During the Vision Program Taiwan Tech Startup Demo Day, 10 of Taiwan’s top up-and-coming startups showcased their products which all came about from research commercialisation

“Research commercialisation refers to the process through which ideas or research are transformed into marketable products, capital gains, income from licenses and/or revenue from the sale of new product”, said Taiwan’s Science & Technology Policy Research and Information Center, Director General, Dr. Yuh-Jzer Joung.

In a nutshell, research commercialisation enables technology produced out of research activities to be further developed into marketable products for public consumption.

During the Vision Program Taiwan Tech Startup Demo Day, we learned about exciting new products and disruptive technologies espoused from a series of research commercialisation efforts rendered both by the 10 participating startups and the STPI.

STPI or the Science & Technology Policy Research and Information Center is designed to support the government’s technology policy-making and addressing social needs for globalisation and the coming era of knowledge economy. It functions as the main government think-tank for science and technology policy and the major platform for incorporating Taiwan’s research communities whose overarching mission is to bolster and embolden Taiwan’s digital economy.

Also read: What is the state of Taiwan’s AI ecosystem?

One of the crucial steps in achieving this goal is by enabling and empowering Taiwan startups through programs that allow them access to insights, capital, resources, and network, among other things.

This is why STPI is also keen on seeking business partners such as mentors, business consultants, and angel investors with the aim to build and promote the Taiwan startup ecosystem.

Participating startups and what they do

The following is the list of the 10 startups who wowed us at the Vision Program Taiwan Tech Startup Demo Day by showcasing their products:

1.) 3drens
3drens is a B2B & IoT solution provider, focusing on the Internet of Vehicles.

2.) Applato
Applato is a restaurant platform that provides personalised dietary recommendations and meal ordering for people with special health needs.

3.) Dapp Pocket
Dapp Pocket is a blockchain wallet app for decentralised apps

4.) F.Repair
F.Repair developed a formula for a Biomedical Repair Mask that heals serious skin damage as effect of medical radiation procedures.

5.) Magical Headlamp
Magical Headlamp developed an automatic headlight control system for vehicles to help improve visibility and safety on the road.

6.) MDS Health
MDS Health is actively building a relationship-centered digital health platform to empower physicians and dentists to jointly care for their patients with chronic medical conditions.

7.) Neurobit
Neurobit is an intelligent medical decision support system for early stroke detection and prediction.

8.) Sounds Great
Sounds Great developed a multi-diaphragm nano speaker that restores difficult ultra-high audio for better sound in phones, laptops, and other gadgets.

9.) Transfer Helper
Transfer Helper is an international remittance matching platform

10.) UC Funnel
UC Funnel is an omni-channel marketing automation platform.

The Vision Program Taiwan Tech Startup Demo Day is organised in partnership with the Science and Technology Policy Research and Information Center (STPI) of Taiwan. As a think tank of national policy, STPI has integrated its advantages of leading researches and partnerships with universities to support local startups with an ecosystem that welcomes enterprises, international startups, and investors as well.

With this initiative, STPI hopes to render a stronger pool of local startups with globalised mindsets, better understanding of varying markets, and cut-throat technologies that can scale globally—all as a part of a grander plan to ultimately boost the country’s digital economy.

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Eristica will allow every user who takes part in a challenge on its platform to contribute a 5 per cent amount of the reward directly to Binance Charity Foundation

Eristica, a cryptocurrency-based freelancing video platform on which content creators connect with fans and perform challenges remotely, has partnered with Singapore-based fiat-to-crypto platform Binance.

Under this agreement, Eristica will allow every user who takes part in a challenge on its platform to voluntarily contribute a 5 per cent amount of the rewards directly to Binance Charity Foundation, a non-profit dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development.

“Eristica has this amazing opportunity to offer their customers a way to improve the lives of the ‘Bottom Billion’ and advance sustainable development around the world. Eristica’s application has deployed a feature that allows everyone who takes part in a Challenge to voluntarily contribute a 5 per cent amount of the Challenge reward directly to Binance Charity Foundation just by clicking the checkbox. This notification comes by default every time someone creates or accepts a Challenge,” Eristica’s CEO Nikita Akimov said.

The total donation amount will appear on everyone’s profile page as well as on the Leaderboard. The user also has the option to stay anonymous.

Also Read: Binance Singapore partners with Vertex Ventures to set up fiat-to-crypto gateway

“We are very happy that technology which combines entertainment and blockchain can impact the standards of life almost everywhere in the world. Just a decade ago it might have seemed unfathomable, but now it’s not just a reality — it’s working successfully already! We are excited to bring this feature to our users, as it allows to have fun, earn money and improve lives of other people simultaneously in just one app,” Akimov opined.

