In an era of accelerated globalization, internationalization has become a cornerstone for businesses seeking to expand their market presence and competitiveness globally. Recognizing this imperative need, the “Furniture Go International” (FGOI) project, funded by the European Union’s COSME program, has undertaken an innovative feasibility study for the establishment of a Joint Representation Office (JRO) in key third countries: the United States, Canada, Egypt, and South Africa.
The study presents a comprehensive market environment analysis, exploring the feasibility and opportunities of opening a JRO from market perspectives, management structures, and future financial viability. Supported by the European Commission and a joint investment of €549,248 from the EU and €61,026 in private funding, FGOI marks a milestone in collaboration and innovation, directing its efforts towards intensifying cooperation opportunities in the furniture industry and related sectors.
Strategic Objectives and Key Benefits
The primary goal of the JRO is to strengthen the presence of European SMEs in foreign markets, facilitating entry and sustained growth in these countries. Through promotion services, local market research, assistance with regulatory compliance, and establishment of business contacts, the JRO will serve as a crucial bridge for companies looking to explore and consolidate in new horizons.
Additionally, the study has identified potential local partners in initial exploratory visits, ensuring effective integration and fruitful collaboration in each target country. This network of partners not only expands business opportunities but also facilitates the cultural and commercial understanding necessary for successful internationalization.
A Hybrid and Sustainable Approach
Acknowledging the changing market dynamics post-COVID, the study proposes a hybrid model for the JRO, combining virtual elements with physical spaces that allow for both the flexibility and tangibility required in the furniture sector. This approach is not only economically viable but also aligns with current digitalization trends, offering a robust platform for the promotion and sale of products and services.
A Beacon for European SMEs in the furniture industry
At its core, the JRO aspires to be a beacon for European SMEs in the furniture sector, guiding them through the complexities of international trade. By offering an array of services from local market research to regulatory compliance assistance, the JRO is poised to facilitate seamless market entry and sustainable growth in foreign markets. Moreover, the office will serve as a vibrant space for exhibitions and events, highlighting the importance of sensory experiences in the furniture trade, alongside leveraging digital media’s growing influence.
Invitation to Collaboration
FGOI invites all stakeholders, from SMEs to strategic partners and financiers, to join this collective effort towards internationalization. The creation of the JRO can represent an opportunity to open new markets, strengthen competitiveness, and contribute to economic growth and innovation in the furniture industry and related sectors.
With a clear vision and a defined path to success, the feasibility study for the Joint Representation Office is more than a deliverable; it is an invitation to be part of a new era of international cooperation and shared success, based on an realistic analysis.
If you are interested in learning about how a JRO can benefit the industry, together with understanding the potential costs for such a venture based on a comprehensive comparison among the targeted countries, download the Feasibility Study below.
The content of this news represents the views of the author only and is his/her sole responsibility; it cannot be considered to reflect the views of the European Commission and/or the European Innovation Council and SMEs Executive Agency (EISMEA) or any other body of the European Union. The European Commission and the Agency do not accept any responsibility for use that may be made of the information it contains.
