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Technology start-ups need to take the international market into consideration soon after company formation if they are to maximise growth, according to one business expert.
As reported by Startups.co.uk, professor Walter Herriot, managing director of St Johns Innovation Centre, said: "For knowledge-based start-ups to grow into big gorillas they must consider internationalising at an early stage - the UK market alone is not big enough."
He continued: "Successful start-ups need to be close to customers who are prepared to adopt new technologies.
"In practice, this is likely to mean setting up a US office to support marketing activities alongside the UK R&D [research and development] operation."
Prof. Herriot and colleagues have recently been examining the strategies of successful high-growth companies. He praised the approach of business start-ups in Israel.
A business model has been developed in the country whereby companies gain an international footing at an early stage by re-registering knowledge-based companies in the US. This provides them with access to valuable contacts and a global market.
Some of the strategic benefits of a business going global include enhanced domestic competitiveness, a reduction in dependence on existing markets and expanding and building on marketing capability.
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