Invest for long term growth

Change our thinking

This goal aims to evolve our mindset: from one of efficiently supplying funds and resources to investing for future returns. BIM needs to focus all our supports – including funding and grants – on activities that deliver measurable benefits to the sector. When financial resources are being allocated, we must define the need, the intent, and the anticipated result.

We will direct our future investments towards competitiveness and resilience: on securing the long-term future of the sector. We will achieve this with streamlined systems that are accessible, transparent, and well governed. Our primary funding source will continue to be the European Maritime, Fisheries and Aquaculture Fund (EMFAF). We will also help the Irish seafood sector to attract and secure financial investment from a range of other sources.

This transformation of our funding model is a fundamental and positive change. It will require new procedures, new processes, and new measures within our organisation. We will now be seeking to create and assess clear-cut benefits from each funding decision. This change in approach will start immediately – and will then be subject to comprehensive review.

Align financial decisions to strategic goals

Our investment choices and recommendations will be based on our strategic goals. The decisions we make about what or who to invest in will be guided by clear data, or with a view to gain intelligence for future investment decisions.

We will support financial investments with investments in business advice and training – and vice versa. All our investments will be targeted to achieve ambitious, long-term returns that maximise value and benefit for the sector. We will also encourage and support the sector to make their own investments towards these goals.

Apply insights to investments

Our data assets – and the insights they underpin – will be the tools we use to inform our investments. This will include consumer and retail trends gathered in collaboration with Bord Bia, and other insight partners. We will also help the sector to unpack, understand and access the potential of changes in policy.

Integrate cross-agency supports

BIM is one of many local, national, and EU agencies and commercial entities that have a stake in the success of the Irish seafood sector. We will lead a process of collaboration with these stakeholders to amplify our collective investment in the sector. Our intent will be to make it easier for the Irish seafood sector to identify, apply and receive investment – either of expertise, resources, or funds.