- October 09 2021
- 5 mins
Going Global
To be successful, startups and young companies must explore
all potential growth avenues, especially away from the country of origin. If
the company can onboard innovation centres early in the venture and get access
to advisors who can be catalysts of growth, they can effectively implement a
global strategy. The question that many startup founders have in their minds
is, Why adopt a global strategy in the first place?
Many startups aim to get deeper market penetration in their
local market and might not even bother, won’t even have to worry with a
multimarket strategy. This may be an ideal outcome in a perfect world; however,
managing the steady flow of capital, consistently outpacing the competition and
strong business development investments might be a challenge by remaining only
in the domestic markets. A larger market mapping strategy could increase
returns by establishing a presence in other markets to drive meaningful sales
and growth through value and volume.
Of course, going global can also lead to the explosion of
wealth — and by the extent of efforts it can lead to a significant increase in
the number of consumers, these are opportunities hard to ignore. Innovation
centres help founders to identify markets that have the same synergies and are
developing at the same pace as the domestic markets. This can lead to a lower
level of competition, and startups can position their products as first movers
and gain athe advantage of the financial benefits.
Going global as a startup has immense potential and
unstoppable growth. However, one must get the right advisors and mentors to
mitigate consumer’s social and cultural attitudes in different markets. There
is a possibility that specific markets feel that products from developed
markets are better than those from developing ones. Associating prestige with
the point of origin is a common global practice and fallacy which startups must
overcome with impeccable product performance and service.
Enhancing the startup’s connectivity globally is a real need
of today. Covid 19 has accelerated rapid digitalization in every aspect of
daily lives, and cooperation in the digital field has become more crucial than
ever between startups originating from multiple nations. Global startups
collaboration is possible in many areas of digital transformation, including
education-tech, e-commerce, e-health, entertainment (OTT, Gaming) and Essential
Services (Banking, Power, Telecom), to name a few.
The online economy has become a lifeline, and global
corridors and partners need to bring in strategic alliances in digital
transformation. The learning curve of developing startups using AI, ML,
Blockchain, Cloud Tech and connected economies can be a vision by developing
joint centres for excellence in corporations and classrooms. All this will need
is cooperation in developing a global entrepreneurial ecosystem with a
success-oriented mindset given to startup founders with solid coaching and
mentoring.
