Saturday 17 August 2019

Don't be fooled by the familiar, US hopefuls advised

Companies looking to tap into the US have been warned not to make the mistake of assuming they know the country and its market simply because it seems so familiar.

Enterprise Ireland's Jonathan McMillan urged firms to get to know the US regulatory system and understand that with 50 states, there are 50 different, competing markets.

"The biggest thing is no matter how successful you are in Ireland, or even in the UK and Europe, you've got to consider the US as a new export, or new start-up, for yourselves," he told a breakfast seminar hosted by chartered accountants BDO.

"The biggest mistake that I've seen from Irish companies considering the US is that they nearly take it as granted, or take it as easy, mainly because we're all familiar with it."

It was a view shared by lawyer, Tycho Stahl, of Atlanta-based firm Arnall Golden Gregory, who warned companies not to be too enamoured with the homespun friendliness of some of the US contacts they may meet.

"It's all part of our campaign to make you feel comfortable so we can take more of your money, more quickly," he quipped, adding that companies should get advice.

Warnings aside, speakers also focused on the positive.

Mr McMillan hailed the opportunities. "It's all there for the grabbing," he said.

Irish Independent

Also in Business