When you think about technology companies, Silicon Valley, USA, and Bangalore, India, likely pop into your head as the tech regions by default. You’re not far off. It’s true that these hubs produced some of the best technological advances we enjoy today.
And yet there’s still room for growth. Does this mean that Silicon Valley and Bangalore are on the decline? Surely not, but it’s possible now more than ever to travel to a new destination and create products in new territory.
If you’re an aspiring entrepreneur, this sounds pretty exciting: you don’t need to move to California anymore to change the world. However, finding the next Silicon Valley is not as easy as you may think.
Here’s what you need to know about future entrepreneur opportunities across the world.
In the entrepreneurial world, a few minutes into a conversation can lead you to a story of someone who temporarily moved to India or Indonesia to start their company. Why? To offset costs in places where production is cheaper. Emerging countries are at the top of the list at that.
Such is the case with technology in South America, which continues to advance at a rapid pace. It’s no longer applicable to think that solely the US or other superpowers are the leaders in technology. While we’re not looking, other markets are catching up with lowered manufacturing and research costs.
Is Going Overseas Right for You?
While going overseas is likely a good way to keep some of the costs low, the answer to this question lays within you.
You will need a team of professionals to consult with. Start with a business coach or a small business advisor to get you on your feet. Who you trust is a big decision that depends on your goals, your starting capital, your support system, and other moving elements.
What a Growing Company Needs
If you’re going to travel internationally to launch your startup’s products or research, you’re going to need to keep in mind a few essentials:
- Systems in Place. If you’re starting out in the tech industry, you’ll need the right systems in place. This includes software, facilities, etc. This is why location matters: if you set up headquarters in a burdensome area, you’ll waste valuable development time.
- The Right Partner. Find a partner who can help you in leading your digital transformation from concept to success. This is where companies like BairesDev come in. They’re an all-in-one digital company assisting with everything from software development to UI/UX design and more.
- The Right Team. Starting a company may be the idea of one or two individuals’ minds but making it a reality takes a village. Counting on the right people to share the vision is imperative for the success of a company, not to mention to avoid burnout.
Also, keep your overhead in check. As the stories of Silicon Valley go, many of these companies started in garages, dorms, and places where there were no standing desks or triple monitors. Even when you get funding, keeping your overhead low will allow you to concentrate on the aspects of your business that matter the most to you and your clients.
Don’t Rush into New Territory
If you hadn’t thought about South America or Bali as a potential “next Silicon Valley” and you’re now just hearing about it, don’t rush. It takes time to develop the right systems in place, partners, business coach, digital company, and vision.
If you’re a serious entrepreneur, you’ll patiently set up the digital structure of your business before jumping into product development. Otherwise, you won’t walk into the next Silicon Valley with the support you need.