The invention of the steam engine in the late 1700s and its widespread use beginning in the early 1800s triggered the industrial revolution. Steam engine is an engine that uses steam as its working fluid to perform mechanical work. James Watt, a Scottish engineer patented the steam engine in 1781.
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1. New markets - international expansion offers a chance to conquer new territories and reach more of these consumers, thus increasing sales.
2. Diversification - companies can utilize international markets to introduce unique products and services, which can help maintain a positive revenue stream.
3. Access to talent - Another top benefit of going global is the opportunity to access to new talent pools. International labor can offer companies unique advantages in terms of increased productivity, advanced language skills, diverse educational backgrounds and more.
4. Competitive advantage - Companies also choose international expansion to gain a competitive edge over their opponents. International expansion can help companies acquire access to new technologies and industry ecosystems, which may significantly improve their operations.
5. Foreign Investment opportunities - companies considering international expansion shouldn’t forget about the additional investment opportunities that foreign markets can offer. For instance, many firms are able to develop new resources and forge important connections by operating in global markets.
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