Last week we attended the Department for International Trade (DIT) 鈥楴orth America Week鈥欌�痺hich took place from the 21st-25th鈥疛une. The event allowed us to鈥痟ear from companies who have worked with DIT to grow their businesses in North America, as they share both their successes and challenges.鈥��&苍产蝉辫;
This event week was firmly on our calendar as , Business Development Executive at鈥切拇�, will be鈥痟eading to North America as part of Invest Northern Ireland鈥檚 鈥楪raduate to Export鈥� programme. His role will help鈥切拇解�痙rive international expansion plans by sourcing new business and potential partnerships within North America.鈥��&苍产蝉辫;
This event offered a wide variety of sessions, with speakers commenting on topics ranging from business strategy, immigration status and international travel restrictions. The speakers provided insights and anecdotes on the difference of doing business in the US in comparison to the UK, mainly due to the significant social and cultural differences between the two regions. These issues were addressed in a session moderated by Carlo Cavagna, which posed the question: 鈥業s your Business ready for the US market?鈥�. The most frequently asked questions were surrounding the complexity of US visa categories, blanket restrictions, and when travel corridors to the US are expected to reopen. These issues were highlighted in the 鈥楤arriers to Entering the US Market and Pathways to Success鈥� session with Asma Bashir, Thomas Thorelli, Teresa Gordon, and Eric Fox.
We asked Brendan a few questions after the event. Here is what he had to say:鈥�&苍产蝉辫;
How do you feel the event has prepared you for entering the鈥疦orth American鈥痬arket?鈥�鈥�&苍产蝉辫;
鈥淚 feel this week,鈥痑long with other DIT events,鈥痟as been a tremendous help鈥痠n鈥痚ducating me about the complexities of exporting to the American market.鈥疶hese sessions offered insights into the variety of successes and challenges that鈥痚ach respective Expat鈥痟as鈥痜aced in their export missions鈥痑nd subsequently鈥痟elped鈥痷s at鈥切拇解�痶o鈥痙evelop鈥痮ur鈥痵trategy for entering the market.鈥��&苍产蝉辫;
鈥淲e were particularly interested in the session鈥痟osted by鈥疢arc Topoleski and Arvinder鈥疷bhi鈥痜rom Ellis Porter Immigration,鈥痑s they provided details around鈥痩egal complications and鈥痑ppropriate visa categories for our situation. It was also great to hear from other FinTechs about their export experiences of how business in America is vastly different than the UK and Europe.鈥疘 am looking鈥痜orward to future鈥痵essions鈥痺ith DIT and鈥痑m鈥痟opeful鈥痶hat鈥痺hen I travel out into market there will be鈥痑n鈥痮pportunity to鈥痑ttend in-person鈥痚vents with the organisation.鈥濃��&苍产蝉辫;
What are you most looking forward to about bring the product to the market?鈥��&苍产蝉辫;
鈥淣orth America is a market that鈥切拇解�痟as鈥痠nvestigated鈥痜or many years.鈥疻hile we have successfully worked with a number of clients in the region in the past, we are excited at the prospect of having a full-time presence in New York this year. The team鈥檚 recent growth and support from Invest Northern Ireland has enabled this鈥痮pportunity鈥痑nd I am looking forward to entering the market.鈥�&苍产蝉辫;
鈥淭he need for RegTech solutions across the Northern American鈥痜inancial鈥痬arket has significantly increased over the last number of years due to higher regulatory pressures and greater scrutiny from鈥痝overning institutions. 糖心传媒 Self-Service Data Quality (DQ) platform has powerful matching capabilities and is able to effectively identify quality issues and remediate large datasets, alleviating any of these regulatory concerns. I am excited to get into the American market and showcase our DQ solution.鈥�
What were your three key takeaways from 鈥楴orth America Week鈥�?鈥�&苍产蝉辫;
鈥淔or me, they were:
- Acknowledge social and cultural differences: Each US state is individual and vastly different from others. Communications strategies must be tailored to adhere to these cultural differences.鈥�&苍产蝉辫;
- Legal and tax implications must be considered: UK-based companies should engage with US鈥痩awyers and financial advisors鈥痶o fully understand the complications associated with US state laws.鈥�&苍产蝉辫;
- Networking is like a currency: Be open to any opportunities that come your way and do not be bashful about asking for connections.鈥��
You can connect with Brendan鈥�痶o find out more about how鈥切拇解�痠s planning on鈥痵ourcing new business and potential partnerships within North America.鈥��&苍产蝉辫;
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