Impacts of Brexit on businesses
Mario Stumpo the Executive Director of Yanda Startup talks about attending the Soft-Landing program in the Netherlands. This 5 day program was designed to help startups connect with local eco-system builders and find market opportunities to grow their business.
In this video, Mario speaks about the challenges that his company is facing due to Brexit and why it is a great opportunity for them to internationalize their business.
In the meantime, if you don’t know where to start your international journey, just click on the button below to be directed to our Go Global platform.
Below is the text format of the video
Mario Stumpo is the executive director of Yanda startup located in UK. This startup offers an automated trading of cryptocurrencies software that requires no deposit or coding. This software is designed specifically for the crypto investors to make their life easier when it comes to trading.
1. What is your motivation to go abroad?
Yanda is already selling across the globe. It has customers in America, Middle Asia Europe and North Africa. However, the main reason for us to go international is the effects of Brexit. We are looking for European opportunities as Brexit has brought some uncertainty into the market. For instance not knowing what law is going to be applied. And as a result what will happen to selling our product in European Union.
Additionally, Brexit has caused a disunion between British people and Brexiters. This has affected us in terms of building relationship with foreigners.
Finally, because we are a startup, we have to do everything that makes our life easier. Therefore, entering a market in which lowers our challenges would definitely work on our benefit.
2. What are your plans for your company due to Brexit regulations?
We love the UK and would definitely keep our identity there. In the meantime we love European too. One of our aims is to increase our visibility and trustwhortyness. Internationalization can help us with that matter. Therefore, our idea is to have our UK based company for British people and to create a European entity for European consumers.
3. How are you choosing the country to take your business to?
Choosing the right country involves several different factors. As a startup, we try to look into those markets with tax benefits, high number of eco-system builders and investor opportunities before moving into another country.
Last year we had the experience of the Czech Republic where our current investors are based. Although it has been a great opportunity but we also faced visa difficulties for our company’s staff.
At the moment the Netherlands is on the top of our list because of many reasons. For example, it is one the most international country among European Union. The majority of the population in this country are English speakers. It is also very easy to commute across Europe from the Netherlands. Finally, here we can find a very well established startup culture. Moreover, this country is very aligned with our type of product. There are already many people and companies who use bitcoins and crypto currencies.
There are also some other eastern European countries that we consider too such as Estonia. But, we are not thinking about some of the countries in the west of Europe such as France, Italy, Portugal, and Spain. This is due to harder regulations and high costs.
4. Any additional tips?
I would suggest companies that wish to go international to firstly follow their costumers. It is very important to understand who you are selling your products to before making a move. And secondly to make sure that the environment in which you are going to place yourself in is going to sustain your growth.