Startups that want to grow by entering another country's market often already have a solution that has achieved initial success in their home market, such as customers, users, a solid business model or a certain level of awareness. This often leads to startups not being open enough to changes to their business model and/or range of services that the new market requires. Market entry experts therefore recommend a high degree of flexibility for adjustments and honest answers to questions such as: ð Who are key decision-makers or influencing regulatory requirements in the target country/region? ð Can the same target groups be addressed or are others more suitable? How does this impact my business model? ð Can I enter the market alone or do I need to look for a strategic partner**?** To clarify these questions, experienced healthtech founders and market entry experts recommend a "Warm Intro" phase before deciding on a market entry strategy. =>The Warm Intro phase is characterized by the greatest possible openness/flexibility for adjustments to the business model **=>With the help of a network of market participants from target countries. The rule applies: you can't talk to too many. => ** Cultural peculiarities often play a major role, these must not be neglected =>**Don't choose a partner too quickly. **Partnerships between startups and corporates are often entered into too hastily to support market entry. Startups often underestimate how many resources the management of a partnership consumes. On the other hand, it is well known that most partnerships do not lead to success (see R2G Startup - Corporate Partnerships in Digital Health 2024). The pressure to make the partnership a success is often not evenly distributed. The success of the startup may depend on it, but that of the pharmaceutical company does not. So keep your eyes open when choosing a partner! =>**Take your time. **If, for example, you are planning to enter the German or French market and you have not yet gained any significant experience in these countries, then expect this phase to take at least 6 months. The time & openness you invest in the warm intro phase will save you many times over later. =>Be consistent. Many will say, yes, that is obvious. However, very few startups stick to it. That is why it is advisable to create a set of tools that will always bring you back in this phase if you want to settle for the obvious and easy too quickly and too early. External coaches, companions or accelerators can be a great help here.
If you want to learn more about tips and tricks specifically for entering the French or German healthcare market, sign up for one of Future4Care's webinar deals. The first webinar is on Friday, December 20th at 12:00! Find out more here.