u.s. market entry

Last year, the team at MEET joined more than 3,000 international business investors, U.S. economic developers, CEOs, government officials and market-entry thought leaders at the 2018 SelectUSA Investment Summit. Unequivocally, SelectUSA 2018 was the best trade event we’ve ever attended and we’re thrilled to be returning this year. For companies looking to scale internationally to the U.S. market, you’d be hard pressed to find a better opportunity to help you achieve your goals. At MEET, we help international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. One of the most effective ways we do this is by ensuring that every investment of time and resources in the U.S. market is maximized. This requires an immense amount of trade show strategy planning—from event selection, marketing design, execution, and follow-up. In our recent webinar, Setting the Table: Creating Your SelectUSA Success Plan, Part 1, our goal was to help companies planning to attend SelectUSA approach the event from the perspective of a trade show strategy plan. In essence, how to apply our strategic planning and implementation tools to the best opportunity in the business. Setting your goals for SelectUSA For many companies looking to scale to the U.S. market, SelectUSA represents months or even years of planning executed in a 3-day event. Fully leveraging this opportunity requires setting clearly articulated goals for: What you’re aiming to accomplish; Who you’re aiming to meet; and What you’re aiming to learn. Goal-setting your trade show strategy is similar to using the gym. A facility manager fills the gym with all sorts of equipment with the expectation that not everyone will use every asset but some combination will satisfy each individual’s purpose for being there. It is therefore up to the individual to identify the best regiment to achieve their desired results. Similarly, every trade show attendee comes to an event with different goals and priorities. Meanwhile, the event organizers have curated a full program of tools of resources with these goals in mind. Y(our) role is to develop a unique plan of action (meetings, booth strategy, speaking events) to achieve them. SMART Goals For a really simple way to look at effective goal-setting, we like to refer to SMART goals — Specific, Measurable, Achievable (realistic), Relevant (to the priority that you’ve set), and Time-bound, i.e. it’s not a goal if you don’t have a deadline for meeting it. High-level examples for SelectUSA may include determining the best city in which to scale your venture, connecting with U.S. investors, and developing channel partners. Using SMART to distill these goals into a clearly articulated action plan will help you be more effective at prioritizing your agenda, and at networking. The better you are at succinctly expressing your purpose for attending SelectUSA, the better those around you will be at helping you achieve your goals. Setting your agenda Now that you have your SMART goals, it’s time to set your agenda. That means determining who, of the approximately 3,000 people in attendance, are your primary targets and how you will meet them. These are not general categories or types of people, i.e. investors or marketing consultants, though that’s a great place to start. Rather, these are people by name or discipline/role who you know will be in attendance and networks you can use to connect with them. At MEET, we recommend taking a deep dive into the SelectUSA platform (schedule of events, attendees and resources) as soon as possible, and creating a map which overlays your top three market entry priorities with the most valuable resources. Back to our gym analogy, maximize ROI by becoming your own ultimate trainer. Identifying your best leverage points Like sand in an hourglass, time does run out on great opportunities like SelectUSA. Another strategy for maximizing ROI at high stakes events like this one is to utilize every available minute the show has to offer and identify your best leverage points for making connections. You are not restricted to the event dates to schedule your meetings. As soon as the event app is available, you should begin matchmaking, even setting up preliminary meetings. Positioning yourself so that you can have second and third-level conversations at the event. This will create more value than trying to follow-up remotely from your home market. Maximizing ROI at a unique opportunity like SelectUSA requires preparation. Setting goals that you can clearly articulate, mapping a strategic agenda over these goals, and leveraging every opportunity before the event to connect with the most valuable resources are a great place to start. About MEET (meetroi.com) helps international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

It’s easy for international CEOs who are scaling to the U.S. market to get completely absorbed by tangible tasks like fundraising, customer validation, and team building. While these milestones are fundamental to any U.S. market entry endeavor, there remain less tangible, “softer” tasks that scaling CEOs must master in order to achieve success. Tasks like fitting in culturally and building local networks of support. In our recent blog series reflecting on our conversation with Priscila Bala, Head of the New York Office for Octopus Ventures, we covered best practices for internationally scaling firms related to fundraising, team building, and market testing. We concluded our conversation by discussing the less tangible prerequisites to successful scaling, such as bridging cultural divides and how to compensate for the absence of a business network. Learning in context People often joke that the U.S. and the UK are separated by a common language. In the context of scaling to the U.S. market, this typically means that companies misinterpret shared language as shared business culture and as a result fail to account for the vast array of small but critical differences between the two countries. Priscila suggests that it takes several visits to the U.S. over an extended period of time to actually appreciate its cultural differences. “I like to encourage entrepreneurs to forget everything they’ve learned about the U.S. and pretend they’re expanding to China or Japan. I ask them: How would you behave? What would you take for granted? What would you question? What would try to learn? Because the U.S. feels familiar, people skip that step of recognizing that it’s an incredibly different culture.” From how informal Americans can be in conversations, to the value of small talk, and to predicting next steps in a negotiation, cultural differences are best learned in context and that will require time on the ground. As Priscila reminded our listeners, the U.S. itself is a culturally diverse place. From doing business in New York to Los Angeles, foreign companies report having vastly different experiences with U.S. funders, service providers, and contractors based on differences in pace, formality, and perceived friendliness. Saving time and money The ability to understand the culture of the country you are aiming to scale into is more than just a “nice to have”.  