International expansion offers huge opportunities for almost any business and when successful, companies typically report increased revenues and profits across all markets, as business effectiveness and competitiveness generally increase.
A packed auditorium at London & Partners saw the finalists of the LatAm Edge Awards 2016 pitch head to head for the prize of one year's office space in London and £100k of growth and support services. The overall winner was TOC Biometrics from Chile.
The finalists in the LatAm Edge Awards have been announced. Each company has been invited to London to take part in the final stage of the first British award for young ambitious Latin American tech companies looking to expand internationally, starting in the UK. The LatAm Edge Awards were launched with a view to identify ambitious Latin American companies with a proven business model and the potential for scalability within the UK and beyond, and help them realise international growth.
Trade Horizons is very proud to announce the establishment of the LatAm Edge Awards - the first British Awards to assist the establishment and growth of Latin American Tech companies in the UK. The award identifies ambitious Latin American companies with a proven business model and the potential for scalability within the UK and beyond, and helps them realise international growth.
Trade Horizons is delighted to be supporting TechDayHQ with its first TechDay event outside of the US, in London on 27th October 2016. Over 200 startups and 7,500+ press, investors and early adopters from the UK, Europe and the US will be attending the event which will be held at Old Billingsgate in the heart of London.
Following the UK vote to leave the EU, many international businesses that were planning to expand to the UK - or who are (or were) already in the process of doing so - are asking what to do now? How do we proceed? In our article we outline some key facts and Trade Horizons' general perspective.
The last market entry mistake is a trap that companies frequently fall into: this is the 'illusion' of being able to generate substantial new foreign income (attractive pricing and strong currency) based on only utilising home resources and costs (usually lower cost and weaker currency). This mistaken belief in the ability to create 'gold' from very little investment is surprisingly common and usually results in failure.
One of the most common hopes that I hear expressed is 'we just need a PO to get going'. Companies that are looking for their first sale or contract to generate enough revenue to sustain expansion into a new country are more often than not doomed to fail.
A surprising, but not uncommon, market entry fail is when companies expand to a new territory and are not clear about what they are trying to achieve, nor have an approach that defines tactical objectives and a clear estimate of the costs of the exercise. It's an approach which is entirely, 'Let's start and see".
Following on from my previous post, the second typical fail I frequently see in international expansion across many business sectors is what we call "Trying to be All Things To All People". Generally this is an error that happens when companies have not taken the required time to study the foreign market they are looking to enter and they have no focus.