3 Essential Tips to Launching Your Tech Company in the US
From credible partnerships to immersive accelerators - a guide to navigating the US tech market efficiently.Aug 2, 2023 · 2 Minute Read
This story was written by Bo Megginson.
The United States remains the destination market for most tech companies around the globe. While American innovation leads most of the world, recent history shows abundant new developments elsewhere, even in secondary and third-tier markets.
So, how does a founder with traction and growth in their domestic footprint successfully jump to the US market? For our purposes, “successfully” means generating revenue (and profits) as soon as possible while minimizing expenditures.
1. Link up with a credible partner
A credible strategic partner in the US is indispensable. Scams, especially international ones, are everywhere, and people are justifiably wary of them. Therefore, founders need someone to help mitigate that risk. The good news is that Miami hosts consulates for most countries, and a founder can typically get a referral from one of them.
2. Immerse yourself in an accelerator or incubator
Affiliate with an accelerator or incubator to help navigate the local ecosystem. Relationships are everything, and getting introduced to the right people for funding, distribution, presentation hosting, etc., is vital. One key point people often forget is that without customers, your business is simply an expensive hobby. You must meet people to generate customers, so building relationships is non-negotiable when it comes to growing your business.
3. Allocate funds for basic expenditures
Lastly (for now), make sure you have funds allocated for basic expenses to launch, as well as fees to pay potential strategic partners or consultants in the area. Introductory partners often charge retainer fees (some may take equity instead) because relationships are their product. It’s perfectly fair for them to charge for this.
Also, if you’re not paying someone to help you, usually you only get spare-time effort from them. Engaging someone on a commission-only basis – “Bring me leads/relationships and I’m happy to pay you” – only works (IF it works at all) briefly while enthusiasm is still high for your offering. However, that emotion erodes quickly, especially without immediate success. Since consultants also have bills to pay and usually multiple opportunities, they put their time where the potential return is greatest, or with a client who is paying them. Clearly-defined expectations and deliverables can limit confusion and frustration from unmet expectations when engaging with these consultants. However, the old axiom is usually true – “You get what you pay for.”
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