There were some insights offered at the Global Expansion Summit, particularly from a panel titled, "The Realities of US Expansion & Fundraising." The session focused on companies trying to enter the massive and potentially lucrative U.S business market. Here are some key takeaways:
1. Talent is available - particularly in major markets.
2. Competition for that talent is quite fierce.
3. There is a significant difference in business culture between the UK and U.S.
4. The level of commitment from employees (and by employers) in the U.S. is higher - less vacation, more work.
5. Business legislation makes talent very expensive.
Employees in the U.S. are more open to risk-taking, and if they see that there is potential in what you are doing and that there is a chance for great opportunity, they will consider it, even if your brand is unknown. However, you should consider who you are competing for and what market you are going into looking for talent.
If you are looking to enter the U.S. market and start a company, you might want to look at locations that offer a quality educated workforce, are attractive to millennials, have a reasonable cost of living and have friendly business tax climates. Consider:
"The way I'd frame it," said Mr Glazer, "is that the US is a massive commercial market. It's a great place to do business in terms of the commercial opportunities. But it's not necessarily as easy to do business in the United States as it might be in the UK. That difference is part of the surprise."