant that accepts PayPalon mobile and in-stores withonly their fingerprint. Thenew secure, biometricfeature of fingerprintauthentication means thatGalaxy S5 users will nolonger need to rememberpasswords or login detailsacross millions of PayPal merchants. Customers canuse their finger to pay with PayPal from their newGalaxy S5 because the FIDO ReadyT software on thedevice securely communicates between thefingerprint sensor on their device and PayPal'sservice in the cloud. The only information the deviceshares with PayPal is a unique encrypted key thatallows PayPal to verify the identity of the customerwithout having to store any biometric information onPayPal's servers.

PHABLETS TO OUTSELLTABLETS IN 2014The top global tech, media, and telecom trends for2014 have been published in the Deloitte ToucheTohmatsu Limited’s (DTTL) 13th edition of the GlobalTMT Predictions and make for some interestingreading. Amongst others things, the report predictsthat phablets — an oversized smartphone that’s partmobile phone, part tablet — will outsell tablets by€18.3bn and the total global sales of smartphones,tablets, PCs, TV sets, and gaming consoles willexceed €550bn in 2014. The report adds thatshipments of phablets will represent a quarter ofsmartphones sold, or 300 million units. That isdouble the 2013 volume, and 10 times 2012 sales.After initial rapid consumer success, however, 2014may mark a ‘peak phablet’ year according to thereport. �

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