5 Ways to Build a Global Startup
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Greetings from Favcy VB,?
India is no longer just a market. ??
(Yes! That’s right!)
India is an iconic launchpad with ~20% of (Indian) startups expanded to global markets. ??
With that said India is also producing startups at an unprecedented rate.?
While many startups aim high, only a few achieve global dominance.?
But what sets these apart? Is it sheer luck, exceptional talent, or a strategic approach??
The answer lies in a combination of factors.?
In today’s article, let’s explore the key steps to building a global startup from Indian soil.?
If you're an Indian founder with global ambitions, we will equip you with the essential steps to turn your vision into reality.
Need help to launch your startup & take it to a global level? Co-build with us
The dream of building a global startup is no longer confined to Silicon Valley. India, with its burgeoning startup ecosystem, is increasingly becoming a launchpad for ambitious entrepreneurs.
But going global is a complex journey.?
5 crucial steps to build a global startup ??
1/ Identify a global problem with a local solution ??
The first step to building a global startup is to identify a problem that transcends geographical boundaries.?
India’s unique challenges and innovations often provide a fertile ground for developing global solutions.?
For instance, India’s experience with digital payments led to the creation of Paytm , a company that has global ambitions.
[A report by nasscom and Zinnov predicts that India will produce 100+ unicorns (startups valued at over $1 billion) by 2025. This growth is fueled by the country’s large and diverse population, which serves as a testing ground for scalable business models.]
2/ Build a strong foundation at home ??
Before you conquer the world, you must dominate your home market. A strong local presence provides credibility, generates revenue, and offers valuable insights.
India’s startup ecosystem has matured significantly, with increased access to funding, talent, and infrastructure. Leveraging these resources can give your startup a competitive edge.
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[According to a report by KPMG , India’s startup ecosystem has witnessed a surge in funding, with investments reaching a record high in recent years. This growth indicates a thriving environment for startups to scale and expand.]
3/ Understand your global market ??
Thorough market research is essential for global expansion. Identify your target markets, and understand their cultural nuances, consumer behavior, and competitive landscape.???
Localization is key.?
Adapt your product or service to resonate with local preferences and regulations.?
For example, Swiggy , an Indian food delivery app, has successfully expanded to other countries by customizing its offerings to suit local tastes and dietary restrictions.
[A study by Bain & Company found that companies that excel in localization can achieve up to 20% higher revenue growth compared to those that don't.]
4/ Build a global team ??
A diverse team with global perspectives is crucial for a global startup. Hire talent from different cultures to bring in fresh ideas and insights.
Leverage India’s large pool of skilled and cost-effective talent to build a strong core team. But don’t hesitate to hire key positions in your target markets to strengthen your local presence.
[Per the World Bank, India has a large and growing pool of skilled workers, making it an attractive destination for global businesses.]
5/ Secure global funding
Funding is essential for scaling a global startup. Explore various funding options, including venture capital, private equity, and strategic partnerships.
India’s startup ecosystem has attracted significant global investor interest. However, securing funding for global expansion can be challenging. Build a strong business case, demonstrate a clear global growth strategy, and leverage your local success to attract investors.???
[A report by Nasscom and Zinnov highlights the increasing interest of global investors in the Indian startup ecosystem, with a surge in cross-border deals.]
Conclusion
Building a global startup in India is an ambitious endeavor, but with the right strategy and execution, it is achievable.?
By focusing on a global problem, building a strong foundation at home, understanding your target markets, assembling a global team, and securing adequate funding, Indian entrepreneurs can create world-class companies.
Feeling confused or need help in building your (global) startup?