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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.