LifeTechLimburg Interregio 05102011: Piet Pauwels Hasselt University
1. Piet Pauwels Professor of International Marketing Universiteit Hasselt Life Sciences cross Borders On the must of a globalperspective of Life Science Start Ups.
2. The Must of a Global Perspective Dominant players are globalplayers Hugh R&D investmentsrequiresubstantialmarketsize Investorsrequestsubstantial and fastgrowth Intellectualproperty is not a national issue
3. False Excuses not to Cross Borders I don’t have the money Makesureit is part of your business plan – venture capitalistswillappreciateit Contact agenciesforstart-upsupport and subsidies I don’t have the time Make time Orfind a partner I don’t have intellectualpropertyabroad Makesureyou do. Ifnototherswill, whetherornotyouwillinternationalize
4. The Liabilities of Foreignness Internationalization serves the acid test of your concept We don’tknowyou We don’tspeakyourlanguage We don’t trust you You are not in mynetwork Whyshould we buyfromyou?
5. Success Factors Have a valueproposition What is the addedvalue of your concept for a particularcustomergroup? Canyouexplainthis to a non-specialist in lessthan 15 minutes? Have a bright business model How does myvaluepropositionreach the onewho has to payforit and the onewhowillintegrateit in hisvalueproposition? Review (and revise?) bothyourvalueproposition and business model foreachnew country
6. Hints Unlessyouworkthrough a multinational partner, conquerone country afteranother. Never select a newmarketbecauseit is large. Select itbecauseit fits yourvalueproposition and business model … and take the hardestfirst. Ifyousucceed, itwillbeyour best ambassador. Thinkstwicebeforeyou contract a local partner, yetyouwillneedmany.
7. Hints Team up withlocaluniversities Mobilizehome and host government support Integrate partners from ‘difficult’ yet relevant markets as soon as possible Travel and spend time abroad
8. YourDream shouldbe to redefine the rules of the game in your business niche. The onewhodefines the game, is the global leader. Severalsmall, younglifesciencecompanies have doneitbeforeyou. Stop dreaming, act.
9. Piet Pauwels Professor of International Marketing Universiteit Hasselt Life Sciences cross Borders On the must of a globalperspective of Life Science Start Ups.
