New market trends show that nations like India, Australia, and Canada are becoming increasingly attractive to investors. The highest interest has recently been shown in launching a company in India. Google search inquiries rose by 20% in a year. In the EIU’s rankings of the world’s business environments, which were 62nd five years ago, 52nd now.
In this likefigures interview, Julia Ponomareva, a specialist in international business development for IT startups and EdTech enterprises, will provide us with more information on this market need based on her 10 years of expertise.
Please provide more information about yourself.
I’m Julia Ponomareva, an expert in developing international business. With over twenty years of experience in business development, marketing, and operational management in both multinational IT businesses and startups, I bring a plethora of knowledge to the table. During the last 10 years, the thrill and challenges of working with international markets have fascinated me, and I’m excited to continue having an effect in this area.
Could you tell us more about your background, qualifications, and areas of expertise as a specialist in global company development?
I’ll be honest; I’m a seasoned professional in the technology sector with more than 20 years of experience in company development, marketing, and operational management. My professional path started as a sales representative for Xeros and swiftly took me to Kaspersky Lab, one of the top cybersecurity firms in the world, where I eventually rose to the position of the top manager. Throughout my four years at Kaspersky and my prior work at IT behemoths like Asus and HP, I sharpened my talents in promoting company development and marketing efforts.
In 2017, it was carried out very differently: I was a co-founder of the cleaning marketplace start-up eMop, situated in London. It was a chance to be the COO and be in control of all operations, marketing, and product development. After performing research, running trials, and using an entirely innovative approach to conducting business, I was successful in building the company from the ground up to a value of seven figures. After leaving eMop in 2020, I entered the consulting industry and helped IT companies like GetCourse expand into new regions and experience triple-digit growth.
By putting my knowledge and enthusiasm for business development and marketing front and center, I assist GetCourse, a premier platform for content producers, in expanding its reach into new regions like India. Because of my extensive job experience in locations including South America, the Middle East, Eastern Europe, Africa, India, the United Kingdom, and the United States, I have more than 20 years of expertise negotiating difficult international marketplaces.
I specialize in helping existing and startup IT companies go global, with an emphasis on ED Tech and foreign markets. Because of my varied experiences as an employee, company entrepreneur, and consultant, I have an unmatched 360-degree view of the technology industry.
What is currently happening in the EdTech and IT startup areas, and how big is the worldwide market for these sectors?
EdTech is booming as the globe gets online! The epidemic has been a godsend in disguise, propelling the education technology sector to new heights. According to Statista, by 2023, EdTech revenue is projected to reach a startling $166.6 billion, with a CAGR of 9.22% and a market size of $237.10 billion by 2027.
Traditional education segments like K–12 and higher education continue to be the most well-liked in the EdTech sector. Nevertheless, our GetCourse students also show a great deal of interest in coaching, psychology, professional growth, and even hobbies like cooking and painting.
Even more so, as a consequence of the current events in Ukraine, individuals have shown an interest in psychology-related courses.
Those who may not have previously believed it was feasible now have easier access to education thanks to online courses. Consider my Indian acquaintance, who is presently studying at Stanford from the comfort of his home through an online program. Since he can listen to lectures and communicate with students and teachers online, he does not need to go to the United States.
Traditional online education seems to have a promising future as it grows and removes barriers to education.
Could you perhaps supply us with further data on this rise in Google searches? There were 20% more requests to start businesses in India.
Sure! Google search data may provide us with a better understanding of the causes that contributed to the 20% rise in inquiries about starting a company in India.
A cursory scan of Google search data reveals a steady rise in interest in the term “start a company in India” over the last several years. The data shows a definite growth in interest in launching a company in India with a notable increase in searches over the previous year.
The fact that this tendency is becoming increasingly popular outside of India is even more intriguing. According to the search statistics, people from all over the globe are interested in launching enterprises in India. This may be a result of the nation’s quickly increasing economy and rising stature as a hub for entrepreneurship and innovation.
The increase in interest is probably a result of the Indian government’s major efforts to simplify the procedure for establishing and operating a company in the nation. India’s government is enticing international investors to launch firms there via initiatives like “Made in India” and “Startup India,” since the country has a significant digital market potential.
The 20% rise in requests to form a company there demonstrates India’s rising appeal as a location for entrepreneurs and investors. Internet searches reveal that individuals from all over the globe are becoming aware of and interested in India’s potential. It’s wonderful to be a part of India’s business scene right now!
The international markets that seem to be most interesting to investors right now are Canada, Australia, and India. What motivates this curiosity for emerging markets?
Investors are increasingly more interested in making investments in Australia, Canada, and India for a variety of reasons. Secondly, thanks to their established economies, sound infrastructure, and highly educated labor populations, Australia and Canada both have favorable investment prospects. India, on the other hand, is a potential development and profit hotspot due to its fast-developing consumer market and economy. Investor interest has also risen as a result of these countries’ business-friendly policies and alluring investment policies. Digital technology advancements have also made it easier for investors to access information and opportunities in these countries, which has led to a rise in investment flows. However, since the global economy remains uncertain, these countries’ stability and development potential make them more and more enticing foreign investors.
India is a developing country with one of the fastest-growing economies in the world with a population of over 1.408 billion people, with an average age of around 28. This age group is among the most engaged consumers globally, making it a particularly alluring market for companies and investors. The youthful, active population of India significantly contributes to the country’s economic growth and offers a wealth of investment prospects.