It can easily save you time and money when building relationships that lead to sales. Priscila points out that while B2B Europe is still very relationship driven in terms of how it manages sales and contracts, the U.S. tends to be more value and criteria driven. “Buyers do their homework and if you don’t meet those criteria, it doesn’t matter how nice you are. What you don’t want is to misread a situation and spend a lot of time spinning your wheels with contracts or conversations that are not going to happen.” The key to building local networks Local networks provide companies powerful insight into market trends, policy changes, and in some cases, a reliable stream of new customers. Foreign companies entering the U.S. market lack these networks and the unique benefits they offer. The key to making up for this loss, Priscila suggests, is to build the type of team that is both aware of the culture and skilled in identifying and forging strategic relationships—the type of relationships you might take for granted in your domestic market. “It’s critical to have people on your team who are open to the challenge and understand how to build alliances, ask the right questions, and get under the skin of what’s really happening. Ultimately this is the missing link for many scaling firms.” The role of relationships in U.S. market entry is complex. On one hand, in the B2B space, foreign firms may feel that U.S. deal-making underemphasizes the role of relationships and relies too heavily on criteria-based decision-making. On the other hand, building relationships in a foreign market are critical to understanding cultural dynamics and developing local networks of support. In essence, scaling into the U.S. market means sweating the big and small stuff. Putting together the right team to help you manage it all, helps. To hear more from Priscila about the challenges and best practices to U.S. market entry, check out our full interview: Reviewing Octopus Venture’s Treatise on U.S. Market Entry: “Question the Questions.” For access to all of MEET’s webinar content on how to successfully scale your company in the U.S. market through trade shows and in-person events, subscribe to our YouTube Channel. About MEET (meetroi.com) helps international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

Few companies are able to fund an international scaling venture completely on their own. Effective fundraising requires striking the right balance between proving your ability to succeed and making a strong case for how funding will get you there. In essence, you need the chicken and the egg. To explore this topic of fundraising for internationally scaling firms, we spoke with Priscila Bala, Head of the New York Office for Octopus Ventures and the driving force behind Question the Questions, a comprehensive resource guide to U.S. expansion. Step 1: Put yourself in the investor’s shoes Whether you’re looking for investors to fund your expansion or plan to apply existing capital from your current round, it’s critical that you understand growth milestones from an investor’s perspective. According to Priscila, “you have to be incredibly mindful of what investors consider to be the tactical milestones for a successful next fundraise. The bar keeps changing and this is something that a lot of entrepreneurs don’t understand intuitively.” Despite what feels like immense progress from your perspective, measured growth must be calibrated with investor milestones such as hitting customer acquisition or revenue targets, adding critical team members or channel partners in the new market, and exceeding repeat sale or retention metrics. Step 2: Time your scaling to avoid failure Considering the timing of an expansion, Priscila points out, is critical to successful fundraising. “CEOs need to consider whether internationalizing now will help you, or will it actually hinder you in achieving your milestones if building a global business is part of the story used to attract investors.” Placing growth milestones ahead of your international scaling plans will help to secure your company’s foundation and improve your chances of attracting investment for scaling. Once you begin your expansion to other markets, it will be almost impossible to sustain your fundraising capacity should any of those efforts fail. Perhaps the best possible time to attract investors to help you scale is during your highest rate of sustained growth in your domestic market. The ability to demonstrate success at home will put you at the top for investors who want to help you scale. As Priscila points out, we may all agree where you’re trying to go, but the question for investors is “do I really trust that you’re going to get there.” Step 3: Look for investment when you don’t need it. It is common practice for companies to recognize their need for capital the moment they start running out. This is a recipe for failure. The process of fundraising can take a full six months. Assuming you have money today: 1. Forecast when you will need money to fund your next growth milestone; 2. Backtrack six months; 3. Put in place a plan to have proven investor milestones by that date. In addition to achieving milestones in preparation for investment, companies also must take into account the dynamism of capital markets, staying on trend and keeping competitive amongst other investment opportunities. While a focus on milestones is important, it’s also important to poke your head out of the tunnel and explore how your ROI offer compares in the broader investment