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Nuvolab Seminar for Accelmed 2014: Going Global - Small Business Big World

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The webinar on "​Going Global" will ​tackle the topic of internationalization in the context of Start-ups and ​SMEs​.
​After an introduction on general definitions and frameworks, t​here will be a focus ​on the main motivatio​​n​s​ behind the internationalization decision​s​.
In particular​, questions as why and why not internationalizing​ and​ when to do it ​will be answered ​and some practical advice on how to and who may
help ​with​ internationaliz​ation processes will be discussed.

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Nuvolab Seminar for Accelmed 2014: Going Global - Small Business Big World

  1. 1. GOING GLOBAL small business, big world Accelmed Accelera0on Programme December 15 2014
  2. 2. Summary ¨ Introduc0on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  3. 3. What is Nuvolab? Nuvolab is a business accelerator and a catalyst of change dedicated to all the reali'es in the (Italian) entrepreneurial ecosystem. The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your
  4. 4. Summary ¨ Introduc'on ¨ Interna0onaliza0on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  5. 5. What do we mean by interna0onaliza0on? • Interna'onaliza'on is the process of recognizing the influence of interna'onal ac'vi'es on the future of the company. This process is then followed by ac'ons, i.e. by establishing partnerships and conduc'ng transac'ons with interna'onal organiza'ons. • More specifically, interna'onaliza'on comprises the planning and implementa'on of specific products and services that can easily be adapted to foreign markets and cultures.
  6. 6. Why is it important to look abroad? • Desire to grow • Increase in performance and recogni'on • Unsolicited foreign orders • Domes'c market satura'on or limita'ons • Capital Availability • Poten'al to exploit a new technological advantage • Different geographies have different needs and complement each other in presen'ng a wide range of gaps • Opportuni'es to build market presence
  7. 7. What makes interna0onal strategy so important? • The process of interna'onaliza'on brings about opportuni'es for small and medium sized enterprises (SMEs), but also some risk. • A clearly defined strategy will help focus on the aims, target business segments, explore the unique selling points, achieve the best market posi'oning, minimize risks and overcome difficul'es while con'nuously assessing success and investment levels. • The Interna'onaliza'on Strategy must take into account the company’s economic ability to incorporate strategic and opera'onal change. • Interna'onaliza'on is a strategic development whereby opera'onal planning leads to successful implementa'on of interna'onal ac'vi'es.
  8. 8. Interna0onaliza0on for Start-­‐Ups Why should a Start-­‐Up consider interna5onalizing when it is only just beginning and ge;ng established in the home country? • We live in a global society with local differences. • Start-­‐Ups are agile – it is easier for them to try something new and to adapt. • It is easier for Start-­‐Ups to focus and subsequently easier to make adjustments to their business models. • Start-­‐Ups tend to be early adopters of social presence.
  9. 9. Interna0onaliza0on framework INDUSTRY ENVIRONMENT • Rivalry among firms • Barriers to entry • Bargaining power of suppliers • Bargaining power of buyers • Subs'tute products/services FIRM RESOURCES & CAPABILITIES • Financial resources • Physical resources • Technology • Reputa'on • Func'onal capabili'es • General management capabili'es NATIONAL ENVIRONMENT • Poli'cal • Economic • Social • Technological • Environmental • Legal • Na'onal culture • Cluster condi'ons
  10. 10. Interna0onaliza0on Process • Go-­‐to-­‐market strategy • Marke'ng collateral • Web presence • Media and PR strategy • Methodologies and templates • Business Development Ac'vity Plan • Conferences • Networking/associa'ons • Targeted introduc'ons • Publica'ons and PR • Demonstra'ons • Proposals and contracts Opportunity tracking • Customer rela'onship management • Project management • Risk management • Case-­‐study and best prac'ce harves'ng • References • Follow-­‐up business STRATEGY & PLANNING LEAD GENERATION ENGAGEMENT
  11. 11. Interna0onaliza0on Requires • Localiza'on – Customizing your product to fit the market you are serving • Transla'on – Ge^ng it into the right language(s) for the new market • Building a local presence – Gaining trac'on in the new market
  12. 12. Small Business Global Start-­‐up Key elements favoring global start-­‐ups • Dispersed human resources • Interna'onal sources of venture capital • The existence of a global demand • The lack of a geographically protected market • The necessity of worldwide sales to support the venture • The poten'al to avoid later resistance to interna'onaliza'on
  13. 13. Ambi0ous Startups Face a “Double Chasm” as They Go Global The Double-­‐Chasm Challenge 1. The Market Chasm • The early majority’s percep'ons of the innova'on’s risks 2. The Cultural Chasm • Lack of experience of the venture’s leaders in each new country’s local culture • Lack of trust in the “foreign” company and its leaders among adopters in each new country.
