Scaling Up IoT Business in International Market Using Golden Circle and Market Entry Strategy

Technische Universit¨at Berlin
Masterstudiengang ICT Innovation
Center for Entrepreneurship
Strasse des 17, Juni 135
10623 Berlin
Minor Thesis on Innovation and Entrepreneurship
Scaling Up IoT Business in International Market
Using Golden Circle and Market Entry Strategy
Yatindra Shashi
Matriculation Number:386845
30.08.2017
Supervised by
Prof. Dr. Jan Kratzer
Assistant Supervisor
Malte Recker

Abstract
With the trend of globalization and development in Internet technology, business
paradigm has been shifting from local market to International market. Making a presence
in the International market not only create economic value for a company but also a
footprint for its existence. But internationalization occurs with a cost and failure on
which can bring loss to the company. So internationalization process should be selected
wisely as best for the company circumstances.
Over the last few year, there has been a rapid growth of devices which connect to the
Internet and it has been projected to reach by 30-50 billion till 2020. These devices also
called Internet of Things (IoT) has a huge market in coming years.Being successful in
IoT domain will create a new value for the company in the long run. Fraunhofer FOKUS,
where I am doing my master thesis also works in IoT area and currently creating IoT
device management software which it wants to sell in the international market but ﬁnding
best market entry strategy has been a problem. I think before planning further FOKUS
management need to understand WHY do they want to extend their product on the
international ground. It should not be the money, that is result.But the reason should be
strong enough to bring feeling of connection to customer and partner to companies goal.
I suggest entering to a group of foreign countries which have similar characteristics, in
short time and partnering with those group countries home companies which are aligned
with FOKUS goal. This will help to scale IoT business in international market using
partners market understanding and infrastructure.

Contents
1. Introduction 4
1.1. Context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.2. I & E Problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.3. Objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2. Literature Survey 7
2.1. Golden Circle: Why, How and What . . . . . . . . . . . . . . . . . . . . . 7
2.2. Market Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.3. Timing of Entry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.3.1. Waterfall Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.3.2. Sprinkler Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.3.3. Wave Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.4. International Market Entry Modes . . . . . . . . . . . . . . . . . . . . . . 9
2.4.1. Exporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.4.2. Licensing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.4.3. Franchising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.4.4. Joint Venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.4.5. Acquisition and Merging . . . . . . . . . . . . . . . . . . . . . . . . 10
2.4.6. Greenﬁeld Investment . . . . . . . . . . . . . . . . . . . . . . . . . 10
2.5. Market entry for software ﬁrm . . . . . . . . . . . . . . . . . . . . . . . . 10
2.6. IoT International Market . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.6.1. IoT Software market . . . . . . . . . . . . . . . . . . . . . . . . . . 11
3. Analysis: Application of Researched Theories 13
3.1. Using Golden Circle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
3.2. Selecting International Market . . . . . . . . . . . . . . . . . . . . . . . . 14
3.3. Selecting Market Entry Mode . . . . . . . . . . . . . . . . . . . . . . . . . 15
3.4. Using Third Party Consultant . . . . . . . . . . . . . . . . . . . . . . . . . 16
4. Conclusion & Recommendation 18
A. Appendix : Survey Questionnaire 21
A.1. Survey question . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
A.2. Email with WHAT and WHY . . . . . . . . . . . . . . . . . . . . . . . . . 22
3

