The challenges for startups expanding into international markets
Expanding internationally is tough for Norwegian startups, often leading to overspending and missteps in market selection. Expert guidance and realistic budgeting are crucial for success.
- Entering international markets is difficult, even for experienced people.
- Many Norwegian early stage companies have little to no experience with working in countries outside Norway or the Nordics.
- Often, the companies are too optimistic and select the wrong and/or too many markets.
- The use of market experts is not recognized by those who may need it the most.
- Most Norwegian companies underestimate the time and budget required, and run out of money.
The solution is a strong foundation for international market success
Successful expansion requires clear strategy, goal-setting, and local market insights. Identify resources, secure financing, and effectively communicate with investors.
- To succeed with international market entry, many aspects of your company must be assessed.
- By taking a holistic view on strategy development, you will be able to identify opportunities and challenges earlier.
- Set your goals and build the roadmap.
- Spend enough time on understanding the different markets, including local variations in user needs, cultural preferences, regulatoric requirements, local competition, ease of doing business etc.
- Identify what kind of competence and other resources you need.
- How can you finance the international growth? Understand how to communicate the opportinities and challenges to potential investors.
A holistic approach to
international growth strategy
Who are the customers and users you can create the most value for?
Identifying the right audience is key. Which sectors can you find them in, and when is the best time to enter those markets? We’ll also explore which products, services, and business models fit these markets.
It’s not just about markets though — having the right team, partners, and culture in place is just as important. And of course, how will you finance all these activities?
Each of these elements will be grounded in solid analysis and real-world experience to guide you in the right direction.
How do we work
We’ll work together to develop the strategy through a co-creation process based on design thinking, with three engaging workshops. It’s important to have all the relevant team members from your company involved so that everyone’s experiences and opinions are considered, helping us avoid working in silos.
By the end of these workshops, we’ll have created a top-level company roadmap and a draft investor presentation. We’ll also help identify the right investors to target.
Entendo will take the lead on this, but if needed, we might suggest bringing in a few specialists to make sure we’re covering all the right bases. If your team would like, we can also discuss developing a more detailed roadmap and plans separately.
A holistic approach to strategy development.