  14. 14. Small-­‐Business Global Culture Characteris'cs of decision makers affec'ng development of a global culture • Perceived psychic distance to foreign markets • Interna'onal experience • Risk aversion • Overall a^tudes toward interna'onal strategies
  15. 15. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  16. 16. Level of Analysis • Emerging / Developing Markets! • Global Languages: English, Chinese, Spanish, Arabic • Cri5cal Factors: Educa'on, Mentorship, Capital • Capital Availability: Incuba'on, Seed, Series A • Posi5ve Macro Environment: Smartphones, Tablets, Payments, Logis'cs, Growing Middle Class, Distribu'on Pladorms • Wealthy Global Users, Shoppers, Travelers
  17. 17. Should you interna0onalize? • Consider both your home market and the interna'onal market • Gather more informa'on before inves'ng in interna'onalizing • This will save you 'me and money in your expansion efforts
  18. 18. Why You SHOULD NOT Go Global you’re a 5ny liHle startup, you don’t speak the language, your local market is big [enough] Why Stay Local? (Because it’s HOME) • You don’t speak English (well enough). • Your solu'on doesn’t travel well / you won’t/can’t localize it well. • There’s not as many startups compe'ng for your local market. • Your local market has 50-­‐100M+ users (ex: Japan, Germany, Brazil) • Your local market customers are RICH (ex: Saudi Arabia, Japan) • You have customers / revenue. • You have a great living situa'on, family, kids, etc
  19. 19. Why You SHOULD Go Global you live in a small country, local investors are too conserva5ve, don’t write [enough] checks and give u crappy, low valua5ons.
  20. 20. Benefits of Becoming Global Entrepreneurs Par'cipa'ng in mul'ple regions reduces risk of recession at home Access to global customer base maximizes learning & innova'on Compe'ng with global compe'tors on their home turf manages risk Access to global suppliers of world class technology & talent helps to innovate & grow Access to global capital markets helps lower your cost of capital Higher Upside Poten'al Lower Downside Risk
  21. 21. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Packing List ¨ Conclusions
  22. 22. Things to consider – Company level • How much 'me can you afford to invest in the expansion? • Is the whole company commiled to this? • Are you financially in a stable situa'on? • Short vs. Long-­‐term approach • Strategy (what works in your country might not work in another) • Pricing & Sales
  23. 23. When To Think About Interna0onalizing • When we are wri'ng the business plan • When we form our founding team • When we pick our company and brand names • When we pick our headquarters loca'on • When we pick our capital sources • When we iden'fy the target market • When we pick our most important customers • When we select our strategic partners • When we pick our suppliers & talent • When we analyze our compe''on • All of the above!
  24. 24. When to Actually Interna0onalize? REVENUES Phase 1 Phase 2 Phase 3 Scale VALIDATIO EFFICIENCY SCALE Scale interna'onally only amer you are sure you have validated your BM and reached efficient PMF at home! Look for example: hlp://youtu.be/ esBg5JRLk6w?t=5m40s TIME SUSTAIN CONSERVATION IDEA DISCOVERY N Phase 4 Phase 5 Phase 6 Phase 7 Start Launch Build Chasm Maturity Source: elabora'on based on Four Step To Epiphany (S. Blank), Startup Compass (Stanford) e Startup Lifecycle (F. Des'n)
  25. 25. The Risk of Premature Scaling
  26. 26. Premature Scaling – Some Research finding 1. 74% of high growth internet startups fail due to premature scaling. 2. No startup that scaled prematurely passed the 100,000 user mark. 3. Startups that scale properly grow about 20 'mes faster than startups that scale prematurely. 4. 93% of startups that scale prematurely never break the $100k revenue per month threshold. Download the full report at: hlp://goo.gl/lU1eOl
  27. 27. Prerequisite – Domes0c Product/Market Fit • Examine your trac'on and success in your domes'c market • If you don’t yet have success in your domes'c country, inves'gate why • Work out those product/market fit issues in your home country before introducing the complica'ons of an overseas market • To assess the level of product/market fit: o Survey your customers!