1. Introduction
The concept of globalization and development of the Internet technology have increased
not only the people movement across the world but also movement in business for in-
ternational expansion. The shift in the economic reforms of different countries to lib-
eralization, privatization and globalization encouraged international trade. Going to
international market have several benefits like greater profits, lower costs, risk distri-
bution, acquisition of new skills and technologies etc. Based on the company’s cur-
rent business, product and motivation of expansion, different international market entry
strategies are selected. Basically, foreign entry decision is a choice between exporting,
licensing, franchising, joint venturing, acquisition and greenfield investment as shown in
fig 1.1.Different big companies like Mcdonald´s , Cisco, Samsung, Amazon, Apple, Mi-
crosoft, Audi, SAP etc. have their own ways of scaling in the foreign market. In current
Internet driven world , type of product i.e either hardware or software also has a major
impact on making a decision on choosing among different market entry strategy.
With the development of Internet technology, different e-business started to flourish
across the world. Google, Facebook, Amazon, Skype etc. entered almost all the coun-
tries with creating a huge amount of revenue. Even though digitalization has radically
changed the way we do business, the physical world is still separated.However, this is
going to change with Internet of Things (IoT) which connects the physical world with
the digital world. It has been one of the widely spreading technological product in the
world market creating $14.4 trillion in economic value by 2022 [7], which drag interest
of small startups to giant companies.
As shown in figure 1.2, multiple research organization like Ericsson, Stringify, Gartner
have predicted that by 2020,around 30-50 billion devices will be connected to the Internet
giving IoT as an opportunity to provide a comfortable human life. These IoT devices
are smart physical devices embedded with electronics, sensors, actuators, software and
network connectivity.Key players like Cisco, AT&T, Orange, IBM,Ericsson, Deutsche
Telekom and others pioneers in the field of technology are supporting and investing a
huge amount of their budgets for the IoT technology.
1.1. Context
IEEE IoT group has categorized IoTs into Consumer, Commercial and Industrial IoTs
but these IoT categories needs backend device manager server to manage and process so
that it can bring value to the customer. This is the area where Fraunhofer FOKUS, Berlin
NGNI department is working by creating ETSI and OneM2M standards Open5GMTC
tool and this has been a major part of my major thesis development. I am developing a
4

Yatindra Shashi 1.2. I & E Problem
Figure 1.1.: General Market Entry Strategy
server which will be able to manage diﬀerent IoT devices and pass the required data to
the authorized user or application for further processing and extracting data. It allows
the developers to develop their own applications above it to perform various machine to
machine communications and management. This creates open platform for integration
of others application to provide a comprehensive solution to the customer [9].
1.2. I & E Problem
Fraunhofer FOKUS has an excellent product for IoT device management and application
for which it is looking to scale up its business internationally with the B2B business
model. Though it has a good name in international research market, it has only able
to do business with some old customers from China, Netherlands, Taiwan but not able
to scale up with the new international customer base. Being cutting edge technological
product; its demand, adaptation, understanding, and availability is scarce in current
Minor Thesis Innovation and Entrepreneurship, TU Berlin, 2017 5

1. Introduction Yatindra Shashi
Figure 1.2.: IoT connected possibility by 2020 based on Cisco Data
time but in few years it will be known and available in IoT software market. So FOKUS
wants to be an early bird in this international market and grab as many customers
possible in early stage so that product´s further development with customer needs move
smoothly. As the company is selling mainly software component, scaling up does not
need huge investment but it needs solid market entry strategy to flourish business.
1.3. Objective
Different methodology is available for the scaling business into the foreign market, but all
of those can’t be suitable for the Fraunhofer FOKUS software product. As we know that
technology is always evolving, certain technology can be obsolete after few years. Con-
sidering this fact, an objective of this minor thesis is to find best possible international
market entry strategy.
6 Minor Thesis Innovation and Entrepreneurship, TU Berlin, 2017