Eristica is a platform which allows users to challenge a friend to try something wild and crazy, record it, post it and get into a leaderboard. The startup is part of Mobile Only Accelerator MOX, which helps mobile startups from around the world acquire users in Southeast Asia, India, Eastern Europe and South America. MOX is run by SOSV, a global VC firm with US$625 million under management.

Eristica is leveraging MOX’s ecosystem to distribute its app in Southeast Asia. In particular, Eristica has preinstall and push-marketing agreements with OEMs across Thailand, Indonesia, the Philippines, Malaysia and India.

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In addition to China’s STAR Market, we also have updates from India’s moon mission, iflix, and PayMate

China’s new board for tech shares starts trading – TechCrunch

China’s new stock market STAR Market began operating today with 25 tech companies listed on the Science and Technology Innovation Board, TechCrunch reported.

Operated by the Shanghai Stock Market, the report said that the board is an initiative by the government to encourage more Chinese tech companies to list domestically by addressing concerns about governance.

Many notable IPOs of Chinese tech companies, such as Alibaba or Tencent, have taken place in either New York City or Hong Kong.

Plans for the STAR Market were first announced in November.

Another report by CNBC said that the success of STAR market is “far from a sure thing” since China has previously launched two other equity markets.

They have been receiving lesser attention than its primary stock exchanges in Shanghai and Shenzhen.

India prepares second attempt at moon mission – Bloomberg

Indian officials announced that the country’s second attempt at moon mission is set to happen on 2:43PM local time on Monday, Bloomberg reported.

The liftoff followed last week’s aborted launch, which was postponed less than an hour before launch due to a technical problem.

The country is set to launch an unmanned satellite called Chandrayaan-2, or “moon vehicle” in Sanskrit, as part of its effort to become the first to land on the moon’s south pole.

Also Read: What you need to know about data privacy in China

Indian digital payments startup PayMate raises US$25M from Visa, others – Entrackr

Indian digital payment startup PayMate has raised US$25 million in a series D funding round from Visa, Recruit Strategic Partners, and Brand Capital, Entrackr reported.

The funding round also included the participation of existing investor Mayfair 101.

It is set to be completed within the next two months.

The startup plans to use the new funding to support growth and international expansion to markets such as the Middle East, Africa, Central and Eastern Europe.

The expansion will be done in partnership with Visa.

iflix raises over US$50M in new funding round led by Fidelity – e27

Southeast Asian video streaming service iflix today announced the closing of a new funding round led by global asset manager Fidelity International, with participation from existing investors Catcha Group, Hearst, Sky, and EMC.

The size of the funding was undisclosed though the company said that the total size is in ‘excess of US$50 million’.

The funding round will be used to drive growth ahead of a prospective IPO.

iflix will also aggressively pursue growth strategies and further increase its userbase.

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Image Credit: Markus Spiske on Unsplash

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The new logo rolls out today, as the unicorn celebrates its three-year-long growth and considers what is next

Go-Jek, Indonesia-based ride-hailing unicorn, has officially rebranded by launching a new logo today.

An official statement said that the rebrand follows a 1,100 per cent growth in transactions over the past three years, as well as a hallmark for its next phase of growth.

The company also highlighted its regional ecosystem expansion since the app launched in 2015.

It has partnered with over two million driver-partners; 400,000 merchant partners; and 60,000 service providers across Southeast Asia to-date.

Go-Jek also stated that over the past three years, users have given over US$20 million in tips to the platform’s driver-partners and service providers.

Go-Jek’s next phase of growth will include further innovation and the strengthening of its integrated ecosystem of over 20 on-demand services.

The new logo features a nearly-rounded ring encircling a dot, a design that was meant to be recognisable and versatile, the company said.

The company meant it to be interpreted in a number of ways: a map pin, the bull’s eye, an aerial view of a motorcyclist, or a power button.

Also Read: soCash raises US$6M Series B to convert retail shops into virtual ATMs

This reflects Go-Jek’s proposition of its multitude of offerings, ranging from transport, payments, and food to logistics, entertainment, and lifestyle.

In Indonesia, Go-Jek has built three apps for each of its users: the consumers, driver-partners, and merchant partners.

Its driver-partners app included a feature to support financial planning while the merchant app includes features that can help with business expansion, including logistics and inventory management.