Despite its great market potential, India remains one of the most difficult markets in the world. This is a result of the nation’s culture, business attitude, and other elements that need a distinct strategy from investors and enterprises. Cultural variations must be taken into account when entering the Indian market, or any other market, for that matter, since they may have a big influence on a company’s performance. So, it is crucial to have a deep awareness of the industry’s cultural characteristics to successfully navigate this complicated and dynamic market.
What challenges do companies face while establishing a company in India?
The main challenge that every firm must overcome when entering a new market, in my view, is the attitude and culture of the nation. And I particularly want to emphasize this aspect. The more quickly we can immerse ourselves in the local market, understand the culture, and study normal customer behavior, the fewer errors we will make in this market.
1) Be patient.
India is a nation where people take their time. You should not expect that your commitments will be fulfilled on schedule, as is customary in the West. Nobody ever arrives on time for meetings. Also, this may annoy Europeans who are used to timeliness since it is first unclear. All you have to do in India is relax and be ready for any missed deadlines. This is one of the challenges you will face while beginning a company in India.
2) Begin with your connections.
You must prioritize developing friendly ties with partners and clients. It is not possible to use the formal business technique employed in the West. Business is handled differently in India. Relationships come first.
3) Interacting with others.
In India, communication with people is necessary to achieve any goal. For instance, it required us to post on LinkedIn with the bank’s tag to get their attention and it took the bank two months to provide a corporate bank card. The remote execution raised the bar even further.
4) Universal price cuts
When determining a product’s price in India, take into account the prevalent practice of haggling and the lower average check compared to the West. Always offer a minimum discount of 5–10% to consider this.
5) When hiring, be ready!
Finding skilled workers is tough and expensive, which makes recruitment challenging. Even though low-skilled individuals are easily accessible, they may nevertheless need substantial training.
Commerce in India Could you explain how the desire for businesses to be opened in India would help investors, company owners, and the economy?
Sure! A business venture in India can spur economic development and provide investors and company owners with a host of benefits. India’s enormous market, broad skill pool, and helpful government regulations make it a center for innovation and entrepreneurship. By establishing a location there, businesses may take advantage of India’s tremendous potential and the possibilities it offers. Whether you are a seasoned businessperson or an aspirational investor, India is a place to look at if you want to expand your company and make a lasting impression.
What international business strategies can other countries learn from Australia, Canada, and India to attract investors?
India, Canada, and Australia are just a few examples of nations that may learn a lot from other nations and company owners looking to attract foreign investment.
India, for instance, has a sizable market and a growing economy, with a GDP growth rate of 11.2% in 2021. The nation also has a sizable pool of talented people and a welcoming business environment, ranking 63 out of 190 nations for business ease in 2021.
Canada has a long history of innovation and has gained a solid reputation as a secure and reliable investment location. Its GDP is expected to rise at a pace of 5.5% in 2021, and its human development index is high.
Australia is a top location for foreign investment because of its strong and stable economy, open legal system, and welcoming business environment. With a GDP growth rate of 4.5 percent in 2021, the nation will rank 13 out of 190 for ease of doing business.
By incorporating some of these crucial elements from Canada, India, and Australia, other countries and company owners may be able to attract investors from other nations. Examples of this include encouraging a strong and stable economy, establishing an advantageous business climate, and spending money on innovation and human resources.
Do you have any success stories to share with us as a specialist in international company growth and how are you aiding enterprises in this regard?
Entry into foreign markets may be a challenging and complicated process, but it can also be incredibly profitable. The key to a successful introduction into a new market is a well-thought-out plan that takes into consideration the unique possibilities and obstacles given by that market.
Being a specialist in this industry, I would advise following a series of procedures when entering a global market. Market research is one of these processes, along with performing customer development interviews, validating the hypothesis, creating a go-to-market plan, localizing the product, and hiring legal team members for PR, marketing, and sales scaling after successful setup.
Due to my involvement in multiple successful foreign market introductions, I can directly speak to the importance of each of these processes. For instance, in 2021, I worked with BotHelp, a platform for creating chatbots without coding programming, to research the potential for expanding overseas markets. We did market research, conducted client interviews, and tested theories to enter the markets of India, Brazil, and a few Middle Eastern countries. Based on the findings of these tests, which helped the firm understand whether or not its product was appropriate for those markets, it was able to make an educated choice about whether or not to enter the chosen markets.
When a GetCourse project’s testing in India was successful, I was in charge of launching that initiative. For this project, I had to pay particular attention to the legal setup and team selection, which may be difficult in certain areas.
With my expertise in project management and dealing with diverse markets, I am certain that I can help a firm at all phases of entering a global market and help them achieve its goals.
Do you have any other tips or possibilities about foreign company growth nowadays that you would like to share with our readers?
To thrive in an international company, one needs vision, strategy, and tenacity. To anybody wishing to grow internationally, I would advise beginning with a firm awareness of the particular difficulties and possibilities faced by your target market. Second, build a strong network of trustworthy friends and partners that can help you negotiate the cultural differences, legal requirements, and other challenges of the global business environment. Embrace innovations and new technology that may keep you ahead of the curve and enable you to take smart risks. If you prioritize collaboration, continual learning, and commitment to quality, the possibilities for your international company’s success are almost endless.