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GOING 
GLOBAL 
small 
business, 
big 
world 
Accelmed 
Accelera0on 
Programme 
December 
15 
2014
Summary 
¨ Introduc0on 
¨ Interna'onaliza'on 
for 
Startups 
¨ Local 
vs 
Global 
¨ Going 
Global 
¨ Summary
What 
is 
Nuvolab? 
Nuvolab 
is 
a 
business 
accelerator 
and 
a 
catalyst 
of 
change 
dedicated 
to 
all 
the 
reali'es 
in 
the 
(Italian) 
entrepreneurial 
ecosystem. 
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Summary 
¨ Introduc'on 
¨ Interna0onaliza0on 
for 
Startups 
¨ Local 
vs 
Global 
¨ Going 
Global 
¨ Summary
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.
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
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.
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.
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
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
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
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
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.
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
Summary 
¨ Introduc'on 
¨ Interna'onaliza'on 
for 
Startups 
¨ Local 
vs 
Global 
¨ Going 
Global 
¨ Summary
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
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
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
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.
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
Summary 
¨ Introduc'on 
¨ Interna'onaliza'on 
for 
Startups 
¨ Local 
vs 
Global 
¨ Going 
Global 
¨ Packing 
List 
¨ Conclusions
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
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!
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)
The 
Risk 
of 
Premature 
Scaling
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
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!
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
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
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?
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
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
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
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)
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)
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.
Network 
Network 
Network 
Seek 
advice 
from 
companies 
that 
have 
already 
entered 
the 
market 
and 
are 
willing 
to 
share 
war 
stories
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.
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.
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
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.
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
Summary 
¨ Introduc'on 
¨ Interna'onaliza'on 
for 
Startups 
¨ Local 
vs 
Global 
¨ Going 
Global 
¨ Summary
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
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
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
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
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
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.)
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
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
Thanks 
for 
your 
0me 
& 
afen0on 
Ref: 
Alberto 
Loddo 
@albertoloddo1 
@nuvolab 
www.nuvolab.com 
alberto.loddo@nuvolab.com 
alberto.loddo

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

  • 1. GOING GLOBAL small business, big world Accelmed Accelera0on Programme December 15 2014
  • 2. Summary ¨ Introduc0on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  • 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. Summary ¨ Introduc'on ¨ Interna0onaliza0on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  • 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  • 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. 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. 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. 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. 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. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Packing List ¨ Conclusions
  • 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. 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. 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. The Risk of Premature Scaling
  • 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Network Network Network Seek advice from companies that have already entered the market and are willing to share war stories
  • 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. 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. 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. 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. 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. Summary ¨ Introduc'on ¨ Interna'onaliza'on for Startups ¨ Local vs Global ¨ Going Global ¨ Summary
  • 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. 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. 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. 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. 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. 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. 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. 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. Thanks for your 0me & afen0on Ref: Alberto Loddo @albertoloddo1 @nuvolab www.nuvolab.com alberto.loddo@nuvolab.com alberto.loddo