Page 33 - FDI Alliance International Magazine. Winter 2020 Digital Interactive Issue.

The more diverse your team is the deeper your expansion process and in turn allows the are prospecting internationally to budget for
organization’s knowledge of foreign markets investors to engage with your organization in-market representatives or consultants who
grow. With each new diverse hire, you stand more confidently, which can lead to further have the language abilities to communicate on
to gain an asset with ingrained familiarity of a opportunities, addressing issues head-on should their behalf. ResearchFDI is just one resource of
foreign target market. Business Development they arise and improved productivity. Another many in the economic development industry.
(BD) Directors in particular, who are familiar pivotal component to prospecting international Our 45 in-house consultants boast the ability
with international markets can be a well of investors is ensuring your team is properly trained to speak over 27 different languages and
knowledge. Hiring a BD rep who is native to on the region’s business etiquette, culture, and represent over a dozen nationalities. Consultants
a foreign market, means they can curate your values system. Business etiquette is mentioned at can provide on-the-ground support to your
investment attraction messaging to reflect the nauseum when studying international business, business development efforts throughout in-
information they know matters to the targeted but it means so much more than understanding market missions, act as translators and provide
investors. ResearchFDI’s proprietary historical whether a handshake is acceptable or not. Each cultural training ahead of each mission to a
data as it pertains to project lead conversion rates region is founded on their own ethics and value new market.
demonstrates a pattern — the more familiarity an systems. Having a team member on board who
economic developer presents to an investor i.e. knows a region’s business etiquette will serve as ABOUT RESEARCHFDI
the more you can convey a deep understanding a major asset to not only your organization but Based in Montreal, ResearchFDI is a specialized
of an international market’s business ecosystem, in your targeting efforts. Team members who market research firm that provides customized
its culture and its business etiquette, the more resemble your prospects can be monumental lead generation and business intelligence services
likely the success for progression in an expansion in breaking down cultural barriers and promoting for economic development organizations and
deal. This concept is not unique to economic collaboration. regional promotion agencies, intended to identify
development. Let us use an analogy for a and capture FDI and direct investment
moment. Imagine receiving a cold call from a A common concern ResearchFDI consultants’ opportunities. ResearchFDI position’s Economic
salesperson and the representative originates have heard from prospective international Developers in front of corporate decision-makers
from your hometown or is a University alumnus, executives considering FDI is whether their that are seeking to expand or relocate their
would these familiarities affect how you receive business values can be maintained through businesses to new geographic locations. We are
the call? Would it enhance your likelihood to trust an international expansion. And while any focused on helping our clients create important
them or at the very least, to listen to their pitch? expansion requires the combination of both business relationships that will serve to grow
While there will always be outliers, most of us the home and host countries standards, being awareness of their region, promote its economic
feel confidence in people we know understand able to adequately communicate that and strengths, and attract direct investment.
us. Building a diverse team means that your create, in-collaboration a comprehensive
representatives can create rapport and trust with guideline that covers corporate governance
your target investors and ultimately get the foot in and social responsibility will again increase trust DAVOR DAVIDOVIC
the door to deliver that first pivotal regional pitch. and efficiency by removing the opportunity for
miscommunication and setbacks. O: 514-379-4560 | M: 438-939-2077
The benefits of diversity continue post-sales cycle.
If your organization has a team member already ResearchFDI understands that many EDOs 1980 Sherbrooke Street West, Suite 888
proficient in the official language of a foreign and IPAs have budgetary constraints, and Montréal, Québec, Canada H3H 1E8
market and familiar with the region’s business of course, cannot have team members
culture, keeping that director in communication representing each corner of the globe. Yet, www.researchfdi.com
with the project contact ensures a smoother we strongly encourage organization’s who

33. FDI ALLIANCE INTERNATIONAL