When startups prepare to enter international markets, having a competitive product and technology that fits the target market is essential.
But building a strong business network and connecting with local venture communities can be the true gateway to breaking into a new market.
That's why, for the fourth consecutive year, we’re promoting the "IP2 Scale Out Program" to help ambitious and capable Taiwanese startups prepare for their expansion into the New York market.
In this feature, i2i sat down with Rachel Chen, founder of MACROMICRO, to share her experiences and insights from leading her team’s journey into the U.S.
MACROMICRO is a fintech startup specializing in global economic and financial market analysis. According to Rachel, entering the U.S. market isn't just about business expansion—it's a deep dive into understanding market dynamics and adapting business models.
In this interview, Rachel talks about the importance of entrepreneurial networks, emphasizing the value of mutual support and knowledge-sharing among entrepreneurs from different fields. She believes that sharing both the highs and lows of entrepreneurship creates a powerful force.
The Value of Entrepreneurial Networks
Rachel believes entrepreneurship isn't solely about product-market fit—it's also about building connections. When entering new markets, localizing is important, but establishing relationships with other entrepreneurs and professionals is equally critical.
"Our goal was to gain a deep understanding of the New York market environment and explore collaboration opportunities with business partners."
"Being on the ground not only helped us better grasp how the U.S. market operates but also allowed us to align our business model more closely with local needs."
"We’ve engaged with local companies, individuals, analysts, and economists to discuss these opportunities. Especially through conversations with industry peers, we identified needs related to our services, which opened doors for potential business collaborations."
Rachel points out that whether it's cross-border exchanges or in-depth industry discussions, these interactions accumulate valuable resources and uncover potential business opportunities.
Sometimes, it's not about direct partnerships but about extended collaborations or resource sharing.
The Importance of Mutual Support
During her time in New York, Rachel highlighted the importance of mutual support and learning among entrepreneurs when facing the challenges of an unfamiliar market.
"I normally wouldn't interact with founders in healthcare or electronics, but through these exchanges, I’ve learned a lot. It’s been incredibly helpful for our future international expansion."
Rachel believes this kind of mutual support is crucial, especially when navigating new environments. Sharing experiences, setbacks, and challenges helps create an emotional support system that is vital in the entrepreneurial marathon.
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