2. Literature Survey
Air travel, the Internet and Email networks have eased the thought of scaling business
internationally. Now businesses often have the option of going global. They have an
assess of a range of considerations and research before beginning such expansion with
minimum cost. But before all, the company must know why it wants to go global.
2.1. Golden Circle: Why, How and What
The reason behind WHY the company should know their motivation for expansion can
be more justified with the Simon Sneak book´s ”Start With Why: How Great Leaders
Inspire Everyone to Take Action” concept which is now famous by Golden Circle concept:
Why, How, and What. Which can be better illustrated from figure 2.1].
In Simon TED Talk, he suggests, ”very few organizations know why they do what
they do. And by why I don’t mean to make a profit: that’s a result...I mean what’s your
purpose?”. The neuroscience behind the Golden Circle concept is that human beings
respond best when messages communicate with those parts of their brain which control
emotions, behavior and decision-making [5]. He says that the passion behind the ’WHY’
is a way to communicate with the listener’s that part of the brain. This part of our
anatomy processes feelings which create motivation, loyalty and trust in people. With
this model, companies know why their business exists and can find best-fit customers
who also care same goal.
2.2. Market Selection
Selecting market is the first step to successfully launch a product or service abroad.
This is an obvious step, but too many companies fail to do it because they overlook
consideration, scenarios and alignment with their vision. This may result to pay the
price in poor sales and unforeseen complications and costs. Beyond obvious research on
the market size, new product developments, growth, competitor analysis, it is important
not to underestimate demographic, business environment, socioeconomic and customer
behavior related factors [3]. Seemingly similar countries can present huge differences in
these indicators resulting on taking the different strategy.
2.3. Timing of Entry
Timing to enter new market depends on the financial resources, product life cycle and
the product itself. Due to rapid change in the market by globalization, technological
7

2. Literature Survey Yatindra Shashi
Figure 2.1.: The Golden Circle: Why, How, and What [5]
development and competitiveness, finding correct time to scale business in the foreign
market can be difficult but crucial. According to Lymbersky (2008) [10] different timing
strategies available are :
2.3.1. Waterfall Model
Waterfall is the classic approach of system development life cycle where each phase of
development has a certain goal which needs to be achieved before entering another phase.
In this model, a product is launched in one country at a time and after its success, it
is moved to another country. As the learning from one market is implemented while
moving to another market, it is safer but time-consuming.
2.3.2. Sprinkler Strategy
In sprinkler strategy product is launched in all suitable countries at the same time. It
has an advantage that risk is diversified in the different region which gives full use of
competitive market and more trust in the customer base.But at the same time, it requires
many financial and personal resources.

Yatindra Shashi 2.4. International Market Entry Modes
2.3.3. Wave Strategy
Wave strategy is a mix of Waterfall and Sprinkler strategy where a group of countries
(wave) is a target for simultaneous entry. This group is decided based on the similar-
ities of cultures, characteristics etc. For e.g product launch in Germany, Austria, and
Switzerland at the same time because of its cultural characteristics.
2.4. International Market Entry Modes
International market entry strategies depend on the amount of control wanted and the
return on investment they promise. Amount of Control comes with the cost of invest-
ment where as return on investment depends on the success of business in the foreign
market.Different modes are adapted by different companies to enter the international
market which can be found below.
2.4.1. Exporting
Most common strategy for entry in the international market is an export of goods, ma-
terial and services by intermediary agent or distributor.There are two types of export:
direct and indirect. Indirect allows the company to take local distributor knowledge ad-
vantage where as direct enables the company to have a close relationship with customers
by direct involvement. It has the least risk but it gives less market control. too[15].
2.4.2. Licensing
Licensing is another method to enter the foreign market where the company allows a
foreign company to use its intellectual property in return for royalties.The licensor gives
the licensee patent rights, trademark rights, copyrights or know-how on products and
processes.Generally, this type of agreement is welcomed by foreign public authorities
because it brings technology into the country. It has a limited degree of risk.
2.4.3. Franchising
Franchising is similar to licensing except that the franchising company tends to involve
directly in the development and control of the marketing program. Franchisees pay fees
and royalties to a parent company (franchiser) in return for the product trademark and
its business format.Compared to licensing, franchising agreements tend to be longer and
the franchisor offers a broader package of rights and resources. It allows simultaneous
expansion in different places of the world but also bring risk that the wrong franchisee
may ruin name and reputation of the company in Market [15].
2.4.4. Joint Venture
In a joint venture, international company has an equity position and a management voice
in the firm. In it, a partnership is formed between host and home country companies,

