The Department for International Trade has published a new UK export strategy “Made in the UK, Sold to the World” to help businesses across the UK double exports and sell products around the globe.
The 12-point export strategy introduces a set of tools to support businesses in international expansion.
Despite being one of the world’s leading tech nations, the UK falls behind it European competitors in the number of tech exporters. Navigating market access barriers and limited financial resources to promote services to overseas buyers are some of the biggest challenges for tech MSMEs looking to scale beyond the UK’s borders.
The strategy includes an Export Support Service that offers a one-stop shop for exporting advice, and the launch of a new UK Tradeshow Programme to help businesses, particularly those outside London and the South East, to attend tradeshows and promote their products around the world.
DIT will also be expanding its Export Academy – launched in October – to roll it out across all of the UK including Scotland, Wales and Northern Ireland. The academy will invite owners and managers of SMEs to access masterclasses, roundtables and networking events that help them overcome common challenges first-time exporters face.
The 12-point strategy includes:
- Internationalisation Fund, open to SMEs in England, will aim to grow international sales, and has facilitated £4 million of support to SMEs attending Trade Fairs.
- A new Export Support Service which is an end-to-end service to support businesses exporting. Currently this only covers Europe, but this will cover all markets.
- New “Made in the UK, Sold to the World” campaign which will run concurrently and not replace the “GREAT” campaign.
- UK Export Academy expansion to offer SMEs in all parts of the UK, including Scotland, Wales and Northern Ireland the chance to learn how to navigate the technicalities of exporting and how to find new opportunities in overseas markets.
- A new UK Tradeshow Programme to help UK firms exhibit at international trade shows.
- UK Export Finance will expand its offer with new products and a wider delivery network that will make it easier for UK exporters to secure business from overseas buyers.
- Export Champions, ensuring businesses can build and learn from exporting successes through business-to-business networking and peer-to-peer learning.
The full report can be accessed here.
Why using a partner like Infintec is worth considering
When investors look at a business, their main concern is how easily and fast can the business grow and increase the value of their investment.
To answer these questions they take into account the attractiveness of the market, the competitive strength of the company, the people running the company, and what they themselves can bring to the party.
When companies scale, they add revenue at a faster rate than they take on new costs, increasing value and profitability.
Barriers to Scaling
However, scaling doesn’t come naturally to most tech businesses – common reasons being
- The skill set of the business is tech oriented, not commercial.
- They don’t understand the market or their competitors
- People like to stay in their comfort zone – no global aspiration.
- There just isn’t enough time to even start thinking about scaling.
- and let someone else exploit its true potential.
Overcoming these barriers is not easy on your own (and Dragons are in short supply!) – it requires time and expertise. And that is true with or without the existence of the DTI Export Strategy
Using a specialist like Infintec can help you achieve the funding you need and the scaling your technology deserves. Our broad industry experience and market intelligence enables us to rapidly assess the opportunity, identify ‘partners’, negotiate agreements and put in place your scaling strategy. We call it our Maxima solution.
Our Fast-track, Paid-on-Results method of working minimises your risk and time commitment.
Using Infintec allows your company to explore new potential markets, new product sets and geographies using our skill set to expand your business.
What’s not to like?