Accelerating International Growth for Startups
Expanding into a new market comes with challenges, particularly when it comes to building international teams from the ground up. This was one of the obstacles South Korea-based startup wondermove faced when introducing their mobility solution platform to Germany in 2020.
In this PANGEO session, Josh Kim, Partner Manager at G-P, joined Moo Shin Rhee, Chief Operating Officer at wondermove to discuss the challenges wondermove encountered in their international growth journey, and how G-P was there to empower the company’s expansion vision from day one.
Unique challenges for growing startups
Rhee believed that limiting wondermove to the local market would hinder their growth potential as a startup. “The domestic market is too small; there are more opportunities internationally,” he said.
This global perspective eventually helped the business expand into the European region to offer their mobility solutions — but this transition was far from easy.
Initially, the Hyundai startup spinoff experienced difficulties obtaining local insights, legal familiarity, and in-country support to assess its target market in Europe.
“It was not easy for a startup in its early stage to develop international business from Korea’s domestic market. At that time, we desperately needed the help of an expert for every business component, including human resources development,” Rhee shared.
Finding the right partner is critical
Due to these considerable roadblocks, wondermove realized they needed to find a trusted partner to help accelerate their expansion. This led them to G-P, where they found expert advice and local know-how to overcome their global growth hurdles.
“We needed someone to support our business in-country, and G-P provided us with the solution we needed,” he said. With G-P, wondermove quickly expanded and hired local talent in Germany, enabling the company to accelerate their solution development and seize more opportunities in the European market.
What started off as a tumultuous global growth journey soon became smooth sailing thanks to G-P’s Global Employment Platform™.
Advice for startups with global growth aspirations
When asked about his tips for startups looking to expand internationally, Rhee couldn’t stress enough the importance of hiring local talent and finding the right partner. “Hiring new employees abroad requires a lot of effort. Getting the most suitable person into your business can determine its success or failure, so I recommend starting by finding a good partner who can help you hire,” he said.
Learn more about PANGEO, The Largest Global Employment Conference in the World, here. Check out our Agenda, meet our Speakers, and our Sponsors. An event by G-P.
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