Kevin Aluwi, Co-founder of Go-Jek Group, says: “Today, we introduce a new brand that represents the evolution of Go-Jek from a transport company in Jakarta to a leading tech company in Southeast Asia. Go-Jek is now many things to many people – and our new logo reflects that. Even so, we remain committed to our founding principle and ethos of improving people’s lives through the use of technology.”

In Singapore, the update will also roll out today. Consumers who update their app will be able to see the new logo in place and a new user interface.

Also Read: Enterprise Singapore supports access to Vietnam tech ecosystem with GIA expansion

The app for driver-partners will also soon be updated with the new look, in addition to a number of new features, such as a seven-day income summary that gives them a clear overview of their completed trips in the past week.

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Image Credit: Go-Jek

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The startup said that the funding will be directed towards helping its clients sell online

aCommerce, a Bangkok-based startup that helps to establish product sales of brands announced that it has raised more than US$10 million from existing investors including KKR & Co, as reported by Bloomberg.

KKR’s Emerald Media, investment house Blue Sky, DKSH Holding AG, and an Indonesian conglomerate Sinar Mas, also took part in the company’s latest funding round.

“The six-year-old firm plans to raise another US$5 million by the end of this year as part of an extended Series B or early-stage funding round,” said Chief Executive Officer Paul Srivorakul

“We have ambitions for an IPO that forces us to grow a healthy, valuable business,” Srivorakul added.

Also Read: Go-Jek unveils new logo as it enters next phase of growth

aCommerce’s services include providing services from distribution and marketing to warehousing and delivery. Currently, it operates in Singapore, Indonesia, Thailand, Malaysia, and the Philippines.
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The fund is the second one the Singapore-based early-stage venture firm has raised

Cocoon Capital, the early-stage venture firm in Southeast Asia, has announced the second fund it has raised a US$22 million (S$30 million). The firm said that it plans to use the funding to back enterprise tech startups around the region.

Along with the funding announcement, the firm also announced its initiative of hosting public mentoring hours regularly in partnership with local accelerators and co-working spaces in Singapore, Ho Chi Minh, Hanoi, Manila, Bangkok, Jakarta, and Yangon in a bid to help grow the local entrepreneurial ecosystems.

Cocoon Capital was founded by Michael Blakey and Will Klippgen, who both are early-stage investors in Asia. Both Blakey and Klippgen are also behind portfolios like PropertyGuru, Tickled Media, and iXiGO.com in their early-stage fundraisings.

A survey conducted by Econsultancy.com Ltd2 resulted in 68 per cent of Southeast Asia-based respondents said they have an omnichannel strategy that incorporates B2B ecommerce. However, only 7 per cent of venture capital has been channeled to B2B startups in the region.

Cocoon Capital’s second fund plans to back the enterprise tech market with medtech, fintech, insurtech, and general “deep” tech sectors as primary targets.

Also Read: iflix raises over US$50M in new funding round led by Fidelity

“Over the last three years, we at Cocoon Capital have seen a radical improvement in deal quality, in particular from the Southeast Asia countries outside Singapore,” said Michael Blakey, Managing Partner at Cocoon Capital.

“There is a continuing gap in the region when it comes to hands-on mentoring, in particular at the early stages of a company’s formation, and Cocoon Capital has operation that seeks to provide a support package to our founders, one that is in the same league as networks in Silicon Valley, London, or Shanghai,” added Will Klippgen, Managing Partner at Cocoon Capital.

Cocoon Capital’s second fund is supported by investors including Michelle Yong (Director of Singapore’s Aurum Investments), Jani Rautiainen (Co-founder of PropertyGuru), Parag Khanna (The author of “The Future is Asian”), Pierre Lorinet (Director at Trafigura Group), Matthew Chapman (Founder of ChapmanCG), Stein Jakob Øie (Former President at Lazada), hedge fund manager Steve Diggle’s Vulpes Innovative Technologies Investment Company, Martin Hauge (Partner in Creandum – streaming giant Spotify’s first financial investor), Martin Roll (Global strategy consultant), and Oliver Tonby (Chairman of McKinsey’s offices in Asia excluding Greater China).

Also Read: Go-Jek unveils new logo as it enters next phase of growth

Cocoon Capital’s portfolios are including cleantech company SensorFlow, stroke-predicting software medtech company See-Mode, ticketing company Hapz, Filipino e-merchant ​Poundit, and Vietnam-based automated influencer matching platform Hiip.

