Exploring the US market: how to test the water without getting in too deep
How can you be sure the time is right to establish a presence in the USA? We helped one UK biotech company into the US market — and then provided an easy exit.
The dilemma: how to expand without exposure
Our client was a UK biotech company with an exciting opportunity and a pressing challenge. It had received €2.5M of investment for growth and was looking to America. The US represented more than 40% of the world market for its product and it had to move quickly to secure US business. The question was how to secure key accounts in the US without spending money and resources on forming a US subsidiary.
Our solution: low-risk entry
We enabled the company to move quickly and efficiently in setting up a US sales team employed under the Foothold America umbrella. We:
- reviewed job descriptions, advertisements and legal paperwork for new US hires
- advised on salary and benefits, and interviewed the company’s preferred candidates
- drafted an offer letter for employees, who began work three weeks later
The outcome: an efficient exit and a wealth of strategic insight
The company was able to enter and participate in the US market with a two-strong US sales team on a short timeline, without the considerable cost and commitment of setting up a US entity. Ultimately the conditions proved not to be right, but because we were managing the process the company was able to make a smooth and efficient exit.
The client said:
"Foothold America was instrumental in helping my UK company employ field applications sales people in the US without having to set up a US subsidiary, which is the usual route for foreign companies. Foothold America facilitated this by employing the people we had chosen and handling all the employment, terms, salaries, taxes, social costs etc. They then billed us monthly for these costs plus a reasonable service charge. As a result we were able get going very quickly with our own people in the USA and at a much lower cost base."
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