Australian businesses are not lacking advice to get into Asia’s rapidly emerging economies, but they tend to head for the United States, Britain and New Zealand -- partly as a result of cultural blinkers and the poor track record of previous international business forays. But these expensive failures resulted from lack of unique “exportable” capabilities that could help withstand the significantly greater competition in new markets versus the protected smaller home market in Australia. Australian companies must take better advantage of emerging markets, especially as the USA and Europe may well experience long periods of stagnation.
This essay outlines emerging market strategies for Australian companies to “build local” in India and create business opportunities by moving beyond the usual approach of shipping out a standard home product or licensing for intellectual property transfer.
Entrepreneur and private equity investor Tejpavan Gandhok has worked for a range of business consultancy firms. He sets out tactics for success using three case studies, from the resources, manufacturing and education services sectors.