market entry to the usa 2014 finland
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Millä eväillä Amerikkaan?
Antti Korhonen
Managind Director Takehill Partners LLC Washington DC USA
© Takehill Partners 2014 - McLean, VA, USA
© Takehill Partners 2014 - McLean, VA, USA
USA Population 2014:
319
million
Finland Population 2014:
5.5 million
USA vs. Finland
U.S. State closest matching Finland Population = Minnesota
© Takehill Partners 2014 - McLean, VA, USA
© Takehill Partners 2014 - McLean, VA, USA
Other Economies vs. USA
© Takehill Partners 2014 - McLean, VA, USA
Sources: IMF GDP Growth Forecast June 2014
GDP Growth 2013 – 2015
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Finland EU USA
0.3%
1.0%
2.0%
1.1%
1.7%
3.0%
2013
2014
2015
© Takehill Partners 2014 - McLean, VA, USA
US Industry Example: Healthcare
© Takehill Partners 2014 - McLean, VA, USA
Accoring to CMS, the U.S. Healthcare Expenditure will grow from
2014: $3.1 trillion (18% of GDP) to 2022: $5 trillion (20% of GDP)
$2.16 $2.30 $2.41 $2.50 $2.60 $2.70 $2.81 $2.92
$3.09 $3.27
$3.46 $3.66
$3.89 $4.14
$4.42 $4.70
$5.01
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: 2013 CMS report ”Major Findings for National Health Expenditures: 2012-2022”
© Takehill Partners 2014 - McLean, VA, USA
USA FINLAND
GDP/Capita $53,101 $35,617
Spending on Healthcare/ Capita $4,000 public + $4,500 private
$2,600 Public + $800 private
Life Expectancy at birth 79 81
Physicians / 1000 people 2.5 2.9
Hospital beds/ 1000 people 3.1 5.5
Doctor consultations/capita 4.1 4.2
Primary care physicians % from all 30% 70%
Average Lenght Of Stay (ALOS) days 5 12
Sources: WHO, OECD, CMS, World Bank 2012-2013
US Industry Example: Healthcare
© Takehill Partners 2014 - McLean, VA, USA
North America – Key Facts
GROWTH ENABLERS: 1. The largest & fastest growing economy in the world
2. Homogeneous business culture and practices
3. Fast scaling opportunity for competitive solutions
CHALLANGES: 1. Highly competitive market
2. Buy American –attitude
3. Time zone difference
© Takehill Partners 2014 - McLean, VA, USA
80% of U.S. Market Entry Projects Fail *
* McKinsey Quarterly
...why is that?
© Takehill Partners 2014 - McLean, VA, USA
Four Critical Cs of U.S. Market Entry 1.Customer
• Communicate clearly: who exactly is your U.S. target customer?
2.Competitive Advantage • Clarify WHY you are BETTER than the U.S. Competition?
3.Communication • Fine tune your message according to U.S. best practises • Communicate your advantage • Create compelling INBOUND MARKETING content
4.Credibility • U.S. Precense: setup a virtual office early in the process • With customer success, setup U.S. subsidiary
© Takehill Partners 2014 - McLean, VA, USA
Inbound Marketing
2004 2014
Source: HubSpot 2014
Companies that use inbound marketing get 54% more leads than those that don't.
© Takehill Partners 2014 - McLean, VA, USA
U.S. Office
1. Virtual U.S. Office • P.O.Box & street address • U.S. tel.number • Answering service • Shared office/conference rooms • Example cost, starting from $150/month • Legal business entity still in Finland (Oy) & taxes paid in Finland • Use local U.S. consultants as ”employees”
2. Legal U.S. Business Entity • U.S. Subsidiary or Headqurters • Legal paperwork $3000-4000 • Taxes paid to U.S. Federal and State • Can hire local employees
© Takehill Partners 2014 - McLean, VA, USA
Primary Services: 1. Market analysis – U.S. competition & market
potential 2. Optimizing business model for the US market 3. Local sales & business development services for
finding & closing first partners / customers 4. Establishing virtual & physical office 5. Hiring US team members 6. Strategic Advisory / Board Diretor services 7. Expatriate relocation guidance
Other Outsourced Services: 1. Marketing, PR, Branding, Content creation
2. Administration, HR, Accounting, CPA
3. Setup US incorporation as subsidiary or HQ 4. Startup accelerator services
5. Financing & VC contacts
6. US Legal attorney services
7. Immigration services
Takehill Partners - Services
Takehill Partners LLC provides strategic advisory and business development services to B2B technology and HealthTech companies worldwide, focusing on US market-entry, business
development and technology commercialization programs.
© Takehill Partners 2014 - McLean, VA, USA
Thank You!
Antti Korhonen Anttik@takehill.com
+1 703 504 8157 www.Takehill.com
© Takehill Partners 2014 - McLean, VA, USA
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