usually resulting in the creation of a third company[14].A company can take advantage
of the partner's infrastructure, local knowledge and reputation but it requires both
partners to have aligned strategic goal.It enables the risks,costs as well as the rewards of
the business to be shared. It can be the only method of entry in some markets because
of legal rules.
2.4.5. Acquisition and Merging
Acquisition and Merging give speedy entry to the foreign market as it is like having own
company in the foreign land. In a merging, two organizations of similar level join to
become a new business, usually with a new name where as in acquisition one business
buys a generally smaller company which may be absorbed into the parent organization
or run as a subsidiary. It gives instant access to the target company's networks without
fear of misaligned strategic objectives and interest. In this case, comapanies need to
bear costs of adaptation and cultural integration between employees, working cultures
and reformation of structured system [4].
2.4.6. Greenfield Investment
Setting up a new subsidiary in the foreign market from the start with 100% investment
gives parent country control in over sales. This entry strategy takes much time and
money due to the need of establishing new operations, distribution networks, recruiting
employees and the necessity to learn and implement appropriate marketing strategies
to compete with rivals in a new market. However, this method provides highest control
and potential on return in longterm.
2.5. Market entry for software firm
Emergence of Internet technology has influenced mode of entry in the international mar-
ket for the companies as it is creating border less virtual business platforms on which
suppliers, producers, and customers can interact without going through pre-defined chan-
nels [2]. Bell (1995)[1] suggest that generally, software companies follow their domestic
clients into countries and international markets where the clients already had or were
establishing new commitments. This hint that inter-firm relationships appear to be in-
fluential in terms of both market selection and the mode of entry for small software
producing firms. As for the Huijs research in Dutch software companies [11], choices for
selecting a right market and entry strategy by decision makers are mostly influenced by
the software product architecture, characteristics and the level of internationalization
experience located within the software company. Research by Moen [12] suggest that
it is very difficult to conclude which specific entry methods were adapted by the firms
because of special nature of software. He says that firms in the study were not concerned
with methods of entry but looking for competency, solidity and ability to generate sales
in the international market.

Yatindra Shashi 2.6. IoT International Market
Figure 2.2.: IoT Market Prediction by Cisco-2022 [7]
2.6. IoT International Market
As mentioned earlier, IoT has growing economy with $ 14.4 trillion in economic value by
2022 whose distribution can be seen in ﬁgure 2.2 as for Cisco prediction. The greatest two
sources of revenue growth in this IoT market will be from IoT analytic services and IoT
applications. Primarily IoT is driven in manufacturing, transportation, health ,security,
logistics, and utility industry [8]. These things are part of smart cities development
where investment from the government is increasing for better management and quality
of life for its citizen.
2.6.1. IoT Software market
Original Equipment Manufacturer (OEM) represents an important go-to-market aspect
of IoT which will drive further software and services application. This will also raise the
importance of Value-added Resellers (VAR), Systems Integrators (SI), and Independent
Software Vendors (ISV). Platform as a service (PaaS) or Software as a Service (SaaS)

will be signiﬁcant for the IoT software business.It is predicted that 23% of the total
revenue will be created by IoT software market in the IoT domain by 2021 [6]. Software
and services will be a $600B market by 2019, attaining a 44% CAGR from 2015 to 2019
as shown in ﬁg: 2.3.
Figure 2.3.: IoT Software Market as for BI [7]

3. Analysis: Application of Researched
Theories
Different methods and theories are suggested in the literature about scaling business in
the International Market. Most of the research for market entry propose modes based on
the physical product but as the software product is characterized by shorter life cycles
and lower distribution costs, diverse approach to enter the international market will be
needed. But above all, we need a strong reason for international expansion.
3.1. Using Golden Circle
As discussed in chapter 2.1, Golden Circle strategy i.e start with Why is the key driving
and motivating force for international business expansion. As Sneak said, it is true that
very few know why they want to expand. I did a survey where I asked what could be
the main consideration while thinking of moving to international market and the result
came as fig 3.1 which validates Sneak word that few know why they do. But I think it
is a crucial part to know, WHY.
Figure 3.1.: The Golden Circle: Survey
Fraunhofer FOKUS, lead management should have clear vision and reason behind
WHY they are willing to expand business abroad. As our solution gives IoT device
management solution, reason can be like ’We challenge ourself and current technology
to make it more effective and human-friendly. Dedicated research brought us with new
13

