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The Hub: MSISS Students Turn Whey Waste into Nutritious Soups, Redefining the Game

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Connor Leonard

MSISS students and Souper Fresh founders, James and Daniel Buckley, have transformed the by-product of cheese-making—whey—into a remarkable solution for waste management in farmhouse cheese factories. The dynamic duo’s innovative approach involves converting whey into a high-quality soup stock, creating both a highly nutritious and delectable product.

The Founders

Hailing from a background deeply rooted in the cheese industry, Daniel and James Buckley honed their craft working in their grandparents’ cheese factory. Witnessing the staggering amount of whey, a by-product comprising 90% of milk, being discarded, they recognised the need for a sustainable solution. In large production centres whey is dried to make products such as whey protein; however, at smaller scales this process is not as profitable. In smaller farmhouse cheese factories the whey is typically disposed of at a cost or used as field fertiliser, but excess whey can disrupt soil PH balance and harm vegetation. The Buckley brothers seized the opportunity and devised a creative remedy: transforming this waste liquid into a soup stock. This strategic move not only addresses environmental concerns but also provides Souper Fresh with a competitive edge, enabling them to craft top-notch soups at more affordable prices compared to competitors who produce their own stock. Other competitors typically have to buy animal bones to produce their stock; this increases the cost of production and results in a stock with a large salt content.

Where are They Now?

Since its inception at the Enactus ideation summit a year ago, Souper Fresh has established a kitchen near the cheese factory in Cooleeney Co. Tipperary. After securing €10,000 worth of funding from Tangent, the company has now become a fully-fledged business that employs a skilled cook to craft their unique soups. Souper Fresh products are currently available in 3 shops across Ireland, priced at €3 per serving. Rigorous testing has revealed their soups to be rich in essential nutrients such as B12, making Souper Fresh the perfect product for someone who wants to get a nutritious meal as well as protecting the environment. The Buckley brothers recently took their talents to the Enactus world cup where they, along with fellow Trinity startup Vapebox, placed in the top 16 globally. Enactus is an international organisation that seeks to encourage social entrepreneurship around the world. Enactus was a great experience for the brothers and they strongly encourage everyone to get involved.

Future Expansion Plans

Looking ahead to the New Year, Souper Fresh has ambitious plans for expansion. The company aims to introduce its soups in fresh supermarkets nationwide, as well as Centra on Pearse Street: make sure to keep an eye out for them next January! Furthermore, the socially conscious brand intends to donate one in every ten pots to food charities, aligning with their commitment to combating food waste. They have already donated 300 pots to the local food bank in Clonmel, and going forward social responsibility is very important for their company. Globally, 50% of whey currently goes unused, highlighting Souper Fresh’s pioneering role in not only creating innovative products but also contributing to a more sustainable and conscientious approach to food production.

Good Morning Japan: BOJ Gearing up for Economic Change?

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Kate Pusch

On Tuesday 31st October the Bank of Japan discarded a strict price ceiling on 10-year bond yields, one of the Bank’s monetary policies guarding against deflation. The policy change, a result of rising inflation, has instigated analyst discussion over whether or not the BOJ will finally tighten fiscal policy after nearly three decades of economic stagnation. 

Contextual Factors

In the wake of Japan’s economic bubble burst in the late 1980s, laxed monetary policy caused the Japanese Yen to dramatically decline against the US Dollar. If the Yen’s trade value (currently at 148.24) dips below 151.94, it will reach a 33-year low against the US dollar. While this has significantly increased export profits for many of Japan’s largest companies, executives have adopted an increasingly risk-averse attitude towards investing, causing  a large cash hoard to build up in Japan’s banks. Conversely, faced with higher import costs, corporations have been determined to keep other production costs down. Leniency with worker wage hikes, being one such example, has decreased Japanese purchasing power, driving down local demand and creating more stagnant economic conditions for smaller Japanese businesses to grow under.

Corporate reluctance to boost worker wages, despite mounting profits and the upward trend in inflation, presents a challenge for the BOJ who remains steadfast in its decision to withhold policy tightening measures until Japan achieves a stable 2% inflation rate. Although Japan’s inflation rate has surged notably in recent months, this is primarily due to external market shocks and the sustained devaluation of the Yen against the US Dollar. Meanwhile the absence of wage hikes has kept internal demand flat, if not on a decline. 

What Next?