  28. 28. Responding to PMF findings • If you find a Low Product/Market Fit amongst your customers • Then interview more customers • Learn which minimum set of features are most important to them • Highlight this feature set and communicate it to the users clearly
  29. 29. Things to consider – Product Level • First have a solid reason (and preferably more than one) to go to the interna'onal market o Built on informa'on gathering covered earlier • Same business model will not automa'cally guarantee success in the foreign market • Do quick, low cost experiments to test each aspect of the business model • Adjust business model quickly for the foreign market
  30. 30. Interna0onaliza0on plan Study with your team to get clear on your ini'al “hypothesis” about each of the following areas. • What specific country to enter? • What is the specific entry mode? Direct Sale? Partnership? Sales Representa'ves? Buying a local company? • What is the specific marke'ng approach? • What are the specific changes we have to make to our product? • How will you finance interna'onaliza'on? Own resources enough? What’s the back-­‐up? EU grants? Investor? Loan? Local incen'ves?
  31. 31. How to Assess Global Markets 1. # of targeted people by geography 2. % Internet usage (web, mobile, smartphone, etc) 3. $ Avg GDP / $ online spending / disposable income Online spending / language, geography = (# people) * (% internet users ) * ($GDP) 4. % Growth rates of popula'on, internet users, GDP! 5. Currency, country, culture, etc. 6. Online distribu'on pladorms (search, social, mobile, video) 7. Online payment methods / credit card usage 8. Physical goods delivery / logis'cs 9. Social media usage / behavior NB: 3 markets in 1: rich, middle-­‐class, internet poor
  32. 32. Global Markets • US/Can/UK/AU (400M+): big market, not much growth but lots to spend • Europe (400-­‐500M): not much growth, many languages, high GDP • China (1B+): lots of people, growing internet usage & GDP • La'n America (500M+): Brazil, Mexico, Argen'na, Colombia, Chile; LOTS of growth • India/Pakistan (1.5B+): lots of people, growing mobile/internet, strong growth, English language • South East Asia (600M+): Indonesia, Vietnam, Thailand, Philippines; strong growth • Middle East / Arabic (500M+): growing mobile, lots of future growth • Africa (900M+): growing infrastructure, lots of future growth
  33. 33. Selec0ng the Country • Choose a country where o Changes necessary in the product and business model are minimal. o Market is similar to your home country and where your product is already ge^ng some trac'on. o The ecosystem is favorable to your sector • Or that is based on your familiarity o Ideal -­‐ You have several years work experience you are familiar with the local culture and the whole sales process already o OK -­‐You may have connec'ons in the foreign market o OK -­‐ There is informa'on that convinces you that there are some opportuni'es there
  34. 34. Selec0ng the Country – Ecosystem Factors • Op'mism & Belief (“Silicon Valley”) • Mentorship + Educa'on (Knowledge) • Universi'es + Companies (People) • Capital, Legal, Finance (Infrastructure) • Engineering + Design / UX (Product) • Pladorms + Distribu'on (Customers) • Online Payments (Mone'za'on) • IPO / M&A Market (Exits)
  35. 35. Selec0ng the Country – Resources Below are some useful resources you should check out when choosing the country/area. Doing Business Report: hlp://www.doingbusiness.org/data (worldbank) Paying Taxes Report: hlp://www.pwc.com/gx/en/paying-­‐taxes/index.jhtml (PWC) Startup Ecosystem Report: hlp://www.slideshare.net/Telefonica_Digital/startup-­‐eco-­‐14012013 TIP: When selec'ng the country, besides demand side factors (presence of clients) look also for supply side enablers: (industry specific clusters, networks, research ins'tu'ons, country-­‐strategic sector)
  36. 36. Developing vs Developed markets • You might assume the largest or most developed market should be your first foreign entry • If you’re in a country where technology and the market tend to lag behind o Before trying to enter a more developed economy it may be beler to go to other countries that are more similar to your own or where the market tends to be just a year or two behind. • Occasionally, if you have a very strong technical team and a very unique product o You may decide it is best to go to a more developed market.
  37. 37. Network Network Network Seek advice from companies that have already entered the market and are willing to share war stories
  38. 38. Importance of local partner • Partner already has the sales channel • Partner may be looking for some technology that doesn’t exist in the market • Hire local staff who have interna'onaliza'on experience before doing some on-­‐site experimenta'on • Local distributors have informa'on on local culture and on local consump'on habits, on local compe''on and on the local rules and regula'ons that are essen'al for a successful, cost effec0ve and risk minimizing foreign market entry.
