16. Playbook 1 – STAY IN BELGIUM
• Market big enough to become sustainable
• Bootstrap or less than € 1M capital required to grow
• Not attractive for VCs
• Defensible market position, i.e. not-winner-takes-all market
• Once growth slows down, consider international expansion or
adjacent domain
• Cash cow strategy, not an exit strategy
17. Playbook 2 – LOCK-IN BIG 3 EU
• Become dominant in UK, FR & GE
• > € 10M in series A & B required – European investors
• Example: Mailjet raised € 16M
• Challenging: P/M Fit per country differs
• Local office required
• Exit strategy horizon 3 - 7 years
18. Playbook 3 – SCALE FROM BELGIUM
• Local ecosystem available
• i.e. B2B, Manufacturing, HealthTech, FinTech, Hardware
• Series A, B & C / IPO required – International investors
• Business model that requires boots on the ground
• i.e. sales, support, service – follow the sun capabilities
• Very few people have this experience
• Consider partnership model
• Exit strategy horizon 7 – 10 years
19. Playbook 4 – MOVE FROM BELGIUM
• B2C: marketing driven consumer services
• Pay Never cash flow model
• No local ecosystem available
• > € 10M in series A & B required – International investors
• Decide based on market potential and access to talent & capital
• Proven Product/Market Fit in target market
20. Tips, tricks and advice
• Market with fastest adoption
• Non-obvious countries: Turkey, Brazil, Nigeria…
• Working with partners requires a certain price level
• Support: follow the sun capabilities is expensive
• Test markets with localized landing page
• Brand protection (domain, trademark…)
• Localize content, interface & payment methods
• Plan your holidays & conferences in function of expansion
• Hire somebody who comes from the target country
21. #BeTech competitive advantage
• Global mindset
• Internationalization starts only at series B in the US
• Fragmented domestic market offers loads of cultural differences and
multiple languages to localize for
• Access to talent and technology capabilities
• Growing confidence that the region can produce global tech giants
• Thriving ecosystem and vibrant community