Despite the travel restrictions in place, Takeoff Partners portfolio company Videoly has taken on the task of seeking growth in North America. It is working, and now the startup is opening an office in Toronto to take things to the next level.
No two companies are the same, yet many of them will face very similar challenges while growing their business overseas. The Takeoff Success Factors framework summarizes the best practices that Takeoff Partners have discovered when internationalizing B2B software and service businesses.
Taking a business global is a matter of team, timing, product-market fit, financial resources, and luck. All aspiring growth entrepreneurs will hear this many times over. But it’s also a matter of systematic leadership work: Coping with the increasing complexity and evolving challenges that success will inevitably bring.
Success Factors in Internationalization
The Takeoff Success Factors (TSF) framework summarizes five key topic areas that successful growth entrepreneurs will need to address: People, Solution, Scalability, Positioning, and Traction. The other dimension is time: Companies going global will go through different stages of growth. The TSF framework lists out five: 1) Getting started, 2) Getting ready, 3) International market entry, 4) International growth facilitation, and 5) Running a global business.
The resulting 5x5 matrix describes some of the typical priorities for internationalizing software and service companies to tackle at each stage of their growth.
View the entire TSF framework here. Since the tool is work in progress, we welcome any comments, feedback, and ideas for improvement that you may have!
Please send us your comments on LinkedIn, Twitter, or Facebook, or Contact us directly. We appreciate all feedback in an effort to make the framework as applicable as possible to the situations that B2B software and service companies will face as they expand their business abroad.