Trial and error
« The internationalization process is not magic, but thousands of hours of searching for a method ,» emphasizes Ruiz. Smartup has had experiences in different countries, such as Asia, with a team in the Philippines and a commercial office in China. However, they decided to withdraw from these markets when their Spanish clientele grew.
Smartup focused on bringing the most profitable services from the Spanish market to the Latin American market, first establishing itself in Mexico and then expanding to other parts of the region. “ We wanted to take advantage of our ability to adapt to divergences between markets, where many business opportunities arise ,” explains Ruiz.
Despite the strong cultural and linguistic ties between Spain and Latin America, there are notable differences in both markets. “ In Spain, there is a strong influence of European culture, focused on stability cayman islands number data and regulation. In contrast, in Latin America, the business mentality is more entrepreneurial and flexible in the face of changes in regulations ,” explains Ruiz.
It is crucial not to conceive of Latin America as a single market , as there are significant differences in languages, cultures and levels of economic development. Furthermore, currency fluctuations are more common in Latin America, while the use of the euro in Spain provides greater stability.
Addressing these differences, Smartup has prioritized talent management in Mexico and coordinated financial management to facilitate local investments. “ In short, we prioritized understanding the culture and the economy, going through personnel and financial management. Until then, we did nothing that had not been done by other colleagues in the profession who, after this international leap, had to retreat again… ”, emphasizes Ruiz.