I am advising a SAAS Company based out of the East Coast that is looking to expand outside of the US and venture into Latinamerica. They will start by launching in Mexico first and then tackle the other regions. The Company has done a Series A where they raised close to $7M and are in the process or exploring doing a Series B.
Taking into consideration the paragraph above I was wondering if anyone could let me know what are the ítems to consider when going overseas. Did companies like Uber or Airbnb follow a similar roadmap for all the new markets that they opened? Any thoughts or concerns that we should look out for?
Appreciate the help in advance.
While I have no experience in Latin America, I have seen many US small companies and startups failing in Asia. There is a huge difference between a company with massive resources creating a new market (Apple, Uber, ...) or a small company trying to fit into an existing market. If you believe that you have the muscle to change the market behavior, just get the funds and do it (even though even this has often failed, see for instance the US motor companies in Japan). If, on the other hand, you believe that you can fit yourself into the market, find a person who understand business development in this market, and use him or her to define the strategy. The greatest mistake is the concept that if something suits one market, it will necessarily fit, as it, into another.