The US market is the world leader in the presence of startups as it has around 82,571 companies of this type. However, to enter this territory it is not enough to offer a great product or service and have an innovative business model; In addition, it must be replicable and even adaptable because the needs of the US market are not the same for the Mexican market.
An example of this is that in both countries there are companies committed to society and the environment. While in the United States very specific problems are addressed to reduce the amount of waste or innovate in environmentally unfriendly processes, in Mexico problems such as financial inclusion or access to basic services with minimal environmental impact are addressed.
Something that sheds a lot of light on the Latino companies that have succeeded in the north is to turn to see what the companies that are positioning themselves today did. Something they have in common is that, in addition to being replicable, they managed to adapt their offer to the US market and, more importantly, they obtained financing.
The support provided by having a stable financial base allows them to compete on a level playing field with already consolidated companies that were born and grew up in that market. In addition, it provides an image of trust for both the client and potential investors.
Around 40% of the companies in Mexico do not grow due to lack of financing beyond the fact that they have innovation, the right personnel or other factors.
First walk, then run
Financial strength is only one element in the expansion of a company. On the other hand, it is important -perhaps even more important- to mention that to venture into a different environment it is necessary to cover costs related not only to the operation but also to issues such as legislation, payment of taxes, constitution of the company, sales strategies, recruiting talent etc
These are definitely the cocktail with the ingredients of success, because without them the startup can simply land, but not start. Because first you have to walk and then run.
The dressing that this cocktail also needs is called advice and accompaniment. As I mentioned, the best way to know how to succeed with a Mexican startup is to see what the companies that have achieved it or are on their way to achieving it have done (or are doing).
Solid gold
But not only see as mere spectators, but with analytical eyes and surround yourself with entrepreneurs whose experience and support is decisive for the company. The talks and closeness with others offer real and tangible knowledge, it is time for the success or failure of other startups to become ‘solid gold’ for new projects.
It should also be noted that the US market is a developed market. With this, new companies seeking to consolidate require their own characteristics and the ability to offer the same quality of services as American companies.
For their part, Mexican startups are characterized by having highly qualified personnel, proven resilience capacity and entrepreneurs with drive and desire to succeed. In other words, they initially have the essential characteristics to have full capacity to enter the US market, but their arrival and development will make the difference between those who achieve it and those who fall by the wayside.