Innotech

Key aspects to consider when expanding your business into new regions ⬇

Last couple of years have provided IT startups with great opportunities for rapid growth. After initial success in the home region, companies often start to think about expanding their operations in other areas around the world.

Definitely a great goal to have.

In this post we have put together a number of vital aspects and suggestions for startups to keep in mind when taking their business a step further:

🔹 Make the most of the Blue Ocean Strategy. In other words, consider entering an uncontested market where there are no or very few competitors. Many startups explore Europe or North America for expansion, but there are plenty of opportunities in the Middle East, Africa and Asia.

🔹 Make sure you fully understand the local environment. If you don’t feel confident enough consider finding a local representative who knows the market and can help the company navigate it. Sometimes it’s better to lock up partnerships with local players. This might provide your startup with a huge initial boost.

🔹 Be an active industry player. Tackling the toughest global challenges cannot be achieved by one company or sector alone. Parties that combine efforts create value. Pandemic showed us the importance of interconnectivity, which means not just cooperation, but competition as well. Last few years have demonstrated that competitors can often benefit from cooperating with one another on a strategic level. This can be a great way to save costs and avoid duplication of effort.

At Innotech we believe in the power of partnerships, cooperation and competition. We are better together rather than apart. Innotech has been openly sharing its experience and expertise. This allowed the company to build a network based on transparency and trust. In other words, a hub of people, resources and offerings brought together to give our customers everything they need to create and deliver exceptional banking experience.

Got some exciting business ideas under your sleeve? Today may be the perfect time to open up for an investment and start turning your plans into a full-fledged company.

According to Crunchbase, early stage funding in global startups reached $201 billion in 2021, doubling the 2020 numbers.

The past year has been absolutely huge for investments and fintech industry, and we expect this trend to continue for years to come. Alexey Volynkin (Алексей Волынкин), First Deputy General Director and Business Development Director at Innotech, explores the topic further:

“The wide availability of internet and communications in the 21st century presented an education opportunity for people who are eager to learn. Armed with new skills and knowledge, they are generating some really exciting ideas and even putting together well worked-through business plans.”

He continues: “Investors are of course noticing all the potentially profitable initiatives. Furthermore, they know quite well that successful brands like Whatsapp, Uber and Airbnb were also once just ideas on paper. Fortunately, these plans were transformed into startups and, eventually, brought huge amounts of money to their backers”.

With this in mind, investors are eager for a chance to get involved in the next big enterprise that may bring them financial success.

While North America is leading the fintech revolution, so to speak, many other countries and regions are actively following up.

At Innotech we consider it important to facilitate this positive trend all over the world. We are working to provide more education opportunities in IT and launch accelerator programs in countries with yet to be unleashed potential. “Startup Bridge”, our joint program with UZCARD, is the most recent example of our efforts.

Generally speaking, regions like the Middle East and North Africa have the hidden potential to generate a surprisingly big number of successful startups that can be scaled into global corporations. We are making plans to expand our involvement in these regions alongside South-East Asia to support the local fintech industry as well as promising talents.