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US Embassy Dublin Soft Landings Presentation

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A brief presentation on the NBIA's Soft Landings, prepared for the US Embassy in Dublin.

A brief presentation on the NBIA's Soft Landings, prepared for the US Embassy in Dublin.

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  • 1. Soft Landing Incubators: Strategies for Irish Start Ups Looking to Grow in the United States Presented by: Tom Strodtbeck Director of International Programs National Business Incubation Association tstrodtbeck@nbia.org www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 2. The obligatory Steve Jobs quote… You can't connect the dots looking forward; you can only connect them looking backwards. www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 3. Followed by a Paul Graham quote…. The most important task at first is to build something people want. www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 4. What business incubators do Incubators shrink the risk box… www.nbia.org …fill in the the knowledge gaps Copyright 2013, National Business Incubation Association. All rights reserved. …and assist firms with this.
  • 5. What business incubators do Mentoring and coaching Space and equipment www.nbia.org Technical assistance Training Startup success Copyright 2013, National Business Incubation Association. All rights reserved. Appropriate Funding
  • 6. Where we are going (?) Ideation Coworking/Accelerators ID: customers markets IP www.nbia.org Accelerators/Incubators Firm formation Young firms Graduate to the market Copyright 2013, National Business Incubation Association. All rights reserved. Second stage acceleration Where companie s scale High growth firms
  • 7. Our Network – Soft Landings http://www.nbia.org/member_services/soft_landings / www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 8. Our Network – Soft Landings http://www.nbia.org/member_services/soft_landings / www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 9. What NBIA – designated Soft Landings Incubators do • • • • • • • • • Hot desks Market intelligence Contacts Relocation strategies Funding Cultural advice Licenses, fees and visas Legal structure (LLC, etc.) These are programs that have a track record. www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 10. The why question. Why go to the US? • • • • • • • Founder focus and motivation • Diversity among managers; immigrant status Expand market • Particularly true in small home markets Increased profitability • Take advantage of supply chains; lower costs Access to materials • Manufacturing hubs Access to talent • Innovators, clusters Ability to collaborate/invest • Co-development, acquisition Ability to raise capital/be acquired www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved. The US is a big investor in the Irish economy, representing almost 73% of total FDI into Ireland. Conversely, Irish companies have invested over 25 billion in the US, generating over 120,000 jobs. American Chamber of Commerce, Ireland, “Trade Facts.”
  • 11. Four strategic considerations Mind Money Magic Market www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 12. Strategic considerations Training on business culture Mind “Entrepreneurs underestimate how long this takes” Engagement with other entrepreneurs Engagement with expat groups or diaspora network www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 13. Strategic considerations Psychic and cultural distance • Building partnerships and relationships is as important in the US as in any other country. Mind For more information: www.executiveplanet.com/inde x.php?title=United_States. www.nbia.org • Establish partnerships – don’t try to do it alone. Local partners can help you find resources, make introductions to investors and customers, and acclimate you to the local business culture. They can accelerate your entry time significantly. Copyright 2013, National Business Incubation Association. All rights reserved.
  • 14. Strategic considerations What problem is being solved? Magic “No one cares about 32 bit” What is it in customer terms? How will you make money with it? www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 15. Strategic considerations • This is not to say they need a solid business at home first…they don’t. They just need a clear idea on who the customer is, and how they will make money. • That said, customer validation is an important concept for startup and young firms…your ability to demonstrate a market for your product is paramount. http://www.sba.gov/content/inte llectual-property-law • www.nolo.com/legalencyclopedia/patent-copyrighttrademark The relevance of your product to the new market is also important…do Americans get it? • IP strategy gets addressed here. Magic For more information: www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 16. SL Incubators: Key areas of focus Alpha-beta customers/distributors? Market intelligence – analysis- feedback Market “US businesses are relationship driven….” Time in country to build relationships. How big is it really? www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 17. SL Incubators: Key areas of focus Market For more information: http://www.clustermapping.us http://www.sizeup.com www.zoomprospector.com www.researchandmarkets.com www.nbia.org • Learn before you burn. • Need to know: • The size of the accessible market • Who are your competitors • Your distribution plans • Your service plans • Often, firms need to interrogate their business model. • Who are your alpha and beta customers? Evangelists? Copyright 2013, National Business Incubation Association. All rights reserved.
  • 18. SL Incubators: Key areas of focus Remittance? Money “Funders care about sales, not about you” Cash flow? Equity/Debt/Other? www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 19. SL Incubators: Key areas of focus Money For more information: http://selectusa.commerce.gov www.nbia.org • The vast majority of American firms bootstrap • State incentives are more important than Federal incentives • Cashflow management as important as cash • Remittance, taxes and exchange rates are ALL important • “You cannot get funded sounding like that.” • Local representation for angel and VC. Copyright 2013, National Business Incubation Association. All rights reserved.
  • 20. Some conclusions Companies wishing to enter into the US (or any foreign) market need to look at four key components of business development. Due diligence is a must. Consider partner organizations: incubators, government organizations, funders, distributers, etc. www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 21. Thank you! Tom Strodtbeck Director of International Programs National Business Incubation Association tstrodtbeck@nbia.org • For more information: • www.nbia.org/softlandings • www.strodtbeck.co.uk (for slides) www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.
  • 22. See also… • Bell, et all; “Small Firm Internationalization and Business Strategy” International Small Business Journal, 2004 • Freeman, et al; “How Smaller Born-Global Firms Use Networks and Alliances to Overcome Constraints to Rapid Internationalization”, The Journal of International Marketing, 2006 • Fuest, Sasha “Global Marketing Strategy: The Case of a Born Global Software Firm in Columbia”, Revista Ciencias Estratégicas, 2010 • Isenberg, Daniel “the Global Entrepreneur” Harvard Business Review, December 2008 • Kudina, et al “Born Global”Business Strategy Review, 2008 • “Weaving The World Together” The Economist, November 19, 2011 www.nbia.org Copyright 2013, National Business Incubation Association. All rights reserved.