Born in Chile in 2013, Nearway is a 100% digital company that provides operational management services by digitizing processes and integrating systems for full traceability in the field. Nearway offers its services through a platform encompassing five modules that can be customized and combined according to each organization's requirements.
So far, they have established a presence across Latin America in five countries with their proven business model. And recently, they have expanded their operations to Mexico, a challenging and extensive market full of growth opportunities for the company.
Addressing cultural differences & market challenges
After a successful expansion in several countries in Latin America, the Nearway team saw an opportunity to take the leap and land with their services in the US market, precisely Florida's Magic City. Currently, Miami is the gateway to the US and other foreign markets for LatAm companies. However, the process presented significant obstacles. The most significant one is the cultural differences between both regions.
According to Felipe Canales, commercial director of Nearway, the US market encompasses numerous opportunities for entrepreneurs but also several barriers to approach it. On the one hand, the streamlined model and strategies that worked across the different Latin American countries needed some fine-tuning before introducing them to the US market. And on the other hand, the company also needed advice about the complex legal and tax regulations to run a business.
Unlocking the path to US market success
Nearway joined Base Miami's Market Entry Bootcamp to puzzle out the obstacles to successfully landing in the US market. Through different networking encounters with other founders from the GoGlobal program and mentoring sessions with market entry specialists, the Nearway team could get the full scope and shift their focus, saving time and money.
Base Miami optimized Nearway's expansion strategy
Instead of wasting resources targeting the US market, Nearway decided to expand to Mexico first. This Latin American country boasts a large market with plenty of opportunities for Nearway's platform and management services, besides being a step closer to the US market. Therefore, the company keeps working on prospecting for partners to land in the US while strengthening its presence in Latin America.
What they said
“Base Miami Market Entry Bootcamp helped us understand the challenges presented by the cultural barriers Latin American entrepreneurs face when trying to land in the US market. Though this is a significant obstacle for LATAM companies, there are strategies to tackle these challenges, and that's what we have learned during the program. We found our mentor Johnathan and the networking rounds very helpful to learn from others' experiences.” Felipe Canales - Commercial Director, Nearway