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The Best Partnering Opportunities and Market Entry Strategies for a Finnish Start-Up Venturing Into Silicon Valley

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The Best Partnering Opportunities and Market Entry Strategies for a Finnish Start-Up Venturing Into Silicon Valley The best partnering opportunities and market entry strategies for a Finnish start-up venturing into Silicon Valley Case company: Witrafi Oy Niki Matilainen Sampsa Siitonen Bachelor’s Thesis Degree Programme in International Business 2016 Abstract 10 April 2016 Authors Niki Matilainen, Sampsa Siitonen Degree programme in International Business Report/thesis title Number of pages The best partnering opportunities and market entry strategies for a and appendix pages Finnish start-up venturing into Silicon Valley 135 + 23 This study examines what methods there are for a Finnish startup to enter Silicon Valley in pursuit of the American Dream. The primary goal is to determine which concrete and ac- cessible alternatives are available in pursuing business in the Silicon Valley for Witrafi Oy, a smart parking startup from Finland. Thus, the aim is to provide information on methods available for the case-company to enter Silicon Valley with varying degrees of resource commitment. The thesis work consists of a theory review, data collection and subsequent analysis with recommendations made on how market entry could be pursued by the case company. The theory discusses funding options for a startup in addition to internationalization theories ap- plicable to an early-stage company. The empirical part focuses on providing viable interna- tionalization options for the case company, finishing with recommendations for Witrafi for various levels of resource commitment. The study involved both quantitative and qualita- tive methods. A qualitative exploratory research approach was used because the aim of the study was to provide additional information for decision making. Thus, no hypotheses were set in the beginning, rendering the research inductive. Expert interviews (including the case company CEO’s) were carried out to determine various aspects of business for a startup in Silicon Valley. The interviews were used to support and augment the theoretical framework. Literature on the topic was scarcely available, which is why expert interviews were highly useful in determining the viable options for startups to enter Silicon Valley. The research identified five viable options for internationalization, each with different levels of resource commitment required. Interestingly, for many options, incorporation was not seen to be required according to the interviews. It is clear that funding for internationaliza- tion is highly available from public funding sources in Finland. There is a clear quantifiable benefit of raising funding in Silicon Valley, as funding rounds there (Series A) were 23.2 % larger than in the Nordics. As suggested by the interviews and field research, the competitive environment in Silicon Valley is difficult for any company. However, Silicon Valley is full of opportunities, likewise confirmed by the research: the funding and knowledge concentrated in the area is phe- nomenal. According to the availability of mainly time and capital resources, Witrafi may choose to pursue one of several market entry options, each with varying benefits and suc- cess factors. Nevertheless, the case company should carefully consider if it has the re- sources and whether there is a chance to succeed due to extreme competition. It should also be noted that market entry could also be done through another US city at first, or gen- erally regarding internationalization, another country might be chosen to pursue a blue ocean market. Keywords Startup, internationalization, Silicon Valley, market entry, funding, USA, international trade Table of contents 1 Introduction ..................................................................................................................... 1 1.1 Case background ................................................................................................... 2 1.2 Research purpose and research question ............................................................. 3 1.3 Delimitations and scope ......................................................................................... 4 1.4 Anticipated benefits ................................................................................................ 5 1.5 Research structure ................................................................................................. 6 1.6 Key concepts .......................................................................................................... 6 2 Characteristics of a start-up, internationalization theories and entry modes ................ 10 2.1 Strategic environment .......................................................................................... 10 2.2 Definition and characteristics of a start-up company ............................................ 12 2.3 Internationalization theories ................................................................................. 26 2.4 Market entry modes .............................................................................................. 31 3 International financial management .............................................................................. 36 3.1 Managerial accounting ......................................................................................... 36 3.2 Foreign exchange risk .......................................................................................... 39 3.3 Additional risks ..................................................................................................... 40 3.4 Sources of funding ............................................................................................... 41 3.5 Public Funding ...................................................................................................... 41 3.6 Equity financing .................................................................................................... 42 3.7 Cost-benefit analysis ............................................................................................ 44 4 Introduction of case company Witrafi Oy ...................................................................... 45 5 Research methods ........................................................................................................ 48 5.1 Research approach .............................................................................................. 48 5.2 Research design .................................................................................................. 49 5.3 Data collection ...................................................................................................... 50 5.4 Primary data ......................................................................................................... 51 5.5 Secondary data .................................................................................................... 52 5.6 Analysis methods ................................................................................................. 53 5.7 Research validity and reliability ............................................................................ 54 6 Research outcomes ...................................................................................................... 56 6.1 What is the competitive landscape in San Francisco Bay Area? ......................... 56 6.2 Who are the partners (for Witrafi) in internationalization? .................................... 69 6.3 What can different partnering arrangements offer to Witrafi in U.S. market entry? ............................................................................................................................ 77 6.4 Team Finland ........................................................................................................ 77 6.5 Trade Supporting Institutions and service providers ............................................ 93 6.6 Silicon Valley start-up ecosystem –partnering opportunities ................................ 97 6.7 What are the costs attached to best partnering opportunities? .......................... 112 7 Discussion .................................................................................................................. 125 7.1 Key findings ........................................................................................................ 125 7.2 Recommendations .............................................................................................. 129 7.3 Limitations, ethical view and further research .................................................... 131 7.4 Project management .......................................................................................... 131 7.5 Personal learning and self-assessment ............................................................. 133 References ...................................................................................................................... 136 Appendices ................................................................................................................. 157 Appendix 1. Assessment of selected incubator and accelerator programs ................ 157 Appendix 2. Interview with Suomela, H. Finpro. ......................................................... 163 Appendix 3. Interview with Klyszeiko, M. Amcham Finland. ....................................... 166 Appendix 4. Interview with Siitonen, S. Witrafi ........................................................... 169 Appendix 5. Interview with Kriman, A. ........................................................................ 170 Appendix 6. Notes of Siitonen, S. visit to
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