![]() ![]() They will not only take a first mover’s advantage of securing customer loyalty and brand recognition, but they will also tie-up key partners and distribution agreements. So if you could double, triple or quadruple your revenue why wouldn’t you aggressively pursue that goal? Now consider the downside of not going global – if your company is not pursuing those customers your competition will be. In examining the upside of going global, consider the sheer size of international markets as contrasted with the size of the domestic market and you will likely find that the majority of your potential customers live abroad. In today’s marketplace conducting business internationally is as much of a defensive play as an offensive play. That said, and with eyes wide open, if you are not taking aggressive steps to expatriate your business then you may be making a big mistake. Short term opportunity abroad abounds, but with that opportunity comes the potential for unforeseen future risk. Here’s the caution – times change and markets are fluid. Currently, globalization is a developing and stabilizing force, but I’m fearful that the interdependencies now shoring up some of the risks, may at some point down the road turn against us in the form of financial ripple turns Tsunami. I believe we’re in an environment where we have a short window (3 – 5 years) before the landscape changes again. ![]() In today’s post, I’ll look at the impact of globalization on business.Įxpanding the geographic footprint of your business has always been an expensive and risky proposition – the risks have not gone away, they’ve just shifted. The ability to conduct business internationally is an absolute necessity if you hope to remain competitive in today’s marketplace. However, the days of doing business abroad are no longer a luxury. Conducting business on a global basis has always been of great personal interest to me, and it has also been both a pleasurable and financially rewarding experience. Patents have now evolved into just a money-making con-game for our legal system to transfer wealth to themselves.I have traveled to more than 22 countries and have had the opportunity to transact business in various parts of Asia, the Middle East, Canada, Central, and Latin America, Russia, and former Eastern Block countries, India, and the European Community. Pick up any scientific journal out of your area and try to even read the articles and spot what are really significant improvements. Modern science and technology are now so complex that no individual is smart enough to even know what is and is not known (except possibly Dr. Getting a patent is now just a matter of spending money on expert lawyers. Over my lifetime I have seen the concept of "OBVIOUSNESS" being applied to screen out irrelevant patents being shifting from something "obvious" to Einstein (almost everything) to something "obvious" to a bureaucrat who may not really understand modern science and technology. A small number of them represent something significant, but they are the needle in a haystack of garbage. Most patents are neither innovative nor beneficial. Using patent counts as a measure of innovation is a very poor measure and may not say much of anything. ![]() You will also directly support our mission of delivering the highest-quality commentary on the world's most pressing issues to as wide an audience as possible.īy helping us to build a truly open world of ideas, every PS subscriber makes a real difference. If you are in a position to support us, please subscribe now.Īs a subscriber, you will enjoy unlimited access to our On Point suite of long reads, book reviews, and insider interviews Big Picture topical collections Say More contributor interviews Opinion Has It podcast features The Year Ahead magazine, the full PS archive, and much more. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it.īut there is no doubt that we, like so many other media organizations nowadays, are under growing strain. For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives. ![]()
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