Logistics platform Kargo Myanmar was the first to be backed by Cocoon Capital with its second fund.
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Photo by Jakub Gorajek on Unsplash

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Best SEO practices to help boost page rankings on search engines

SEO is in a constant flux. The search engines keep changing their expectations and hence what will decide the success of your SEO mission will keep changing.

Here are a few best SEO practices that can effectively improve search rankings .

Think on your own

You can achieve greater success by thinking uniquely, originally and on your own. You must aim for an uncontested market space rather than trying to fight head to head with the competitors.

Described as ‘Blue Ocean Strategy’, this method of finding your own unique road to travel is described as fishing in clear blue waters instead of struggling for dominance in the bloody waters infested by sharks.

The more the crowd in a given field, the more difficult it would be to reach there and establish your presence. For getting on top of the search engines, look beyond what your competitors do and contemplate on new topics that your competitors have not yet explored.

Also Read : Why we need to rethink how we measure SEO

Incorporate featured snippets

 

These days, featured snippets are highly popular among users.

They are a kind of box that pops up when you search answers to your questions. This feature rules out the need for the users to click a link.

Featured snippets are becoming a very important part of the user experience and make the user experience enjoyable and easy.

They rise into prominence while voice and mobile searches are fast growing. Content incorporated with featured snippets are found to double the click through rates.

Destroy your zombie pages

 

Zombie pages were sought after long back. They are no more useful these days.

Zombie pages provide no real value to your site’s traffic. They never provide any authority or web presence. They only add old and outdated content to your site.

They take the form of duplicate content. Usually every site has a few of them. If they grow to hundreds, they can be detrimental to the success of your site on the search engines.

Clustering content can do you so much good

 

Topic clusters can be a highly effective SEO tool that is yet to be explored by a lot of sites. These days, search engines have changed their algorithms to benefit the content that is structured as per topic clusters.

In this arrangement, your website will have to become a kind of single pillar with the pages serving as the primary hubs of information. From this hub, the subtopics will have connections via link.

You can compare this structure to that of the spokes in a wheel. Search engine indexing mechanism is interested in knowing how the pages are connected to one another. Pillar pages can provide you a great way to support this goal.

Also Read: How To Win at Google: A Crash Course on SEO

Facilitate voice search

 

Voice search has come to prominence in 2019. More than half of the search queries today happen via mobiles. More than 20 percent of the queries submitted via mobiles is today voice based.

Explore the queries inputted by users on voice search and incorporate them into your content  This can help significantly in your SEO mission.

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The initiative is the first result of the joint venture partnership signed in March 2019

Indonesia-based ride-hailing unicorn GOJEK announces that it has launched GOFLEET during the opening ceremony of automotive exhibition Gaikindo Indonesia International Auto Show (GIIAS) 2019.

GOFLEET is the first product of the joint venture between Astra and GOJEK, that was announced in March after Astra’s investment in the company a month prior.

It provides online door-to-door transportation services such as vehicle rent, maintenance, repair, insurance cover, and vehicle monetisation through on-vehicle advertisements for its driver-partners.

Meliza M. Rusli, President Director of GOFLEET added: “Realisation towards the importance of quality customer service has grown, including in the online door-to-door transportation service, both from the provider side and the user side. We hope that GOFLEET can help our driver-partners to focus on giving the best experience to customers without having to worry about their vehicles.”

Also Read: Grab launches green e-scooter GrabWheels in Indonesia’s top university

GOFLEET will roll out thousands of units for driver-partners in Greater Jakarta Area before expanding to other cities in Indonesia.

It is now open for registration for all driver-partners.

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Image Credit: GOFLEET

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A layman’s guide in creating and using instagram for business

Studies show that more than 30 million companies across the globe use Instagram for business, and the platform has about 200 million visitors accessing at least one business profile daily.

Instagram is now becoming a grand platform for business and brands and engages the users more compared to Facebook or Twitter.

Instagram followers are found to be more brand-loyal, and the business promoters can achieve their goals better on this platform.

In this guide, we will discuss the simple steps involved in setting up an Instagram Business account and running it.

Step #1: Getting instagram for your business

If you already have a personal account on Instagram, which has brand-relevant content and a considerable following, you can best convert it to an Instagram business account.It will unknot many business features.

