Findings and results from the first Round of NB Scale
As we reach the midway point of the second round of our international project aimed at preparing startups for their first entry into international markets, it seems fitting to revisit the participants from our inaugural round held last year. Have there been any significant breakthroughs thanks to the project, and have any companies already made their initial sales in a new country? Let’s delve into it!
The companies from Sweden that participated in the first round of Northbound Scaleups were Studio Tabo, TINI, DevUp, Booiq, and Assetbook. Alongside them, another ten companies from Estonia and Finland took part. Here are some insights from the survey regarding the value and lessons gleaned from their participation in the project:
When asked if the program helped them prepare for entering a new international target market, 100% of the participants answered yes. Some of the comments were:
– ”We were able to enter our expansion market sooner thanks to NB Scale.”
– ”It provided a broader perspective and insight into areas we hadn’t considered. Additionally, it offered us the opportunity to learn from others and build a network of people in similar situations.”
When asked how likely they were to recommend the program, the responses ranged from likely to extremely likely, with the majority leaning toward the latter. One participant stated, ”The program provided us with a clearer view of the pathway and strategy we need to pursue.”
Regarding the biggest success achieved during the program, responses included:
– ”Gaining experience and knowledge about entering new markets. We underestimated the need for preparation before entering a new market.”
– ”Understanding that focusing on our domestic market and then expanding to the Nordics is the best approach for successful scaling in the future.”
– ”Increasing sales by 63% compared to last year and doubling the team.”
– ”Preparing for market entry, including calculating sizes, etc.”
– ”Forming new AV partnerships.”
– ”Establishing new partners, customers, and a robust network of like-minded entrepreneurs.”
– ”Opening new customer channels.”
– ”Securing three new business partners and expanding into two new markets.”
Other findings from the first round included:
– ”It’s challenging to enter new markets and navigate unfamiliar territory.”
– ”We connected with other startups and forged new friendships with people who have either been in similar situations or are on the cusp of experiencing them. By ’similar situations,’ I mean the struggles and challenges of running a startup/company.”
From the responses provided by the participating companies, it’s evident that the project has been of great value thus far. The second round of the project is currently underway, with the next sprint scheduled for May, here in Gävle, once again hosted by Movexum.
For more information about the project, please do not hesitate to contact our project manager, Jini Nälsén. You can also find additional details about Northbound Scaleups here.
