Wolves Summit on winning market entry strategies for startups

Meaningful business connections in the CEE startup ecosystem: that’s what Wolves Summit is about. In November, Wolves Summit did an event in Vienna to bring together startups, angel investors, VC funds, and corporations. Konsultori joined one of the Fire Side Chats organised and moderated by Dudu Gencel of Vienna Business Agency. Together with Hanno Lippitsch, CEO of Eversports, Petra Wolkenstein, Konsultori had a panel session on market entry readiness and expansion strategy. We got the chance to listen to an honest and very personal conversation about entrepreneurship. After a successful Wolves Summit, let’s dive into the key topics discussed.

1. Pivotal moments: The importance of good co-founders and an excellent team

One of the pillars of a successful strategy and growing company is building the right team. Hanno Lippitsch spoke honestly about the moment a former competitor became a cooperation partner. It is not an easy decision to get your competitor on board and jointly decide that collaboration is better than competition in some cases. It takes a lot of openness to take this step. Eversports is now represented in 9 countries. Dudu Gencel added that collaboration can be a game changer as it brings together different skills, perspectives, and experiences. 

Lippitsch also mentioned difficult moments during the COVID crisis. The support of the co-founders has made it easier to get through tough times. Entrepreneurship is full of critical moments where a strong team and the support of co-founders are invaluable. Whether it’s launching a product or entering a new market, a good team can help you overcome the challenges better.

2. Are we ready to enter new markets?

Petra Wolkenstein pointed out that most entrepreneurs need to go back to the fundamental question: are we ready to enter new markets before actually taking the step. It is necessary to understand the differences between the domestic market and foreign markets. Only after having prepared the organization and done your analysis and first tests in markets, you are ready to decide which markets to enter next and to start the process. Dudu Gencel mentioned a program designed by the Vienna Business Agency: the Vienna Startup Package focuses on market entry strategies and execution for international startups entering the German-speaking markets.

It’s a waste of resources and burning money to start entering new markets if you haven’t done your homework in the home market with a product-market fit. You should know what’s different in other markets and how you select new markets.

Petra Wolkenstein, CEO Konsultori

Lippitsch shared his own experience of exploring new markets. It has been a combination of face-to-face and online conversations and extensive market research that has led to Eversports’ success abroad. Hanno highlighted the importance of doing business in Berlin, where the company’s vision opened up and they were able to think big. “Market exploration tours provide valuable insights for your market entry strategy. They offer a firsthand look at the market dynamics, consumer behaviour, and the competitive landscape.” Petra Wolkenstein pointed out.

3. How to deal with uncertainty? The challenges on the startup journey

Is uncertainty freedom? Dudu Gencel put this provocative question up for discussion, outlining one of the biggest challenges for entrepreneurs, especially during these multi-crises times we are living in. Petra Wolkenstein recalled the beginning of the discussion and again emphasized the importance of the team. If you have a good team and a solid basis, you can react flexibly and creatively to new challenges. The participants agreed that good mental and physical health is essential for entrepreneurs. The Eversports founder closed the discussion with a great analogy of describing the startup journey as a marathon. 

We have to run, and the weather changes and you have to deal with the changing circumstances and stay mentally and physically fit.

Hanno Lippitch, CEO Eversports

Uncertainty is a constant in the world of business, particularly when entering new markets. However, successful entrepreneurs view it as an opportunity for growth. To navigate this uncertainty, it is important to be flexible, resilient, and adaptable. Developing a strategy and conducting risk assessments can help you stay agile and confident in your decision-making.

Summing up

Entering a new market requires some thinking and planning to do it at the right moment. A holistic strategy that includes assembling the right team, making the organization ready with processes, adapting your product, testing markets, and staying flexible might be the ingredients to master complex environments.