You can also create a new Instagram business account if you want to via the following steps:

• Download Instagram app (available for Android, iOS, and Windows).
• Sign up
• Enter your email ID.
• You can connect your Instagram account with Facebook Business Page by using the FB admin e-mail ID or just by choosing log-in with Facebook option.
• Choose a username and password. Enter profile info.
• Done

To convert an existing personal account:

• Log-in to the existing account.
• Tap on the profile icon.
• Go to settings.
• Choose the ‘Switch to Business Profile’ option and continue.
• Here also you can connect Instagram Business account to the Facebook Business page by choosing that option.
• Add further contact information like email, phone, physical address, etc.

Step #2: Develop an Instagram business strategy

First, define the target audience and the ideal customer. Even before making your first post, you need to think of who is going to see it and what they expect.

There is a vast majority of users on Instagram who are of the age below 35. The United States has the largest amount of Instagram users, followed by India and Brazil.

This type of information is essential to start, but going beyond these overall demographics, you need to get relevant inputs about your target audience too

• Determine who is buying from you already.
• Access analytics of your presence and performance on other social media platforms and learn who follow you there.
• Do thorough competitor analysis.
• Form a clear value statement for your offerings.

Once you know what to accomplish, see the goals and objective.

Follow the SMART framework while setting goals, i.e.,

S – Specific

M – Measurable

A – Attainable

R – Relevant, and

T- Timely

Once the SMART goals are set, next:

• Focus on performance metrics
• Prepare a regular posting schedule and stick to it
• Make use of Instagram analytics for business

Also Read: Achieve your social media marketing goals with these 4 strategies

Step #3: Optimize your business profile

Having a basic profile info like the personal account is not enough for Instagram Business. Optimize your profile information for the best results. Follow the below steps.

• Optimize the bio. Bio is 150 characters long, but it can make a real difference. Mention what your brand is all about, and you can also include a link in the bio.

• Try to convey your personality as casual, professional, or cheeky based on your business values

• Try to include some hashtags

• You can also try emojis at this limited-charters space to reflect your thoughts.

• Use line breaks and appropriate spacing to make the bio easily readable.

Optimize the profile picture, probably your logo

Ensure that your profile is complete and easily understandable.

Step #4: Share only top-quality content

You can create a visual aesthetic for the brand with quality content. As we know, Instagram is about visuals, so it is crucial to reflect on your visual identity here.

Plan as to what you have to showcase in your posts. In many cases, you can see that the content is obvious as fashion stores showcase their clothes and a restaurant post images of their dishes.

However, when you offer some services, you may showcase real customer stories, or some behind the scenes sneak peek to highlight the work culture, office life, etc. You may introduce your followers and fans to other people as well.

Maintain a consistent visual look on Instagram to get you easily recognized. Instagram works only if you post work good quality photos.

So, always ensure that you get the best quality photographs, which are custom edited by using proper filters for Instagram use. Try to keep it natural, but as stunning as possible.

Also Read: Content in local languages could lead to 24% rise in internet users

Step #5: Engage the audience and grow the following base

As we know, the success of social media promotions depends on the count of followers and their level of engagement with your posts. Social networking is all about community building.

In fact, a community which his relevant to any brand already exists on Instagram, and you have to simply find them and build. The best way is to engage with those who already follow the brands of your competition.

For this, you can keep track of the industry hashtags and then start commenting on the most appropriate Instagram posts.

Simply follow the people who participate in the discussions. This is the simplest way to make others notice your presence and generate their interest in your content.

As you start getting more involved in communities, you can start getting a sense of the right hashtags and gain insight on the right moves to make.

Once you reach up to this level, follow some consistent measures to keep in among the top.

• Use appropriate hashtags to make your content easy to find.
• Respond to all the user comments and mentions about your brand
• Try to work closely with Instagram influencers
• Try to promote your account on other media channels
• Make use of Instagram premium ads option to present yourself to a larger audience
• Run some Instagram-specific contests or campaigns

Most importantly, always keep track of the performance of your Instagram Business account with the use of the analytics tool.

You need to make ongoing adjustments in order to optimize your return on investment at Instagram.

Also Read: 10 Instagram tools to supercharge your marketing

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Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit: Jakob Owens

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Can your startup function effectively in a global environment?

It is virtually every company’s goal to go global, but doing so entails a multitude of challenges. Before you decide to expand your startup business internationally, you need to ascertain that your business is ready for it.

How do you know if your business is prepared for the challenges of operating on an international level? What are the indicators to watch out for? The following are three essential details you need to know.

Inherently global nature of business

Check if your business can already be operated internationally without requiring major investments or capital outlay, extensive market studies, and product changes.

