Market research and competitor analysis are both expensive and timely to conduct, making them some of the most common barriers to entry for businesses seeking to expand into a new market. Fortunately, Canadian businesses have the Canadian Trade Commissioner Service (TCS) to assist them with valuable support and resources related to just about any market around the globe.
Registering with TCS
With eighty offices in India alone, the TCS is able to conduct primary research and collect secondary data in order to provide the most accurate and up-to-date information related to market snapshots, news and developments, key opportunities, and trade show listings. As a first step, companies should sign up for the TCS Newsletter. This useful electronic news update will contain valuable market information and event invitations customized for your industry. Also, please visit the TCS Website to browse the entire library of news and resources, as well as find a regional trade commissioner for your prospective market.
International Expansion Support Through Canadian Government Funding
There are several funding programs currently available to help small businesses accelerate their international expansion efforts. The Investment Cooperation Program, discussed earlier this week, will provide up to $575,000 towards investing in an export market.
Alternatively, if you are looking to tap into an international partner’s expertise to develop a new product, the Going Global Innovation program can provide up to $75,000 towards the partnership. There are several others, such as the Export Market Access $50,000 grant for trade shows and the Export Manager Program, which provides up to $80,000 in grant money towards to the hiring of an Export Manager.