10 Things I wish I knew before I got on the plane
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Cory Bolotsky, Director of Global Operations at MassChallenge, shares lessons learned from expanding the accelerator program from one office in the US to six offices across six countries. In the expansion, MassChallenge grew from 7 employees speaking one language in one country to over 60 employees speaking six languages across six countries. Bolotsky outlines 10 things he wishes he knew before starting the international expansion, including that hiring is difficult abroad, taxes and benefits are more expensive than expected, the concept of at-will employment is American, working with local partners and champions is important, and in-person meetings cannot be replaced by video calls.
10 Things I wish I knew before I got on the plane
- 1. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. 10 THINGS I WISH I KNEW BEFORE I GOT ON THE PLANE International Growth Strategy vs. Reality Cory Bolotsky Director of Global Operations
- 2. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. Cory Bolotsky Director of Global Operations @bolotsky @MassChallenge
- 3. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. WHAT IS MASSCHALLENGE?
- 4. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. MassChallenge is the most startup- friendly accelerator on the planet.
- 5. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. Executing on a vision to catalyze a global startup renaissance in 10 offices by 2020 means significant growth. GLOBAL GROWTH During my tenure, MassChallenge has grown from a small operation to a complex global network of multicultural employees. 7EMPLOYEES 1LANGUAGE 1OFFICE 1COUNTRY MC 2011 60+EMPLOYEES 6* LANGUAGES 6OFFICES 6COUNTRIES MC 2016 *British English IS a different language.
- 6. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. 10 THINGS I WISH I KNEW BEFORE I GOT ON THE PLANE
- 7. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #1 HIRING IS VERY DIFFICULT ≒ CVs are di鍖erent ≒ People cant start when you want them ≒ Headhunters arent (usually) a great resource
- 8. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. But hiring the right people is THE MOST important step to successful expansion!
- 9. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #2 TAXES AND BENEFITS ARE EXPENSIVE Make sure your research & understand these so you budget correctly
- 10. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #3 AT-WILL EMPLOYEES ARE AN AMERICAN CONCEPT You need to properly understand probation periods and local hiring / 鍖ring regulations Youre Fired!
- 11. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #4 WORK WITH GOOD, GLOBAL, SERVICE PROVIDERS A reliable lawyer and accountant are critical in a foreign environment
- 12. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #5 WORK WITH PARTNERS AND LOCAL CHAMPIONS Local partners help connect you with the people, resources & knowledge you need.
- 13. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #6 DONT BE A GRINGO Try to understand the local culture, dress code, norms and language to build local respect and appreciation.
- 14. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #7 EMBEDDING A CURRENT EMPLOYEE IN THE NEW OFFICE Putting someone who knows the company helps with training, collaboration & culture transfer.
- 15. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #8 COMMUNICATION SYSTEMS ARE DIFFERNT People dont use email, telephone, LinkedIn or Facebook the same way youre used to.
- 16. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #9 CALENDARS ARENT THE SAME EVERYWHERE Not every country works Mon Fri 9 to 5 or has Daylight Savings Time the same day.
- 17. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. #10 NOTHING REPLACES FACE-TO-FACE TIME No video conferencing solution replaces in- person meetings so plan for a lot of travel.
- 18. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. Hiring is very different but the most important step Taxes and benefits cost a lot more At-will employees are a very American concept Work with good, global, service providers Build partners and local champions 1 Dont be the gringo Putting a current employee in the new office is key Communication processes are different Calendars arent the same everywhere Nothing replaces face-to- face time 2 3 4 5 6 7 8 9 10 10 THINGS I WISH I KNEW BEFORE I GOT ON THE PLANE
- 19. Copyright 息 2015 MassChallenge, Inc. All Rights Reserved. THANK YOU! 臓GRACIAS! !廨 廬 Cory Bolotsky Twitter: @bolotsky cory@masschallenge.org