Ever wondered what separates short-lived startups, from successful international ventures?
According to the World Economic Forum, successful startups have shaped themselves into 21st century startups consisting of 5 characteristics: Experience-centric, outcome-based, agile and lean, service oriented and ecosystem-driven. With this framework, I am going to prove to you how internationalizing your startup can bring you closer to being a global 21st century startup, and thus to success!
1. Experience-centric & 4. Service-oriented
Nowadays, customers are looking more for just a solution to one of their problems, they take importance in the quality of their customer experience from start to end. This goes beyond what your startup ultimately offers as its value proposition. With globalization and the rise of global entrepreneurs, understanding of not just what your local market wants but as well what the global market is looking for is crucial. Having internationals in your company provides your startup with the global insight of what the globalized market needs and allows your product or service to cater to everyone everywhere.
2. Outcome-based & 5. Ecosystem-driven
A 21st century startup is driven through outcome-based targets. To achieve these, Startups need to be part of teams across functions or partners with collaborative bridges or platforms. The word amongst 21st century startups is ‘ecosystem’. To refrain from competition, but rather embrace connection in the mutual market. When you bring an international into your market, not only are you bringing in that individual’s specific set of skills but also his/her understanding of their respective local market and prior connections which you would have otherwise not had. This gives you the opportunity to foster international collaborations which ultimately gives your company a wider reach. It also gives you a feel of how companies abroad deal with problem solving and help you stay on top of new developments.
3. Agile and lean
Working with an international team with different norms and cultures can often stray your away from your comfort zone until the only way you can cope with it is through adapting to it. You learn to appreciate and pick up the positive quirks and can incorporate it into your startup culture making operations more efficient. Also, the company as a whole may be able to adapt faster to challenges that may arise during operations. Generally, global entrepreneurs have developed an open mindset to keep learning from new opportunities which often can lead to big innovation spikes. It has been proven that those who have been exposed to international work cultures are more open to having a more holistic workforce which ultimately plays a big role in the growth of their venture.
Ultimately, the point is that you will gain the ability to work with and handle a diverse workforce. Most developed 21st century startups are workplaces filled with diversity and multiculturalism. This energy enables you to adapt and familiarize yourself with various working styles and cultures.
Are you ready to let become an international, 21st century startup? Empower Austria can support you to easily and affordable find the perfect international interns for your venture!