7 Lean strategies to global expansion: going abroad as a tech company
The concept of Lean Startup has become worldwide famous because of its efficiency. Basically, the methodology’s approach help companies create a product that customers really want while avoiding unnecessary spending of time, effort and money.
The methodology incentives entrepreneurs and managers to first develop a very basic prototype of the product, good enough to test the idea. After receiving the first feedbacks from potential customers, the entrepreneurs can understand if the market really needs this solution and then invest time and money to develop the perfect product.
At uGlobally, we apply the exact same concept for companies who are starting their global expansion. Instead of using traditional processes, which require hours of effort and a very reasonable investment, we use lean strategies that enable businesses to enter new markets more efficiently.
This blog post is the first of the series “Lean strategies to global expansion: going abroad as a tech company”, in which we will describe the Lean Strategies we use in details.
Here is an overview of the Lean strategies to global expansion:
Click on the global expansion strategy name to see its details:
Accelerator and incubators are organizations focused on helping tech companies develop their products, launch it in the market and scale.
Each program has its own structure, but the vast majority of them will provide your company with strategic mentoring, relevant connections in the market and even a kick-off investment.
Accelerators and incubators are usually focused on earlier stage companies, with a concept and/or an MVP without much traction. They usually do not charge money of the participants, but can take small equity of the projects.
Getting enrolled in an international accelerator/incubator program is an excellent strategy for entrepreneurs who want to start their business in a global level. You can either go for an international-oriented program in your country or apply to programs in other countries.
Speed to market: Fast
Physical presence: Required
– Assistance to develop your product
– Assistance to create entry strategies
– Support to develop global expansion strategy
– Help with visa
– Possibility to receive investment
– Local connections
Here are two great examples of accelerator/incubator programs that can help your company’s global expansion:
Trade missions are trips organized for a group of entrepreneurs with the main goal of exploring a specific country/region.
The organizers usually build the schedule based on general interests that entrepreneurs have when going to a new country. Therefore, it usually include visits to embassies, chambers of commerce, local organizations and foreign investment agencies.
The missions can give you a great overview of the business climate in the target-country and the incentives that it offers to attract foreign companies. However, it is important to consider that it is very general and not focused on “doing business”.
Stage: All stages
Speed to market: Slow-Medium
Physical presence: Required – short term
– Local connections
– Connection with potential customers and partners
Disadvantages: too general, not focused on closing deals.
Participating in events, exhibitions, and trade fairs is a great strategy to get international exposure and get connected to your industry in other countries.
Although the big events are great to get to know new people, we highly suggest you look for those that are focused on your industry. This is where you will usually find more potential customers/partners willing to do business.
Don’t forget to prepare your project’s presentation in advance, get your business cards and try to talk to as many interesting people as possible.
Stage: All stages
Speed to market: Medium-Low
Physical presence: Required – short-stay
– local connections
The explanation is coming soon.
Do you need help with your global expansion? Get in contact with our team!