Dr. Patrick Kiely represented Island Water Technologies this week at the Ontario Water Innovation Week – Water Innovation in Action (https://www.waterinnovationweek.com/). At Water Innovation in Action Dr. Kiely sat on the panel that was focused on Entering Emerging Markets and offering insights from a start-up perspective on how water technology companies should engage with export opportunities.
Water Innovation in Action Panel
Ontario, Canada has a global reputation for water technology leadership and expertise, but for many companies, it isn’t easy to break into new markets. How are today’s firms being strategic (and getting creative) about growing their businesses worldwide?
Water Innovation in Action Panel
Some key insights from the panel and takeaways for start-up companies in particular include:
- Develop a decision matrix to help you narrow down geographic regions that may be ideally suited to your particular technology. Include potental inputs to the matrix such as; projected economic groth rates, water stress ratings, local language capability, existing regulations, and existing infrastructure. This matrix will / should allow you to identify specific regions that can then be targeted for regional partners.
- Develop a strong regional / local partner. Before investing significant resources into a specific export market first ensure you have a local partner that can plug you into the industry. This partner should be capable of coordinating any / all import taxes, duties etc and should be eager to grow your sales to pre-identified customers. Ideally this partner is also technically capable and can provide or manage any on-site servcing requirements for the installed product.
- Get on a plane. Once you are confident you have a local partner that is capable of driving sales or developing a long-term partnership then don’t be afraid to get on a plane and meet the potential clients for yourself. Face to face dialogue is essential in building the trust and confidence in your team.