As such, Japanese consumer demand is not the contributing factor to inflation the BOJ needs. The emergence of labour shortages resulting from Japan’s plateauing labour force, however, is putting pressure on companies to reconsider employee wages as an incentive strategy to attract and retain more employees. Such a change could kickstart a long-awaited price and wage growth cycle that would give the economy the boost it so desperately needs. 

More overall changes in policy will likely be indicated sooner by the BOJ’s updated inflation forecast – currently at 1.7% –that is to be published in January. Although it is unlikely the bank will follow up on its projections with action until April (when new wage negotiations are due to solidify), investors are still hopeful that it will indicate the BOJ’s direction for economic policy in the fiscal year 2024. 

Needless to say market watchers are holding their breath to see whether Japan seizes this chance to finally awaken from its long economic slumber.

The Changing World of Work: Current Employer and Employee demands in the Irish Job Market

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Jessica Weld

On a cold November morning, I squeezed through the typical rush to board a packed Irish Rail Commuter service from Sallins & Naas to Dublin Heuston. As I sat on one of the last available seats, I took notice of the other passengers around me. Many of them were fellow college students and the remainder were workers on their way to their respective nine to fives. 

It made me think: Wow, aren’t we supposed to be in an era of remote working? 

With the recent news of the co-working giant WeWork’s move to file for Chapter 11 bankruptcy in the US due to the falling numbers of office attendance, I pondered on the current demands in the job market and its remote working allowances. Some of Dublin’s largest firms have begun to scale back the office space they occupy in the City Centre. Deloitte has announced plans for its new office space in Dublin to have around 1,400 desks for its circa 2,500 employees. To make the comparison black and white, prior to the COVID-19 pandemic, firms had to have desks for every single last one of its employees. Remote working was only a mere fantasy to most workers. Nowadays, it’s almost an expectation.

The question is: What is the consensus amongst employers to allow their employees to work from home? And is the lack of remote working opportunities a deal breaker for workers seeking employment?

To help answer these questions I had a discussion with Chloe Gallagher, a Senior Recruitment Consultant at Dublin based recruitment firm Eirkoo. Chloe recruits on behalf of Eirkoo’s clients in the Financial, Professional and Legal services sectors, possessing a special interest in roles relating to emerging markets in ESG areas. Boasting over four years of experience in the world of recruitment, Chloe has been on the front lines of the employment market both pre and post pandemic, garnering a deep understanding of the changes COVID-19 has inflicted on the workspace. Here is what she had to say:

We hear tales of companies downsizing or closing their office buildings to move their operations fully remote. Have you seen this happening around Dublin?

“Definitely in the tech sector, this has happened. The tech sector had the infrastructure to support this better at the time than other industries. This was big at the start of the pandemic where firms didn’t renew leases on their buildings. Although this isn’t as widespread as people may think. Employers are big on getting their employees in the office at least two days a week. A fully remote role is really difficult to come by at the moment.”

What changes have you seen from Employer’s offerings since the COVID-19 pandemic?

“There has certainly been a more flexible offering across the board with all employers. In 2022 we saw “The Great Breakup” where about 1 million women left their roles due to a lack of flexibility afforded by their employers. Flexible hours is now a lot more wide scale since before the pandemic, for example women can take a few hours off during the day to pick their children up from school and make up the time in the evening.

A development I’ve seen recently is in alternative offerings like Wellbeing Programs and other areas of Corporate Social Responsibility like Diversity and Inclusion initiatives. Support like this can be really important for prospective employees. For example, one of the clients I hired for had a Parent Support Group which proved really attractive to working parents.”

What proportion of the roles you recruit for offer remote working opportunities and what flexibility are employers affording in relation to working hybrid or  fully remote?

“Most roles do offer remote working upon completion of a probation period but as I said, it is very difficult to get a fully remote role in today’s job market, even though the current position of the market is ‘candidate short’ meaning that recruiters everywhere are in headhunting mode, a non-negotiable for firms is office attendance.

I have seen many instances where employees have rejected this, one client I was recruiting for told me that when Covid-19 restrictions eased and offices opened up, one of her staff handed in his notice when he was asked to return to the office.”

Has a lack of remote working been a dealbreaker for any of your candidates?

“It definitely has, of the few fully remote jobs I recruit for, I have seen people take pay cuts of up to €20,000 for the flexibility of fully remote working. Especially when working parents have to consider high childcare costs or if someone’s daily commute can be three hours or more, remote opportunities are very valuable.

Something I’ve observed is that because employees have gotten so used to remote working that they are sometimes anxious about returning to the office. This can sometimes be a reason why candidates are more likely to take up a remote role. 

