One of the main factors for a successful startup is keeping the cost of your products low and sharing knowledge. And when you add to the mix that entrepreneurs already are doing this very same thing regardless from what corner of the earth they are connected and talking to other entrepreneurs.
Let’s take a take a look at some key factors… first, there is an ongoing war for talent. Let’s take for example in the US entrepreneurs and high-tech companies are voicing their opinions about the need for immigration reform so the US can bring in greater numbers of talented people and engineers. Similar situations occur in places such as Israel, where many startups employ thousands of Palestinians in spite of political instability between the two nations.
Second, entrepreneurs want to share and find ways to work together, because this will help propel their business in a more efficient way. Take Russia and Ukraine for example… even though tensions grew between Russia and Ukraine last March, the Global Entrepreneurship Congress was held in Moscow, which brought together more than 6,500 attendees from 153 countries. Convening global-scale events such as the Global Entrepreneurship Congress not only allows for collaboration and key partnerships, but also highlights the growing nature of startup diplomacy and its potential for further impact.
Furthermore, there is a rising trend: the socially conscious entrepreneur. These entrepreneurs are creating changes at face pace by finding solutions via technology to problems that historically have been solved by government-based programs. Why these socially conscious entrepreneur movement is working and finding solutions to problem is due to the fact that are globally connected, socially motivated, unapologetic about making profits and—best of all—creative risk takers who develop with bold solutions.
Empowering entrepreneurs and citizens to solve problems in their societies and collaborate across borders, results in better, long-term outcomes. These organisations help make connections, provide funds and distribute new products and services. All of these services help the entrepreneur to pilot a problem or eventually scale his or her solution quickly to a global audience.
When launching your startup reaching a global audience is critical, as companies themselves have become increasingly global. Technology has made it possible for virtual tools to allow remote workflow and communication, and the location of an executive team, sales force and engineering team can be spread across the entire world. Multi-national corporations can be sales partners, acquirers and distribution channels. You can only benefit from a global team in your startup. You will be able to access more of talent pool, and help you launch your brand in the international arena. Needless to say when you hire talent from different corners of the earth you will have eyes and years on your local competitors and will be able to keep ahead of the ball game at all times.
Finally, incubators can act as conveners that bring together disparate parts, jumpstarting ecosystems for a strong future ahead, and will also help you build bridges in unfamiliar markets.