Two Ukrainian startups, Headway and Preply, made it onto the list of the most promising technology businesses in Europe, Top 100 Next Unicorns, and became potential unicorns. And at the most powerful technology exhibition CES 2024 in the USA, the world saw 12 Ukrainian startups. Ukrainian startups have every chance of succeeding abroad. Powerful brand storytelling, personal founder brand, global PR campaigns or targeted investor farming — each has their own recipe. How to make your mark in the international market so as not to get lost among competitors?
Do your homework
Even a team with successful cases and a clear promotion strategy in the Ukrainian market should prepare for entering the international business arena. After all, what worked at home may not work abroad.
To pitch confidently, you need to not only improve your English, but also localize your website in the language of the country you are targeting. Even before entering the global market, ramp up your PR activity — publish in media, communicate with your audience. This will help you manage your reputation, and thus increase the trust of potential partners and the chances of attracting investment.
«Before globalizing a startup, it is worth systematizing all business processes — from finance and marketing to operational matters, fundraising and PR. If your startup lacks PR activity and marketing as a business process, it will be difficult to attract a new audience. Study consumer requests and competitor offerings to understand what makes you better and what client needs you can fulfill», — notes Serhiy Shapirenko, CEO and Founder of the company.
Develop your networking
How quickly you find partners and grow your client base depends on how you build communications. The starting point is building strong ties within the entrepreneurial environment. Present yourself compellingly, use storytelling techniques to share not just a business idea, but a sincere personal story that evokes emotions.
To broaden your circle of useful international contacts, be active on social networks (especially LinkedIn), attend industry events, etc. Share challenges you face and achievements you gain with your audience so that potential partners can more easily assess the prospect of cooperation.
«There are still entrepreneurs who try to attract investment while sitting in their office. With this approach, success is not to be expected. You need to understand that the more regularly and frequently you communicate with investors and entrepreneurs, the greater the chances of finding partners and attracting funds. Networking is an effective tool for establishing long-term useful connections. And these connections must be built continuously», asserts Oleksandr Yatsenko, principal of the American-Polish fund SMOK Ventures.
"Sell" yourself to the investor
The decision to invest funds is not made impulsively. An investor wants a clear picture of your plans, results of in-depth market analysis of where you will operate, and a ready development strategy.
Investment is easier to attract not for launching a project, but for scaling it, expanding the team, entering new markets, especially with large potential (USA or European Union). When an investor sees the success of previous work, this increases the chances of receiving investment. That is why the bootstrapping trend persists — where companies do not attract external resources for an extended period, using only their own capabilities.
«You need to have a clear vision of the product and business development in the future. To interest an investor, it is important to thoroughly understand the market you work in, who the competitors are, how they captured client attention and how you will conquer this market. If you describe how the company will operate in three, five or even ten years, the investor will be able to assess their own prospects. However, the measure of your success is your clients. So hunt for them, so that investors line up themselves to cooperate with you», advises Ivan Petrenko, CEO of CfE Accelerator and Managing Partner of Angel One Fund.
Don't fear mistakes
90% of startups close in the year they are created. 50% of them — due to product-market mismatch or incorrect marketing strategy. The risks of making mistakes multiply upon going global.
The international market greets Ukrainian startups with a large number of differences. Economic conditions, cultural environment and laws influence consumer habits, and doing business becomes complicated by the specifics of the tax system and customs restrictions.
To minimize obstacles and reduce the number of mistakes, cooperate with a local specialist. A local partner will help not only to navigate the features of the new market, but also to establish the necessary contacts. After all, foreigners are more willing to cooperate with a local entity than with companies from another country.
«The absence of local translation, incorrect use of language, an ill-conceived marketing strategy or underestimating product pricing issues can lead to failure or significant budget losses. But it is normal to make mistakes, because not making mistakes means doing nothing. Even industry giants make mistakes. And this is not an obstacle — it is experience. Research the market carefully, think more deeply about the pricing proposition and marketing, communicate with more local representatives, find local partners to successfully launch in the international market», — suggests Iryna Volnytska.
Communicate through the product
In the digital solutions market there is the concept of product-led growth, which enables businesses to expand their user base through the product without additional costs. These are subscription services, membership programs, educational content. And this method of attracting clients can also be applied in the market of physical products or services, to accumulate capital, forecast demand and retain the existing client base.
Traditional loyalty systems in coffee shops, where every seventh drink is free after buying six, work like subscription services. A similar program can be created for, say, procedures at a massage or cosmetology salon. The regular client gets a reward, and the establishment gets a stable flow of visitors.
«By communicating with clients through your own product, you will grow your audience. Use membership programs, referral programs and educational content for this. Create a digital communication channel at the early stages of interaction to collect potential client data and continue communication through the email channel indefinitely. It's great if along with contact details you get a completed questionnaire about the age, gender and preferences of clients. New touchpoints will help activate and retain the client», — says Oleksandr Reminniy.
Build the founder's personal brand and establish trust
A strong, recognizable personal brand helps to increase the value of your products, attract partners or investors and draw talent to your business. Your target audience — both in Ukraine and on the global market — must clearly understand why you as an entrepreneur can be trusted.
It is not just about personal characteristics or personality traits — convey facts and figures in your messages. What is your expertise in years, client profiles, cases? Perhaps you are a member of a powerful business community, have received an award, been included in a rating, studied at a famous business school or even received an MBA? What conferences do you attend? Who do you learn from? What podcasts or media invite you? These are exactly the kind of facts that become social proof of your "legitimacy" — reasons to trust specifically you.
The global market opens up opportunities for scaling and reaching new heights. Successful marketing, aligned business processes and an effective PR strategy will serve as a solid foundation for a startup with a global name in the future.