  39. 39. Who can help you with your interna0onaliza0on • Virtually any country has public agencies dedicated to helping local businesses interna'onalize (outbound). • These agencies usually take care of showcasing local firms abroad and can serve as matchmakers with foreign partners • To name a few examples: • Italy (ICE, Promos) -­‐ France: (Ubifrance, Coface) -­‐ Spain: (ICEX) – Norway (Innova'on Norway) • And virtually any country has public/private agencies dedicated to helping foreign businesses investments for accessing their local market • USA (USMAC) – UK (UKTI) – IE (Enterprise Ireland ) – etc.
  40. 40. Localizing – Test your prototype • Transla'on is only the first step to crea'ng a localized prototype • Watch out for other changes in the user experience or to the business model
  41. 41. Localizing – Marke0ng for User Acquisi0on • What marke'ng strategy should you experiment to get your ini'al customers? • Is there any local influencer/social media that may help? • Try to contact those who are influen'al in social media and see whether they can try your product and write something about it. • Create a localized landing page (es: launchrock) • Ini'ate Facebook campaigns or some local social networks. • Search engine marke'ng is buying adver'sing online • Search engine op'miza'on is free if you can get your search result to be higher in the Google search results. • Start from the least costly experiment and try one by one quickly.
  42. 42. Becoming Global Entrepreneurs on a low Budget • Read about exemplars in different cultures • Discuss with classmates and alumni how things differ in their home region from yours • Prac'ce becoming mul'lingual, then mul'cultural • Think global at every step of your business plan process • Cruise the web outside your home country • Talk to successful entrepreneurs about their global experiences • Look to government agencies who can help • Align yourself with global investors • Visit entrepreneurial hotspots around the world
  43. 43. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  44. 44. IMPORTANT You’re not going to be able to grow globally without: 1. A Great Product 2. Money in the Bank 3. Knowing How to Market
  45. 45. Summary – Packing List 1. Solid Technology + Scalable & Repeatable Business Model o Pick a technology and business model that scales and makes sense in new markets 2. Landscape Analysis o Poten'al Partners o Target Demographics o Companies that failed/succeeded before 3. Funding o Growing interna'onally is expensive o You only get one shot at launching in a new city o Raise money from connected angels or VCs in the city you want to launch in o Or have really thick bootstraps 4. Localize your Marke0ng o Does your startup name translate? o Your Messaging + Company Mission Need to Translate o Humor doesn’t always translate! 5. Yourself (0me + travel=money) o Events, Speaking Opportuni'es o Skype with local partners and customers
  46. 46. Summary -­‐ WHAT o A Start-­‐up with a solid technology, a great team and a scalable business model at home wants to expand its business abroad
  47. 47. Summary -­‐ WHY o The world is evermore interconnected & shrinking o Access to global sources of capital, talent, customers, partners, suppliers o Growth & untapped opportuni'es
  48. 48. o Think early about being a global company -­‐ develop a global culture o Growing interna'onally is expensive o Premature scaling #1 cause of death o Go interna'onal only if you have validated and op'mized your product/BM to fit the demands of local customers REVENUE S Phase 1 Phase 2 Phase 3 TIME CONSERVATI SCALE SUSTAIN ON Scale EFFICI ENCY VALIDA TION DISCO IDEA VERY Phase 4 Phase 5 Phase 6 Phase 7 Start Launch Build Chasm Maturit y Summary -­‐ WHEN
  49. 49. Summary -­‐ WHERE o Choose the country based on Landscape analysis o Analyze demand factors (new customers that may want your product) and o Supply factors (presence of industry clusters, research ins'tu'ons, universi'es, capital availability) o Na'onal Specific Factors (taxes, ease of doing business, public grants, etc.)
  50. 50. Summary – HOW o Create an interna'onaliza'on plan o Choose Entry Mode (JV, Sales Representa've, Direct Entry, Acquisi'on of a local compe'tor) o NETWORK (Alend events, talk to people who did it before you in order to Find a Local Partner) o Localize your marke'ng (Translate, hire local marketers, PR, try to get featured in local press) o Watch out for other country specific changes required to your product & Business Model
  51. 51. Summary – WHO (Can Help you get there) o Specific Na'onal (and EU-­‐level) agencies can help you take your business on the interna'onal arena o Outbound Agencies aim to showcase na'onal companies abroad and match the with poten'al clients/partners o Inbound Agencies aim to alract foreign business to their na'on mainly through financial incen'ves and regulatory compliance support o Many small private ecosystem actors (angels, accelerators, evangelists) are willing to help. EXPLORE
  52. 52. Thanks for your 0me & afen0on Ref: Alberto Loddo @albertoloddo1 @nuvolab www.nuvolab.com alberto.loddo@nuvolab.com alberto.loddo

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