Looking to expand internationally? The new APEXE Nations Report reveals a surprising disconnect between traditional market attractiveness and actual startup success rates.
The Plot Twist: Some “obvious” expansion markets are underperforming, while others are punching way above their weight.
Surprising Leaders:
- India ranks #3 in “Lab-to-Startup” conversion despite lower innovation scores
- Brazil reaches #7 in startup performance vs innovation potential
- UK maintains #2 position through strong international connectivity
Traditional Powers Struggling:
- Germany: highest innovation potential but only #9 overall
- Japan: tech powerhouse but sits at #12
- Big economies don’t automatically mean startup success
What This Means for Founders:
- Look Beyond GDP
- High GDP markets aren’t necessarily your best expansion targets
- Focus on ecosystems actively supporting international startups
- Consider markets with strong “Lab-to-Startup” conversion rates
- Watch for These Policies
- Soft-landing programs
- Startup-friendly stock option regulations
- Early-stage investor support
- Accessible entrepreneur visas
- Hidden Opportunities Markets like India and Brazil offer:
- Easier market validation
- Strong talent pools
- Growing VC scenes
- Better government support than expected
Bottom Line: Don’t just follow traditional market size metrics. The best expansion opportunities often lie in countries that actively convert innovation potential into startup success.
Source: APEXE Nations Report 2024, by Startup Genome
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