3. Analysis: Application of Researched Theories Yatindra Shashi
technology for IoT device management which eases the application developers and device
managers to accomplish their work efficiently.As the research is currently standardized,
it brings interoperability across the IoT devices operation and management. With this
technology, we want to ease application developers and device managers to expand their
business smoothly’. As this why shows the connection of our work with the customer
need and says why we are doing, it may create emotional bonding.
The idea of starting with WHY in the digital world was validated in another survey
conducted by Hubspot [13] in which they sent 2 email to visit web page with link, first
email was started with WHAT page is about followed by link where as the second email
was started with WHY followed by page link [see Appendix - A.2 what and why message
in mail]. As result, they found that link clicked by the recipient of the second email was
much more than the first email. This implies that ”Why” creates emotional bonding
and loyalty to the customer as well as the employee. This can differentiate FOKUS
with other competitors in the market and will be able to pass value proposition to the
customer.
3.2. Selecting International Market
After creating solid WHY, it becomes easier to make decisions to the managers as they
have already envisioned goal of expansion. This will create a filter to remove that decision
which are not in the vision of expansion.
Figure 3.2.: Sparkling + Wave Entry strategy better for IoT software Time Entry
As we have already clients in China, Taiwan,the US and some European countries, I
suggest a mix of sparkling and wave entry strategy for timing of entry to international

Yatindra Shashi 3.3. Selecting Market Entry Mode
market (discussed individually in section 2.3). It also came as a better approach for
time entry in a survey that I have done as shown in figure 3.2. Software product does
not require a large investment in resource for expansion and it can also be distributed
easily, so moving as early to the different group of the country at the same time would
not be much risk. As technology market is always changing we can’t wait longer to enter
the market. We can make a group of countries with similarities in culture, technological
development or legal and political structures and enter with different strategies. One
entry group can be formed with Japan & South Korea which is technologically developed
and have a similar culture. They could have a good market need for IoT device manage-
ment technology that we have developed. The second group can be UK and Australia
which is English speaking country and good in technological development. Similarly,
another group can be of European countries based on geography and technology which
are looking to increase smart cities with IoT devices.
3.3. Selecting Market Entry Mode
As for the literature survey in section 2.4, different market entry modes are discussed
but when it comes to the software product in cutting edge technology, deciding perfect
entry as discussed in section 2.5 becomes tricky. Based on research and survey, suitable
method that I can suggest is Joint Venture or Partnering. As for section 2.6, possible
partner can be found from VAR, SI or ISV vendors creating PaaS or SaaS product.
Current clients that we have in China, Taiwan etc. are made as a partner for some
project and we share certain goal which is making both of the company to grow their
sales. As the one technology can not stand alone and be a complete solution, partnering
helps much more to go to win customers. This not only shows interoperability between
partner product but also it builds trust with the customer as they can see their own home
company selling them product. With the help of the partner in the international ground,
Fraunhofer FOKUS can find new customer base and can learn about the international
market.In the software world finding partner highly works with the network relationship
of the employee or partners and also through the technical conferences where different
companies come to show their product. As discussed in the survey, in huge IoT software
market finding a proper partner can be moved through the domestic clients and already
established partners in international markets. However best initial survey for a best
possible partner and customer market can be done through On-line platforms. As the
partnering is for the certain goal, we need to select a partner with whom our product
best matches like it could be some IoT companies who are providing applications for the
IoT device or it could be IoT device company whose device management work will be
easy from our product. We can make certain performance measurement, based on how
much sales have been done for complete product and how much sales were done as an
individual product and decide should we move ahead with more investment in the joint
venture or not.
I did a survey to know what the main problem could be for international market entry
and I found from the survey that legal difficulties, competitive software market, risk

