Community Huddle: Global Ecosystems
Community Huddle: Global Ecosystems
On November 17th, InBIA hosted its quarterly community huddle with a total of 53 individuals registered to attend. The event revolved around Global Ecosystems. During the meeting, members discussed the challenges faced by entrepreneurs in obtaining funding. The conversation delved into various points related to this struggle. Despite the difficulties, InBIA’s members remained committed to assisting entrepreneurs in securing the financial resources they require.
- What if our clients were favorably positioned to leverage both local and foreign markets to grow their ventures? What would this look like and what changes might we make to uniquely support clients in realizing this opportunity?
- What if our programs were truly global? What would success look like and how would this change our work? What opportunities could this enable and how might we monitor trends to prioritize our efforts?
- Imagine if we were successful in achieving an abundance of support for our program’s globalization efforts. How might we make the case for support? How could we bring new stakeholders to this work?
Recently, three groups identified key takeaways for success in global business. The first group emphasized the importance of understanding cultural and legal issues in local and foreign markets. They suggested starting with regional collaborations and exploring cross-border opportunities, while having trusted partners on the ground who understand the local market. In addition, the second group discussed the use of technology to reach further into markets, while highlighting the need to consider taxation implications, ensuring that any new opportunities are financially viable. Finally, the third group discussed the value of bringing new stakeholders into a successful business, using a hub and spoke model to diversify and scale. They emphasized the importance of showcasing best practices globally and serving as a matchmaker for businesses. The groups recognized how essential it is to have strong cultural competence and to manage and mitigate political and currency risks.
In today’s global marketplace, it is imperative for businesses to understand the intricacies and challenges of operating in diverse cultural and regulatory environments. By leveraging regional collaborations, embracing technology, and diversifying their stakeholder base, businesses can expand their reach, create valuable partnerships, and enjoy sustainable growth. Therefore, it is crucial to communicate the value of global support to local stakeholders, while recognizing the positive impact on local communities and ensuring that any risks are effectively managed. We hope that these takeaways help businesses achieve their global aspirations.
Upcoming Events
- Join us for our next community huddle February 23rd on Diversity & Inclusion.
- Our Entrepreneurship Center Management (ECM) Certificate Program is open for Winter registration and will conclude May 7th.
- The Leadership Summit happening January 29th in Atlanta is designed for more experienced practitioners (3 year mark) focusing on leadership skills particularly with ESOs. Registration is open.
- ICBI38 happening in April 14-17th in San Antonio, we are looking for proposals due November 30th. We are also looking for proposal reviewers to help shape the conference. Please contact Lindsay Scheunke if you are interested at lschuenke@inbia.org.
ABOUT the International Business Innovation Association
InBIA is a global nonprofit with over 1,200 members that lead entrepreneurship centers in 32 countries. For over 30 years, InBIA has provided industry best practices through education while enabling collaboration, mentorship, peer-based learning and the sharing of innovative ideas for entrepreneurs across the globe. InBIA is the premier organization for business incubators, accelerators, coworking spaces and other entrepreneurship centers.