International expansion – something many an entrepreneur strives for.
Where to, how and when though?! It’s a hot topic and one explored regularly by everyone involved in the start-up/scale-up ecosystem. This article looks at those key questions and was a timely read after last night’s TLA Retail Tech event where entrepreneurs were given some great advice addressing the same key questions:
Stephen Nundy, CTO at Lakestar - "Do your homework – work out which market will support your products best. Don’t just expand into France because you once visited Paris and loved it!"
Alex Marsh, Senior Commercial Director at Klarna – "Partnerships are really beneficial and especially good if you can find one from the beginning. They give you local knowledge and scale from day one."
Look into Klarna’s Commonwealth Bank partnership in Australia – they know what they’re doing when it comes to disruptive and headline grabbing partnerships.
Japan, China and the US were all cited as great markets to look at. So to was Nigeria, Africa’s largest economy and the continent’s most populous nation – risks and border closures aside, it can’t be ignored.
Wherever you go though, the overarching advice seems to be - do your market homework, get to know the locals and how they do things, adapt, get a solid infrastructure in place and always get good legal advice.
Some borrowed words of wisdom from Stephen Nundy to end on – "If it ain’t working, get the heck out! Don’t be afraid to do that. Swallow your pride, learn from it and try somewhere else!".
Bottom line: Don’t go abroad without keeping legal concerns in view at every stage.