Israel has a plethora of young technology Start-ups, typically characterized by highly innovative technologies and out-of-the-ordinary thinking. Since their local market is limited in size and their nearby region offers little or no opportunities, their growth could only come from expanding farther into the Americas and Europe, and often into Asia or Africa.
While Israeli Start-ups might enjoy a technological competitive advantage, they face greater global market-entry challenges because of higher costs, cultural and language differences, and gaps in understanding and/or complying with various regulations.
Launching an early-stage company into foreign markets is no simple task, but it's exciting! To begin with, it involves different aspects of business development: refining the vision, zeroing in on the company and technology's competitive strengths, and building an initial market-entry strategy. Target markets must be researched to gain greater insight into the competitive landscape, industry structure, geographic considerations, regulatory environment, and more. This process is also useful in order to justify or refute company assumptions and claims and thereby modify and tighten strategy and messaging.
Although not always done sequentially, outreach to prospective customers and/or partners typically follows. Establishing a clear and justified strategy, built on an understanding of the market and opportunity, serves as the foundation for productive discussions with prospective partners and the design of realistic collaborative relationships. It also proves important in opening doors to, and commencing discussions with prospective customers who need effective convincing (which they usually do…).
The execution stage might more heavily rely on sales and marketing activities, but it remains connected with the earlier stages described above – vision, competitive messaging, and strategy, which need to be continuously revisited and re-evaluated.
With some training and experience, many could perform the tasks listed above. One's uniqueness in outperforming the rest, at least in particular industries or geography, depends to a great degree on talent, not skill: an ability to absorb detail, yet see the greater picture; explore the present, yet envision the future; remain realistic, while reaching to the stars. One's ability to effectively connect and communicate with others, particularly across cultural and language barriers, is an essential element in generating successful interactions that build trust and generate opportunities.
Naturally, far more can be said about this complex and exiting topic.
Ilan Friedman
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