This is something employers have had to consider to support staff on both sides of the fence, helping employees adapt to working remotely which can be often isolating and also supporting employees in their return to the office environment which can be overwhelming.”

Apart from salary, what else are candidates demanding in roles? Has this changed from pre-pandemic times?

“I’ve noticed that especially amongst the younger generations of workers, wellbeing initiatives have become a key factor in attracting candidates to roles. There has been a huge shift in promoting wellbeing in the workplace and many firms offer benefits like Employee Assistance Programs which can be very attractive. The Wellbeing agenda has been pushed by organisations like IBEC in recent years.

Thinking in comparison to the generation of my parents, back in those days an attractive benefit would be a pension and they wouldn’t expect any more. There has been a big change in this regard. Considering companies like Google and LinkedIn where the facilities and benefits never end because they don’t want you to leave the office!

One benefit that would be almost unheard of before the pandemic is the ability to work from abroad. This is quite rare and is usually only afforded to senior management but if there is an opportunity to work towards this, it can be a strong factor to attract candidates towards an organisation.”

What feedback have you gotten from candidates in remote jobs?

“The feedback overall has been very positive. People have more time to spend with their families, they take up new hobbies and they can get active by getting into walking and running. By not commuting every day, workers have more spare time to enjoy.

A big benefit in management roles is less of a need for work travel for meetings and the flexibility of remote working has allowed mothers to remain in the workplace for the most part as they can work around their families.

There are negatives to remote working of course, many people feel isolated as they can be stuck working in their box room for example. Another issue would be that people sometimes find it hard to disconnect from their work and they are more inclined to work after hours. Having a good company culture and support from your employer is important for a good remote working experience.”

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So as it seems, remote working is still around and is here to stay, although I wouldn’t advise that anyone decides to relocate to Inis Oírr anytime soon. A Hybrid model of working seems to be the way forward for most companies and anyone in the market for a new job will be hard pressed to find a role that is fully remote. 

For now, I’ll have to put up with the busy commute and learn to appreciate the joys of being packed in like sardines on the Red Line Luas. Although, it’s not all that grim; I’ll get to look forward to the comforts of being at home two to three days a week and a wellbeing programme by way of dog therapy and free fruit in my future graduate role. It really was high time that working parents were given more flexibility and being in the next generation of workers, which is something that I as a future member of the workforce celebrate. As it seems, compromise is the name of the game in today’s job market, and a proactive stance to the effects of COVID-19 on the workplace is critical.

The Hub: An Interview with Saor Water

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Harry Mealia & Kaushalraj Thayumanaswamy

Saor Water founder Ryan Ormonde has a clear vision: to create a distinctive platform that connects brands without overwhelming consumers with ads. As Ireland’s first free beverage company, Saor offers a medium of advertising through their cans in an innovative and sustainable approach to marketing. The idea is that these free drinks are distributed to any location or event that the collaborating brand wishes to advertise at. Founders believe that their product enables brands to connect with consumers through meaningful and authentic connections. This refreshing approach, opposed to typically intrusive advertising, has created a niche market for the company. With sustainability at the heart of the firm, Saor Water is an exciting newcomer to the beverage market. 

The Team

Founder Ryan Ormonde has always had an entrepreneurial mindset, displaying his skills flipping iPhones during his school days. It is clear to see where his head is at considering he claims to “spend more time on LinkedIn than Snapchat”. These atypical traits show his high levels of motivation. This extends to the rest of the team. Jonathan Hoffman, Luke Carroll and recent addition Anthony Walsh all make up a motivated group looking to connect brands with their audience. Individual specialities in marketing, administration and outreach behind the scenes help Saor Water operate effectively. Their motivation coupled with an innovative, sustainable approach to advertising has led to a start-up with serious potential and a bright future. 

Where They Are Now

One year has passed since Saor Water’s inception, and the startup has come a long way in its mission of advertisement-fuelled hydration. Ryan started by designing the company’s website and creating marketing materials, including posters and social media content by himself. He also ensured the establishment of a supply chain for their water cans. The company collaborated with a water can supplier in the UK, who is responsible for filling and packaging the cans before shipping them to Ireland. The process was a steep learning curve for Ryan, who encountered challenges during the first shipment’s importation into Ireland. However, his swift action ensured the timely release of the shipment, enabling distribution at all planned events. 

