For some businesses international expansion isn’t an option. If your home market doesn’t carry big enough demand for your product or service then you have to think global from the outset. Other companies however have the luxury of starting closer to home and gradually dipping their toe in foreign waters. Both international expansion routes can be fraught journeys if you don’t do your research and make the right contacts. Here, some of our portfolio companies offer their advice on successfully taking a business global.
"A common mistake is to spread yourself too thin. Focus is critical. We'll turn away a lot of the potential market in order to cultivate some gems as that's what carries you through to the next phase of growth. Narrow down your options and make life as simple for yourself as possible. Worry about the broader market another day."
"The advice I've been given is that it's probably going to take longer and cost more than you think it will to go international so make sure you have a solid offering in your home country before attacking other markets."
"You really have to make an effort to get to know people and that's a long term process that could take years. We've always done a lot of travel and that's very important. I used to get criticised for it, because some people think it's an expense and you should be in the office. But in fact, as MD, you need to get out there. It's not sufficient to leave it to the sales guys. You have to form relationships at a senior level so it's very important to regularly travel and meet all the key people."
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Nesta Operating Company, a company limited by guarantee registered in England and Wales with company number 7706036 and charity number 1144091. Registered as a charity in Scotland number SC042833.
