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Internationalization is an ambitious but attainable step in any startup’s lifecycle. Once considered to be at the tail-end of a business journey, companies nowadays have the luxury of being able to internationalize relatively soon after they launch. The internet has been the biggest accelerator of startups establishing an overseas presence faster, while the recent COVID-19 crisis has proven that there is even greater scope for small ventures to successfully branch into new markets.
According to a survey from Wells Fargo, 87 percent of US companies are optimistic about expanding internationally for long-term growth. However, having the tools to expand, and knowing how to do it properly—without falling into legal trouble, failing to understand consumer culture or ignoring technological differences—are two separate things. If you rush into foreign waters unprepared and insensitively, you could jeopardize your existing