What are New Tigers Consulting's core competences, enabling the company to offer a unique service?
In 2001, New Tigers Consulting (NTC) was founded on a unique business model. Providing Irish companies with China expert services and market intelligence, NTC saw the opportunity and possibility of making large impact on the Irish economy and business relations with China. Initially, the core business was assisting Irish companies in market entry and business development in China. Today, NTC also guides Chinese companies?business development processes in Ireland and the EU. The company runs its business from its Dublin office as well as two offices in China. Due to the pure China focus, NTC has become Ireland's leading provider of China related business services.
New Tigers Consulting offers both consulting and sourcing services. The consulting division provides Irish companies with advice on the Chinese market and offers services such as representation in China, assistance in negotiations, business development, market research and evaluation. In addition, the division is specialized in company evaluation and selection for potential partnerships. Finding the right "fit" is essential when entering the Chinese market through a partnership.
The sourcing division serves as an agent. Its services range from identification of manufacturers and products, organization of the logistical framework and handling the red tape associated with sourcing from China. Through knowledge and experience held by its Chinese offices, NTC assures sourcing of products that meet customer specifications. Using the services of an Irish consultant with a Chinese presence and market knowledge reduces the uncertainty and risk perception of Irish companies entering the Chinese market.
In which ways does NTC assist its customers in overcoming the main challenges of market entry in China?
Companies on the brink of entering the Chinese market should clearly define their objectives and focus. Taking into account the strategic objectives and financial commitment, the mode of market entry is determined. This can be through representative offices, joint ventures or wholly owned foreign enterprises.
NTC is experienced in evaluating potential partner companies and initializing partnerships. However, Chinese companies do not enter into partnerships in the absence of a trustful relationship. Establishing this relationship requires a good understanding of Chinese business culture. When entering into a partnership intentions and goals of this partnership must be a clear and well communicated. Investments are expected to be made by foreign entrant. Companies entering the Chinese market but lacking this understanding significantly reduce the probability of success.
The process of selecting Chinese partners consists of four phases. First, identify the requirements and objectives of the Irish company seeking the partnership. Second, search for different potential partner companies. Third, select potential partner companies that best meet the requirements of the partnership and consequently organize introductory meetings. And finally, initiating the partnership and setting up its management. After setting up the wholly owned foreign enterprise and the partnership NTC offers long-term support, including issues related to finance, banking and relationship management with authorities and IT services. To add value and focus to the business when needed, New Tigers Consulting has built partnerships with consulting companies in China that possess knowledge and experience that is not available in-house.
Which role could Ireland play in future geographic expansion of the emerging Chinese multinationals?
Presently, we do not expect many Chinese companies to internationalize since the internal market offers sufficient potential to meet their business needs. On the other hand, Ireland has a strong knowledge base and positive investment climate. Therefore it is a question of when Chinese companies will enter Ireland, rather than if they will enter. Based on its knowledge and experience in handling Sino Irish business relations New Tigers Consulting can facilitate Chinese companies?market entry in Ireland and Europe. NTC feels that Ireland's potential as a base for Chinese companies is huge. At the same time, the number of Irish companies entering China continues to rise. Being worlds apart, companies should be aware of the need to understand the both countries?markets and business cultures. A well managed market entry is the key to long-term success in the both Chinese and Irish markets. |