Some businesses are already meant to go global from the get-go. These are startups that can serve customers internationally because they don’t have the logistical and operational requirements most other businesses need to deal with to be able to serve clients in various foreign markets. In particular, they exhibit the following characteristics:

• Being able to conduct most business activities online
• Not much difference serving local and global customers
• No need for establishing a clear local market presence or business network
• No necessity for putting up physical bases of operations in the new target markets abroad
• Offering a product that does not require major modification to be viable in other parts of the world

One good example of a business that exhibits the aforementioned attributes is online content creation. Publishing articles, videos, and other content on the web for monetization or to attract direct advertisers neither requires the establishment of solid local business presence nor a base of operation abroad.

Almost all aspects of it can be conducted online. Even the employees can be web-based, with teleworkers hired in different countries to take advantage of their localized viewpoints and expertise in developing content deemed suitable in their respective regions.

Another excellent example is the business of selling or monetizing mobile apps or software in general. These apps don’t have a physical presence and can be sold to users online through the official Android or iOS app stores or through websites and online ads. All transactions can be undertaken online even with the freemium model, wherein apps are offered for free but users are given the option to buy items or upgrades within the app.

Also Read: Business scaling 101: What is scaling and how to scale

In these businesses, there’s no significant difference in offering the products locally or internationally. It would even be counterproductive to limit the sales to local customers. Additionally, the products have potential demand in various locations worldwide. They don’t need to undergo major changes to be useful to international customers except maybe when it comes to the language.

Localization may be needed to make products more appealing to target customers in certain foreign markets. This is not going to be a major problem, though, as it’s not difficult to find localization solution providers. You can even find companies that provide global marketing services to help with the promotion of the products in different markets. You just have to make sure that you are choosing a reputable and experienced language service provider to handle the localization of your products and marketing campaign.

Other startup businesses that can be operated internationally right from the start include service-based ones such as those that offer search engine optimization (SEO), web development, creative work, marketing, digital asset sales, accounting or bookkeeping, and online publishing services.

There are also niche stores that can be started as an international operation with most of the transactions conducted online. A store that offers salt-powered (no traditional battery or power source) LED emergency lights, for example, can easily find customers abroad. Typical online stores that sell the usual items being sold online may also be able to find customers in foreign markets but not with the same chances of success as those of niche stores.

And of course, in case you forget the obvious, export/import businesses are international in nature right from the start. It would be totally illogical for an export business to be locally-bound.

Abundance of resources

Find out if you have enough funds, expertise, experience, and skilled people to sustain a venture into the international market.

If your business does not possess the characteristics mentioned above, you need to establish your business locally first before you can plan for a global expansion. The main reason for this is to have enough resources.

Resources here, by the way, don’t only refer to money. Indeed, funding is vital in pursuing an international expansion, but it’s not the only resource you need.

You also have to accumulate adequate experience and insights into how the business would work in other markets – all of which are achieved by operating the business locally for a good amount of time and conducting market studies. As the business gains experience and insights, its employees (human resources) are also developed to become ready for advanced roles when conducting business on an international scale.

Also Read: Don’t let these project management blunders derail your business growth

There are no standards as to how much cash or liquid assets, expertise, and employee skills a business should have to say that it is ready to go global.

One study by Crane found that more than 50 per cent of SaaS companies averaged more than US$10 million in revenues before they decided to expand to foreign markets, and it took them around 5.5 years on average before pursuing a new market. These details rarely apply to other businesses, though.

The decision to expand internationally with regards to the level of resources available can’t be based on benchmarks or industry averages. The management has to evaluate everything prudently to decide if the business has enough to have reasonable chances of succeeding in the international market.

High demand in foreign markets

Determine if there is compelling demand for your products in new markets.

Sometimes, your business resources may not be the deciding factor in proceeding with a business expansion. It could be the demand in foreign markets. Consider these:

• You may have an abundance of financial resources, skilled people, expertise, market intelligence, and other resources, but there is no demand for your products abroad.
• You may not have enough resources to enable a less-risky international expansion, but there is immense demand for your products abroad.

Also Read: How to improve your startup management

In these cases, demand becomes the more important factor. If you don’t have enough resources, you can find ways to make up for it. You can accept additional investments, consider crowdfunding, or forge business partnerships to gather the resources needed to pursue highly feasible opportunities abroad. You would be willing to take risks in the presence of persuasive potential rewards.

Conclusion

Essentially, the three ways in determining if a startup business is ready for the international market can be summarized by the following questions:

• Is your business inherently international in nature?
• Do you have enough resources to support the expansion?
• Is there compelling demand for your products in the global market?

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