Product development global markets

Globalization of the Product

•The whole world is your market

–Ease of marketing through the internet, social media (but difficulty in distributing)

•Use global industry conferences and exhibitions to gain product knowledge and potential customers

•Clearly define your product, your value proposition and study where you can enter the market

Expanding to a New Market

•Understand the need in the market you are entering

•Understand regulatory constraints—laws regarding product approval and sales, repatriation of funds, legal status

•Establish an international sales force that understands the market

•Seek support from collaborating technology parks

Getting Deals Done

•Work to get initial contracts and deliver on them

–Establishes satisfied customers and references

•Understand what your government and other governments will offer in terms of support

–Trade shows

–Trade missions

–Subsidy for exports or establishing subsidiary

Strategies for each Country

•Every country has different regulations

•Decide on a strategy that fits the country—

–Licensing the product

–Joint venture

–Agents

–Subsidiary

•Consider local manufacturing to assure acceptance of the product and profits

Leveraging Technology Parks

•University Technology Park at IIT:

–Soft Landing Center for foreign companies

•Two European companies

–PowerTrib

–Innopsys

•Memoranda of Understanding with six EU technology parks for soft landing services— developing the linkages

Soft Landing Services Provided

•Quality space

•Services for product development and testing

•Help with identification of potential customers

•Language, visa, legal assistance

•Networking support

•Overall: a way to ease into a new market with less risk, more and less expensive support

Summary

•Product Development—an arduous path, not for the weak-minded

•Globalization-necessary but many paths to choose from

•Technology Parks—open to assist with globalizing technology companies