On February 18th a second cohort of promising cybersecurity companies embarked on its Globaliser-journey. Through this 12-week internationalisation deep-dive, the participating companies get to the core of their product-market fit and their international goals and strategy. This is the second time InnovationQuarter organises the Globaliser in collaboration with DutchBasecamp and is supported by the Hague Security Delta. Specifically focused on cybersecurity scale-ups, the program includes collective sessions, individual coaching and peer-to-peer learning between the participants. What makes this program unique is that the program is supplemented by experts that share their experiences in scaling their own cybersecurity businesses. This approach helps to identify the challenges and opportunities for internationalisation in the cybersecurity sector.
International expansion is an important aspect of growth for cybersecurity scale-ups. As cybercrime does not stop at our national borders, cybersecurity companies often have to venture abroad earlier than companies in other sectors. Because internationalisation often happens at an early stage in this sector, a proper preparation and internationalisation strategy is vital in order to avoid costly mistakes and ensure a sustainable international expansion.
The participating companies have been carefully selected out of a pool of applicants. They were chosen based on their internationalisation readiness, for which was looked at product-market fit in the Netherlands and growth potential. Seven cybersecurity scale-ups met the criteria: Awen Collective, Audittrail, Fraud Dynamics, MMOX, Smartlockr, Ubiqu and Zynyo.
- Awen Collective is a software development company from the UK whose aim is to make society safer by increasing the cyber resilience of our critical national infrastructures and manufacturers. Awen Collective is new to the Dutch market and uses it as its gateway to Europe. With the help of the Globaliser, it will further develop its internationalisation strategy from the City of The Hague.
- Audittrail is a hybrid audit & consultancy and product organisation. They are specialised in security and privacy compliance. Audittrail is active in 11 European countries and is expanding its activities in the USA. They hope to utilise the Globaliser to build strategic alliances and enabling customers in more countries to achieve compliance with European legislation and standards.
- Fraud Dynamics is experienced in preventing financial crime. With the aim of preventing the cat-and-mouse game between banks and criminals, the company develops software that automatically generates fully compliant fraud / money laundering detection models that can be used within existing transaction monitoring environments. As Fraud Dynamics’ client base is global by nature, it looks to utilise the expertise and network within the programme to strengthen its proposition and go-to-market strategy.
- MMOX is a Risk Based Cyber Security™ service, unburdening SME clients from the risks of cyber incidents. MMOX expects the Globaliser to help with the assessment and blueprinting of international expansion.
- Smartlockr is fighting data leaks with an intelligent and user-friendly platform. By taking out the human error and offering a user-centric solution, SmartLockr takes care of safe communication. By participating in the Globaliser, it aims to find the right next country to enter and build an execution plan.
- Ubiqu has revolutionised digital identification by adding the same level of assurance to every digital transaction, they offer digitalised inscriptions in a wide arrange of uses such as the access to your passport, ID, credit cards, personal files and car keys. Ubiqu is expanding its sales efforts after having successfully built and certified its solution and launched it with the first customers. The Globaliser is a valuable addition for further development of these factors.
- Zynyo has developed a signing service to digitalise the paper flow within the legal and administrative work processes. The Zynyo signing service is compliant with the European Electronic Identification and Trust Services act and meets the highest levels of security and privacy. With the help of the Globaliser, Zynyo wants to strengthen her international approach and incorporate the advice from professionals and the lessons from other entrepreneurs who have successfully set up an international business.
The coming 12 weeks will be interesting and challenging weeks for these cybersecurity companies. Now that the kick-off has taken place, the companies have thought about and shared their international ambitions. They also discussed past experiences and learnings. The session ended with a discussion on sales funnels and re-getting to know your new international customer. In the next session, the companies will put this theory into practice through conducting their market opportunity analyses.