10 Things I've Learned as an Agritech CEO Entering the U.S. Market
After 8 months in Fort Worth, Texas (pronounced TechhSuss), and well over 30,000 miles on the road, I've been considering the lessons I've learned since first expanding into the USA, many of which I was told and dutifully ignored only to learn the hard way. Despite the similarities, here are 10 things to be mindful of when scaling into the U.S. market:
1. Research your market. Just because it works in your market doesn't mean it will in the new one. The devil is in the detail so deeply research and understand it before moving.
2. Get the best Advisors you can afford to consider structure, tax, employment and other governance issues.
3. Listen to your customers. If you think you've spent enough time with them, spend more. You might start to get into the details that matter by the 3rd or 4th Ranch/Farm visit, but there will always be more.
4. Be respectful of local culture and expectations. Just because we all speak the same language doesn't mean we are saying the same thing.
5. Every state is different you need to consider that in marketing, messaging and your engagements/distribution.
6. The opportunity is likely 10X bigger than you think. There are so many more people, businesses and infrastructure here but focus is key.
7. Be patient. Play the long game as there is no silver bullet to scaling a company into a market this big.
8. Universities are huge influencers. Collaborations with various institutions and innovators are vital in your field of endeavor.
9. Don't boil the ocean. Consider the best geography fit for your products /services or you risk getting burnt.
10. Seek advice and local supporters who can help you find the best opportunities, contacts and networks
Oh, and a bonus:
11) SPORT is a HUGE part of the economy, culture and life...embrace it! 😁
American people are great folks, generous with their time and advice, but be mindful at the end of the day are living in a huge economy where one does have to look after ones own. Luckily enough, Aussies are well received and respected in the world of Agriculture for our grit and resilience so we do get a hearing. Use it or lose it and be respectful of their time!
As we head toward the end of my first summer as a US resident I am ever more appreciative of those who have supported me, excited about the future opportunities we have and humbled by the customers we get to serve. A special thank you to my team Ranchbot Monitoring Solutions and our many advisers and friends who have helped and made us feel welcome including White Summers, Crowe, LeeMAH Electronics, Inc., James Rees, Greg Mellinger, Lee West, Dustin Valusek, Frank Brumfield, OIA GLOBAL, Acclime, Sean O'Hare, James Clement, Shannon Worrell, Inmarsat, Globalstar, Pivotel, Australian Trade and Investment Commission (Austrade), AusAgritech and all of our customers for trusting us to help manage one of their most valuable assets - Water ! #agtech #water
