This article is written by Clinton James, a Contributor Author at Startup Turkey.
Yousef Hamiddan of the MENA Company supposes in Startup Istanbul’s event that creating relevance in a startup is a crucial part in its growth and one of the ways to do this is by going global. Some scholars have stated that compared to Silicon Valley, most countries are about a quarter century behind and this really puts into perspective the importance and need for becoming global. However, many startups don’t do this or rather fail in doing so as a result of many factors that they overlook and disregard.
A subject that's very relevant to what Mr. Yousef Hamidaddan of MENA is trying to do is how we create relevance in a region that is suitable for a company to consider going global. This he gathered from someone who's managing roughly a 530 million portfolio of investments in Japan in terms of opinion of their innovation and startups.
It is reckoned that for the first time, he found that what stands as a challenge for people in is that they don't go global. Regions have found it overwhelming when they want to consider going global due to lack accessand sometimes theexcesssimilarity in a product.
Startups need to identify themselves to a specific element because the more the idea is a solution to a universal problem, the more the business can go global. The need for research and development cannot be left aside, they allow the startup to ask the right questions in order to deliver a strategic solution or rather seize a strategic opportunity.
Mr. Yousef in the Startup Istanbul event highlights the need to pull an argument, actually putting a bit of spin around it is actually is a beautiful place for going global and raise solutions that can really make sense that are relevant and can be adopted at the global front from the region itself.
Many investments are very selective in terms of what they invested and what they don't, and the news doesn't get brighter. A beautiful opportunity for new innovation to be ‘creative’ innovation in states of uncertainty is a great platform for great ideas because we're not relevant if you want to develop solutions that are native to this region. In many aspects you have to look at the elements that surround you that are not relevant.
European and US are living in their own environment economically, market wise and by consumer behavior that we have no relevance. By learning this, we realize that this is a very strong element for growth. Therefore, when we ask where are clients that want to pay so much, you have to look at the region itself and see where are these 100s of billion dollars are going.
Rarely do you see someone saying we have the following articulated problem in a region and I have a solution for it, unless we need to talk to them in their native language and don't have a lot of access to technology. But that would be quite an interesting read considering a country like Japan is where most of the technology owners worth $180 dwelt. Europe was excited to validate for global growth solutions as their capacities using satellite communications.
We need to approach business from the practical experience of something that is globally accepted. We have to tap products that we are aware some countries can't even be good at but it exists.
So, if you really want to go global, ask yourself, are you really different, can you defend whatever you are protecting from this isolated world that were trying to call home?