Lumiio Graduates from the Trade Accelerator Program (TAP)
Throughout the months of September and October in 2021, Lumiio’s CEO Blaine Penny and Business Research Analyst Jaclyn Hiebert had the unique opportunity to participate in Calgary Economic Development’s (CED) Trade Accelerator Program (TAP). The innovative program is designed to provide businesses with the resources, strategic assistance, and key insights to prepare for global expansion. As Lumiio looks to expand its operations into Europe, Asia, and Latin America, TAP has been an invaluable resource and platform to begin launching these growth and expansion initiatives in building digital health communities around the world.
TAP is an innovative 4-session initiative, designed to accelerate the strategic development of small and medium enterprises (SME) and to prepare for expansion into international markets. The sessions focus on navigation of the complexities of the global trade ecosystem (e.g. legal, tax, logistics, financing, marketing, sales, etc.), familiarity with international best practices, access to a network of experts and thought leaders, customized, face-to-face coaching and advice, and support in developing and executing an export plan.
Over the course of the program, Blaine and Jaclyn were able to create a fully integrated export plan that will be a key component in Lumiio’s expansion strategy. For Blaine and Jaclyn, the TAP program provided some key strategic insights into exploring new markets:
Network With Other Start-ups and SMEs
Despite operating in different industries, you are all likely sharing similar ups and downs with international expansion and can share learnings and best practices with each other. Mentorship and constructive feedback reinforce business relationships and are critical to personal growth and business development.
Take Advantage of Resources
Learn more about what resources are available to help your company enter a new market successfully. Whether you need financial, marketing, legal, or logistic assistance in a specific market, there are resources and support for everyone! Visit Export Development Canada to learn more.
Take the Time to Reflect
The importance of this cannot be overstated. Create a business model canvas to clearly outline who you are and see if this matches with where you want to be in a few years. Reflection on both a personal and business level can lead to creativity, motivation and possible growth opportunities that could be overlooked.
Participation in accelerator programs can give start-ups and SMEs the confidence and capabilities to enter new markets, and Lumiio is looking forward to its next chapter as it furthers its international expansion. We want to thank Calgary Economic Development, the TAP team and all of the participants in Cohort 14 for an engaging program!