This is the seventh post in our multi-part series “Global Insights on Chicago’s Tech Sphere” detailing the experiences of our Professional Fellows from Bosnia & Herzegovina, Croatia, and Slovenia as they discover more about Chicago’s thriving innovation community, and how it compares to their home countries.
Part 7: Doing Business in the U.S.
By Haris Palalija, Bosnia & Herzegovina
It is very difficult to compare doing business in the Western Balkans and the USA. The U.S. market is huge, whether we are talking in terms of population or purchasing power.
The establishment of a company is simple and most of the steps can be done online. However, that may depend on the U.S. state where you want to set up a company. A large number of incubators and accelerators are available for startups and they often are divided by industry, such are MATTER (healthcare startup incubator) and 2112 (incubator focused on the development of business and entrepreneurs in music, film/video and creative technology).
However, large market means big and strong competition. That is what drives individuals, small and large companies to invest in their products, services, people, or anything else that will mean a competitive advantage. This creates conditions for many opportunities for learning and networking so you will not have trouble to find training, meetup, or casual networking events every day.
What is particularly noticeable is the opportunities for a successful business in narrowly specialized fields by covering a specific market niche. A particular American market niche often looks like the complete economy of some small Balkans countries.