A Guide to Expanding to the US
written BY Kelly Costello
Many founders see global expansion as the ultimate success metric, and for founders with global ambitions, the US is one of the natural first choices for an expansion. But knowing how, when and where to make the jump is another story.
Enter SHACK15 member Daniela Caserotto-Leibert and SpeedInvest — a leading pan-European VC with EUR 400m in AuM that focuses on deep tech, fintech, industrial tech and marketplaces.
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Daniela has lived and worked in both Europe and the US for many years, with experience building high-growth companies and launching products in 30+ countries. In that time, she gained extensive experience in technology and international business development, operations and strategic sales, which she now uses to advise European companies on how to enter the US market and connect them with the broader Silicon Valley ecosystem.
As the Head of Business Development at SpeedInvest, Daniela helps portfolio companies with expansion, go-to-market strategy and partnerships to scale and fundraise in the US. Drawing on her expertise, she recently released the SpeedInvest Expanding to the US guide in which she shares insights and advice for founders looking to tackle US expansion. The guide is invaluable for founders who have launched their product, raised a round and are considering entering the US market.
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Knowing that this is valuable knowledge for many members of the SHACK15 community, Daniela has shared an excerpt with the top five takeaways from the SpeedInvest Expanding to the US guide.
Top tips for breaking into the US Market from the SpeedInvest Expanding to the US Guide:
1. Understand investment trends in the US
Despite COVID-19, the US VC space still set records in 2020 in total capital raised, deal value and exit value. 2020 has also demonstrated that the US VC industry is very open to innovation, as it marks a turning point in the search for alternative approaches for startups going public.
Understanding the main tech hubs is crucial for your expansion strategy, with most capital still consolidated in Silicon Valley, while several other emerging hubs grow and attract talent and startups, filling the US with opportunities regardless of where you go next.
2. Know your competition
Many founders underestimate how competitive the US market is. It’s crucial to understand how and where you will win, combined with a killer product/service which has the potential to disrupt the industry.
Make sure you have a read on your competitors, their investors and what differentiates your product/service.
3. Understand the business culture in the US
Despite globalization and years of diplomacy and cross-cultural exchange between Europe and the US, the business cultures on these two continents are still very different. To do international business like a pro, you’ll need to understand business etiquette, communication styles and startup practices and values in the US.
4. Make sure the timing is right
Before making the leap, you’ll need to know that it’s the right time to scale internationally both for you and your business. Moving abroad is a major decision and life change by itself. Expanding your business at the same time is even more difficult.
Make sure to talk to as many local founders and prospective customers as possible to get a picture of the many unknown “unknowns” you will face.
5. Ensure you have product-market-fit
Product-market fit is the most essential element when entering a new market. Many companies believe that they have it but really do not. What is the value proposition of the solution to the problem you are solving?
One of the best ways to evaluate this is to regularly speak to customers for direct feedback. How many customers would be disappointed without your product?
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For more insights on expanding to the US, be sure to download the full Expanding to the US guide.
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