3. Analysis: Application of Researched Theories Yatindra Shashi
on return on investment as major three problems.And on the same survey, I asked for
the best possible market entry approach for the software IoT company. Most of the
people (71 %) suggested Joint Venture or partnering best approach as fig 3.3 shows.
We can see in the global trend and mostly in IoT domain that lots of companies do
partnership to start new customer base in the international market because entering
market alone is quite tough in the current competitive world.As it will be a joint venture
for software sales, we do not need huge investment but at the same time, we need to
take in consideration that the partner company should not come as competitor later.
Figure 3.3.: Best International Market Entry Strategy
3.4. Using Third Party Consultant
Interesting thing that I found from the survey as show in figure 3.4 that a third party
consultancy company who are expert in the internationalization of the business can help
to find good strategic partners for joint venture. We can also see available options in
the market for our IoT software product through third party consultancy and they can
help us on understanding legal issues and basic market structure of the international
company.

Yatindra Shashi 3.4. Using Third Party Consultant
Figure 3.4.: Third party consultancy helpful for International Market entry

4. Conclusion & Recommendation
Scaling IoT software business in the International market need a strong vision which
answers why we are trying to expand business abroad. This will bring emotional bonding
and motivation which makes easier for filtering international market entry decision.As
our product is software, the timing of entering market could be as soon as our product
gets ready with required functionality.
Creating joint venture or partner could be a fruitful method as it gives local market
access through partner market knowledge and infrastructure. This also distributes risk
and investment to the partner. Though we will be sharing profit also, it is the best ap-
proach as our product is software based and we know that software technology market
changes more rapidly. So sharing profit with minimizing risk is a good option. Further-
more, partners can be found through the different methods like through network relation
that we currently have, or by attending a conference of IoT where different companies
come to show their products. For all these, research can be done on the internet and
initial contact can be created through email.
18

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A. Appendix : Survey Questionnaire
Goal of this survey was to find problem that IoT software companies face during scaling
their business in International market and it’s possible solution. This will help for I & E
minor thesis. Here, companies mean, a well-established IoT software companies in home
country which have multiple IoT products and services.
A.1. Survey question
1. A main obstacle that Software companies faces to enter international market success-
fully is
• they don not have strategic plan on how they are going to enter international
market
• they do not have vision on why are they going to enter international market
• they do not have idea about what could be their best product to enter international
market
2. In your opinion what are the problem for IoT software companies that inhibits
their international market entry
• Competative software market
• Risk of Return on Investment Abroad
• Cultural, Political & Gegraphical Difference
• Language barrier (Like difficult to provide information & service in non english
speaking country)
• Limited co-relation with international companies
• Legal Barrier
3.In your opinion for IoT software company, what could be the best market entry
strategy
• Licencing
• Partnering
• Acquisition of local company
21

A. Appendix : Survey Questionnaire Yatindra Shashi
• Greenfield Investment( Direct investment to make company from 0)
• Joint Venture with Foreign Company
4. Do you think a third party company which have business of assisting ( like finding
customer, partner, assisting in legal issue etc.) a company to enter another country will
be helpful to enter international market?
• Yes
• No
• May Be
5.Do the sparkling+wave strategy where a company enter group of country on short
time will be helpful for the IoT Software company as lots of competitor may enter later
• Yes
• No
• May Be
Result of this survey is added according to context in above chapters
relevant positions like fig 3.2, 3.4 etc.
A.2. Email with WHAT and WHY
WHAT:
Check out our new ebook, 7 Ways to Generate Leads with Social Media. We will show
you the seven most effective ways to use social media to generate leads for your business.
WHY: In the past decade, social media has become a very powerful tool for businesses.
More and more businesses are adopting social media strategies to fuel their lead gener-
ation. In our new ebook, we will show you the seven most effective ways to use social
media for your business. Check out 7 Ways to Generate Leads with Social Media.

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