When Uber, the Silicon Valley dynamo wanted to conquer the market in China, little did it realize that one size may not fit all. Here are some reasons why Uber failed in China and lost to its local competition Didi.
The question is, can a multinational company be “locally integrated” outside its home base, or will it remain a foreigner, a “visitor”, seen as trying to maximize its own performance by adapting its business to the local market and leaving at the first sign of distress?
In 2016, the world witnessed early signs of the ever growing debate on Global vs Local solutions and associated insecurities. There is merit in breaking this dichotomy to focus on a third dimension- the region. Since, it suggests that entrepreneurial opportunities may be available at this intermediate regional level.
It is interesting to look at top challenges in the world today, whether it’s turning promises on climate change into action, rebuilding trust in the financial system, or connecting the world to the internet, these are local and global problems and need extensive collaboration.
In an increasingly polarized world and conflicting worldviews of locals vs cosmopolitans, complex international trade practices will determine the path for global and local solutions to be able to bring about positive impact.