To enter international markets, companies need to know their target audience, the cultural specifics of each country, the legal aspects of doing business, and the opportunities for securing financing under applicable laws. Experts discussed these issues at the master class “High-Tech Market Rules: Strategies for the International Growth of Technology Companies.”
According to Samuel Frank, an investment associate at Sahara Impact Ventures, securing starting capital to fund the early stages of growth is essential when expanding into new markets.
“This means you need a savvy professional who can manage investor relations and negotiate effectively. You also need to raise sufficient initial funding to ensure the startup business can achieve the necessary growth. This requires a basic set of core competencies,” he said.
The expert added that a company entering a new market needs a venture partner. This could be an adviser who can help the company engage with government authorities, as the volume of contracts and the number of clients increase sharply as businesses scale up.
In turn, CEO of Skolkovo Business Igor Schneider advised technology companies to use applied tools to expand into international markets.
“A patent landscape analysis will show you if free space is available. A freedom-to-operate analysis will answer the question of whether you can enter the market with your product in the first place. Trademark protection will help preserve your recognisable brand, while coordinated legal support will enable you to take all these steps before the cost of a mistake becomes too high,” the speaker said. One of the most common mistakes is attempting to launch a pilot project without a clear scaling plan, CEO of Africa Fintech Network Patrick Saidu Conteh said.
“Don’t treat Africa as a single market. It comprises 54 countries, each with a very different market. Don’t try to replicate your product or solution without making changes. Engage with regulators from day one, take a realistic view of how long licensing will take, and factor in currency restrictions,” the expert said.