Today, Saor Water has begun its distribution efforts, with its current target being universities including TUD, TCD, and UCD, and other student-based events. Their partnership with “Roots,” a healthy food restaurant, marks their first collaboration. They have also struck a partnership with Mercedes and will soon be distributing Mercedes-themed water cans at car dealerships, expanding their reach to new markets.

In today’s digital age, the average person is exposed to more than 6000 ads every day. Ryan says that he is consistently working on enhancing the design of their water cans as he recognises that it is essential in order to provide a positive customer experience and make Saor Water a refreshing and appealing choice for consumers.

Plans for the Future

Saor Water’s primary focus remains on students – targeting universities and student-centric events – and plans to expand more in this space. The company is also expanding more into the dealership sector. But Saor Water’s expansion vision does not stop at the Irish shores. The company envisions a future where its sustainable water solution reaches even broader audiences. They have identified the UK as a promising market, offering a multitude of events and businesses to collaborate. An expansion into the UK promises not only new customers but also a streamlined supply chain, enhancing efficiency and growth. 

Increasing Corporation Tax: A Glimpse into the Future of FDI in Ireland. 

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Kitty Harburn

It is no secret that Ireland is an attractive tax refuge for multinational corporations. Since 2003, when the corporation tax rate was reduced from 40% to 12.5%, Ireland has seen a huge influx of foreign direct investment. Now the home to over 1,000 internationally recognised MNCs, a favourable corporation tax is one of, if not, the leading factor in Ireland’s corporate attractiveness. 

The Current Stage of Foreign Direct Investment in Ireland

ICTs (Information and communication technologies) are among the leading players in corporate tax revenue, with pharmaceuticals holding a top position in the last couple of years. In 2022, pharmaceutical companies and those in the chemical sector paid 46% more tax than those in the tech sector. Slightly more than three years after the onset of the COVID-19 pandemic, the income of pharmaceuticals has noticeably declined due to the diminishing sales of vaccines. Taking a closer look at  2022 tax receipts, it reveals however that 86.5% of the revenues stream came from foreign-owned MNEs. 

Following the release of the 2024 Budget, there is room for speculation about the future of Irish corporation tax revenues. International regulations set out by the OECD conclude that the minimum corporation tax rate will increase to 15%, from 12.5% currently, in line with the BEPS Pillar two. Following this policy release it is important to think about how might this increase in corporation tax affect the tax revenues obtained by the Irish government? Will MNCs continue to develop and expand in Ireland? With this change, it is important that Ireland stays attractive as a destination for FDI. Not only are there revenue advantages attached to these players in our market, but also socioeconomic benefits, including job creation.  

A quantified expectancy in tax receipts has not yet been speculated, however if Pillar 1 is implemented then the possible increase in net tax may be mitigated by this execution of legislation OECD proposal. 

Looking Ahead

Looking at Ireland’s position in 2023 in relation to corporation tax, Ireland has the third lowest rate in Europe. The increase to 15% will still leave the country in a favourable position, compared to the rest of Europe which has an overall average of 21.5%. However, Ireland relies on CT receipts a lot more than the OECD median, and in the last 10 years alone this reliance has almost doubled. Hence, any departure or decrease of the big players will have a significant effect on many areas, primarily tax budgeting and government expenditure financing. The “€2bn loss to be reached” speculated by officials is nonetheless a cause for concern in Ireland’s current economic environment. 

Although there is a loss of competitive advantage, overall the country still stands in a promising position for FDI and business growth. Aside from Ireland’s favourable tax system, other factors such as the evolved financial sector and skilled workforce are only a small few that make Ireland a desirable destination for business. Brexit has also seen an increase in the number of companies who have begun expansions to Ireland as a gateway to European operations, Stripe being one of the few. Ireland has EU member state benefits, while also being an English-speaking country, breaks down potential barriers and potentially offsetting a rise in corporation taxes. On top of this, Ireland has been ranked 1st In Europe for the ease of paying taxes per PWC’s paying taxes report 2020, highlighting the maintenance of the tax refuge status. 

Innovation has also been a key driver in the country in recent times, with tax policies introduced to support and promote this cause. Per the Budget 2024, the R&D (Research & Development) tax credit which will be increased from 25% to 30%, ensuring that Ireland stays attractive and competitive for FDI. Following reports from Silicon Republic who highlighted that “80% of companies in Ireland plan to increase R&D spending over the next 3 years”,  this tax legislation will ensure adequate benefits to companies who qualify for the credit and will be affected by the Pillar two that otherwise may have seen an increase in their net tax bill, easing concerns for the future of FDI.

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