4 Things You Need to Know to Bring Your Company Global
Companies looking to establish global strategies in a changing technological landscape can look to key takeaways from HSBC’s technology summit held in the heart of Silicon Valley.
Industries across the world are being disrupted by technological innovation at a breakneck pace. As competition only continues to grow in business and technology, companies need to look outward to new markets and cross-border collaborations to be successful.
As a top-tier banking and financial services provider, HSBC has expertise in navigating major technology corridors around the world — and is primed to bring companies into the global space. Recently, HSBC held a technology summit, “Silicon Delta to the Silicon Valley – Connecting the Worlds Innovation Corridors,” bringing together business leaders from the United States and China to highlight the winning formula for going global.
1. Recognize global opportunities
Which markets are poised to provide your company with the most opportunities? The technology summit highlighted two of the most dynamic regions of growth and innovation in the world: China and the Silicon Valley. American companies looking to explore investment opportunities in China’s economy, the second largest in the world, need to know how their company strategies align with state policy and market trends. Advisors like HSBC, with an established presence in these markets, know that China’s booming private sector and technology industries provide major investment opportunities.
2. Navigate barriers to entry
As companies look beyond their home market, they need to understand which markets are worth exploring, the major players in those markets, the currency, the regulatory environment, and the consumers. The business leaders convened by HSBC discussed how finding the right partners helps overcome hurdles around entering foreign markets. A company may not be able to bridge multiple markets alone due to the local regulatory environment. Or they may prefer to have partners and investors help guide them toward long-term growth. Regardless, businesses should look to shared goals and strengths as they cross borders and nurture mutually beneficial relationships.
3. Leverage technology innovation
With innovation affecting all sectors and company size, organizations should ask themselves how technology can be a springboard for growth. In a hub like Silicon Valley, this is at the forefront of everyone’s mind, but this question has global relevance as well. China, for example, has its own technology hub known as the Silicon Delta, the innovation center surrounding Shenzhen and the Pearl River Delta. And in 2016, the total number of patents filed by Chinese companies jumped by 45 percent, while China’s tech giant Huawei Technologies filed more patent applications than any other company in the world. The innovation ecosystem is immense, tech accelerators such as RocketSpace and incubators such as Galvanize are actively helping new technologies to get off the ground — from start-ups to Fortune 100 companies. This innovation landscape signifies cross-border collaborations are more important than ever as companies put capital behind advanced technology and invest in international markets.
4. Identify experienced advisors
Taking the step to go global requires experience, connections and knowledge offered by financial services advisors like HSBC. HSBC saw the opportunity to bring together tech leaders from both China and the United States because of their long standing presence in both countries. As one of the world’s largest banks, HSBC has an extensive corporate banking network worldwide, and in China alone has 180 offices with over 5,800 employees. Collaboration with advisors who have this level of expertise and established support means companies can effectively break down barriers to entry in opportunity-filled markets.