2021-08-30
Even with the health situation and the changes it brings, certain approaches are proposed. It is still possible to hold meetings and develop new business relationships, because it isn’t necessary to travel physically to initiate all the stages of the project (e.g. begin your market study to validate assumptions). However, it can be difficult to enter partnership agreements when you are unknown. That’s why it’s important to surround yourself with the right people.
Internationalizing your activities offers your startup several advantages, including: access to new markets, access to talent, access to innovation through research centres, access to foreign funds, economies of scale, or a gain in competitiveness.
However, some challenges may arise if your approach was not prepared sufficiently: poor targeting of the geographic market, underestimating the startup’s capacity to manage the new demand well and the resulting growth (team with little experience, lack of financial resources, lack of knowledge of the target market…).
Even if your product has great potential in most markets, your business development can be slowed by challenges, including regulations, cultural differences and ways of doing things. Several resources are available. The main resources are presented here quickly.
At the federal level:
At the provincial level:
At the metropolitan level:
The pandemic makes these initiatives more difficult, but once the situation is restored, there’s nothing better than a visit onsite to understand the market better and build a solid network. To optimize your return on investment during your trips abroad, there’s nothing better than good preparation before departure. With your business plan in hand, perfect your pitch, establish mission objectives, etc. You only have one chance to make a good impression!