The Technology, Media and Telecoms (TMT) sector plays a key role within the Irish economy and accounts for more than half of total service exports in Ireland. Despite recent challenges, TMT will continue its strong contribution to the Irish economy for the foreseeable future and is vital to our economic resilience.

AIB plays a critical role in funding the diverse range of businesses in the Irish TMT sector. The bank has a holistic approach with a full range of products and services that provide support at every stage of a TMT customer’s life cycle, from start-ups to SME and corporates, all supported by specialist sector teams. AIB is very proud to be one of the most prominent TMT funders in Ireland across all stages of the life cycle.

‘We are focused on making sure our customers have the right support and funding to scale at every stage of their business life cycle,’ says Denis Ryan, TMT Sector Specialist, AIB Business Banking. ‘We can provide tailored solutions ranging from equity, debt capital and treasury solutions to corporate finance advisory services, fund raising, M&A, as well as an array of advisory services for individuals and businesses at all stages of the technology life cycle.’

Denis points out the role a bank plays in the early stages of a company’s lifecycle. ‘There are a huge array of products and advisory services a bank can provide to augment growth. This is often overlooked in the early stages of a company’s lifecycle where companies are focused on product market fit. Like a technical stack, a good banking foundation can set a company up to handle the complexities of scaling the team and growing internationally,’ says Denis.

Fuelling Emerging Companies and Innovation

AIB is proud to support the technology and business communities in regions across Ireland as a founding partner in the Portershed in Galway and through its partnership with Ludgate in West Cork. PorterShed and Ludgate are two excellent examples offering companies a gateway to the world in some of Ireland’s most beautiful locations.

The Portershed now has capacity for over 300 members. This new innovation space, which can host up to 100 people, has held over 60 events since it launched in November 2023 and continues to be the fulcrum for tech events in Galway and the West region. The Portershed’s core focus for 2024 is rolling out a suite of AI programmes and supports for their members and community.

Ludgate is also thriving and has hugely optimistic plans for supporting innovation across Cork. It recently celebrated the one-year anniversary of the partnership between Ludgate and Skillnet Innovation Exchange, facilitated by Skillnet Ireland. Over the past year, this partnership has flourished, creating a vibrant ecosystem for innovation, growth, and collaboration.

This piece is an extract from AIB’s recently launched Technology, Media and Telecoms Outlook for 2024. The full report is available on here.