landscape. As Priscila points out, outcomes are a relative measuring stick rather than an absolute one. Even if yours are excellent, it’s essential that you keep a pulse on the market. It all comes back to balance Investors are looking for ambition, but perhaps more importantly, they want to see that you are realistic and that you understand the complexity of the decisions that you’re making. The magic of really great entrepreneurs, Priscila states, is that they’re able to balance ambition and calculated growth. They “create momentum such that the moment something has been proven, they throw fuel under it, and let it grow.” With all growth comes risk. Keeping an eye on your goals and future needs while strengthening your position in the domestic market will be your best leverage point with investors. Those who can successfully balance these responsibilities will naturally rise to the top. To hear more from Priscila about the challenges and best practices to U.S. market entry, check out our full interview: Reviewing Octopus Venture’s Treatise on U.S. Market Entry: “Question the Questions.” For access to all of MEET’s webinar content on how to successfully scale your company in the U.S. market through trade shows and in-person events, subscribe to our YouTube Channel. About MEET (meetroi.com) helps international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

At MEET, we often refer to the dangers of viewing the U.S. market as a pot of gold at the end of a rainbow. Yet, we understand where this view comes from. With its vast market size, large pool of high-quality talent, and abundance of hungry investors, it’s a hard opportunity to ignore. Particularly when your company has a strong team and traction at home. But sometimes we all need a reality check; something or someone that gives you pause, perspective, and practical guidance around how to sort fiction from fact, and where the best resources can be found. This is why we were so drawn to Question the Questions, a comprehensive resource guide to scaling in the U.S. market put out by Octopus Ventures. Headquartered in London with an office in New York, Octopus Ventures operates as part of a venture capital investment group that manages over £8.5 billion on behalf of 50,000 investors focused on supporting entrepreneurs in three key areas: industry, money, and health. On March 14th we had the pleasure of speaking with Priscila Bala, Head of the New York Office for Octopus Ventures and the driving force behind Question the Questions. Why do foreign companies need to reality check their plans to scale in the U.S. market? Priscila shared, “a number of entrepreneurs start from the base assumption that it’s inevitable they will go to the U.S. Some see it as a rite of passage—that if you have ambitions to become a market leader and a global company you must go to the U.S.” “While scaling to the U.S. market will be a step on the trajectory for ambitious global companies that want to disrupt a market, the data will also tell you that the U.S. is the graveyard of more companies than it is the bounty they expect.” What was the inspiration for the Question the Questions Resource Guide? “Question the Questions really came from this recognition that there are a number of assumptions that are made about the US market. It may feel familiar because of shared language, movies or news articles that constantly give you a false sense of confidence that it’s going to be a market like your own. In practice, this couldn’t be farther from the truth.” For that reason, Octopus wanted the Resource Guide to be incredibly practical and “battle-tested.” “It’s about what works in the real world, in the wild, with some of the most talented people, because even those people struggle like crazy.  That’s because what you’re up against is a really, really hard challenge.” What are the unique risks to U.S. market entry? For all the reasons why the U.S. market represents an unrivaled opportunity for foreign entrepreneurs looking to scale, Priscila warns of the double-edged sword. “In many cases, the U.S. may cannibalize your domestic product, create divisions in your team, and make you vulnerable in both your home and new market.” Priscila isn’t trying to dissuade any of her clients from scaling in the U.S. Rather, her goal is to ensure they are prepared and approaching the endeavor with eyes wide open. For many foreign companies, U.S. market entry is absolutely the right answer. Timing is key and unfortunately, many companies operate under false pretenses. She shared this common trend: “In the beginning, companies get really excited when they start to see some traction in their home market. Suddenly they feel like they can’t miss out on the opportunity to expand to the U.S.” Key insight: Make sure that your impetus to scale in the U.S. market is not simply based on a desire for faster growth. Changing the geography of an underlying problem, as Priscila points out, will lead to even greater setbacks. “Unless you understand exactly why it is that you’re not picking up the speed that you need, growth is not going to be faster in a bigger market. If anything, it might be even slower because now you’re diluted amongst all of the American and international startups.” Priscila advises that firms take a step back and consider their reasons for scaling to the U.S. market. “Our role is to push on them to understand the real causes of their growth. And if it turns out expansion to the U.S. is a great option, we sit down and figure out how to execute correctly.” There is no such thing as a free lunch. Investing in the U.S. is going to cost you something and you have to be ready for the trade-offs. We recommend you check out Question the Questions for a reality check on what it takes to scale successfully. To hear more from Priscila about the challenges and best practices to U.S. market entry, check out our full interview: Reviewing Octopus Venture’s Treatise on U.S. Market Entry: “Question the Questions.” For access to all of MEET’s webinar content on how to successfully scale your company in the U.S. market through trade shows and in-person events, subscribe to our YouTube Channel. About MEET (meetroi.com) helps international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward.  Contact Bill Kenney for a free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821