The Singular Factory: Globalization and digital industry benefit Canary Islands
The Singular Factory is a company with 5 years of experience that was founded by its current CEO, Gustavo Medina. From the very beginning, they dedicate themselves to creating and developing digital projects and online businesses. They cover the management of innovative software projects for developing business ideas with a great adaptation capacity to new technologies and their clients’ needs. This company was born with a clear intention of global market as the objective of their operations.
“Throughout these years we have grown by creating new sister companies, investing in other firms, developing many digital projects and, above all, having fun with it. We have always been sure about two premises: to constantly innovate and be happy enjoying our job”.
This ability has resulted, along these years, in a growth towards Europe and America. Thus, the company is present in Miami, Gran Canaria, Madrid, Bogotá, Lima, Mexico DF and Buenos Aires. All of the aforementioned is reinforced by the addition of significant Canary Islands’ companies into this firm, what ensures their international career.
“The incorporation of Domingo Alonso Group into our company marked a turning point which allowed us to definitively accelerate our roadmap”.
Currently, what is the core business of the company?
As we are a company whose services are addressed to companies which are looking for personalized or adaptable solutions to their online businesses, we have focused on boosting some personal projects. Every year, we develop from 6 to 9 projects and, if they move up and monetize, we launch them onto the market and we test them with the first customers in order to see if they are strong enough to financially push them (we or jointly with partners in the sector the project is applicable to) and make them grow. We are now in a good moment, expanding our owned companies and partner network in Latin America and, through this, flourishing our client portfolio around the world.
Why do you think it is interesting for business developing to look at foreign markets?
We don’t think it is interesting, but a must. In some cases, it is critical. For instance, Canary Islands have an excellent market, but it is limited. Bear in mind this sector, the digital one; it should always work with a global vision of clients. To a company like The Singular Factory, with the purpose of keep growing, creating value and new projects, open to foreign markets was imperative from the start.
What projects are you performing now at the outside, in which countries and why?
We market many and different digital projects (logicarsapp.com, weengoapp.com, corporapp.net, etc.) around the world.
Besides this, we run our own companies from Singular Factory’s projects as:
· Cargobot (www.cargobot.co) in USA and Colombia, through which we tried to join offer and demand with just a “click” when contracting a cargo transport. You will have an app in which you will have access to transports available in your zone, negotiate the price, accept or refuse proposals and notify or send messages about the transportation process, among other things. Next step is transferring the same model to Colombia and Spain, after adapting it to those countries’ current legislations.
· Other project we are starting to launch in these countries is Wupplier (https://www.wupplier.com/es/), a platform to manage the value change in the relations with your providers. With this product we are coordinating our first customers in Canary Islands, USA, Mexico and Colombia. We are starting with the entities in Australia and Peru.
We started running in these markets because of the partners and relations we have accomplished on the way since we decided to internationalize.
What products or services you think they are the most interesting to internationalize?
In our case, almost any digital product or service can be perfectly internationalized. In fact, in The Singular Factory, when developing any project, we evaluate several capacities and one of them is considering if it has a place in every location, although we don’t have a physical presence on it. Selling to the world from Canary Islands is a good target; we escape from projects designed to specific regions. We think globally.
As they are digital projects we have the possibility, since the very beginning, of launching them in multiple markets at once just by a “click”, only having into account the locations and current legislations of those markets.
What problems have you faced when going outside? How did you solve them? Have you received any support?
For us, it is not too complex. As I have mentioned before, the greatest challenge is getting each product adapts to a global market and to different regions in terms of legal expressions, and not much more.
Furthermore, we though establishing a commercial or contact network at the beginning was important. We achieved all of this with the help of our partners of Proexca (in our case, from Miami and Washington) and our partners of ICEX in Miami.
Have you achieved any international goal?
Yes, with Wupplier we were finalist of the Citi Mobile Challenge 2015 edition and out of more than a thousand short-listed projects in fintech sector (technology based on the world of finance) we reached the final of top seventy-five. It was, for certain, an incredible experience, in which we knew many interesting projects within the fintech sector and which helped us strengthen our bet on this specific project. Not only we won the experience and recognition of the work, but we also closed meetings with clients and trade agreements in Australia.
Now, Wupplier has clients in Spain, Colombia, Mexico and United States, although it is still a startup which just starts, but with an international projection.
Apart from this company, we market other products and we provide digital services locally.
It was easy going outside, how did this experience start?
In our case it was really easy, thanks to our partner Domingo Alonso Group. We were lucky to bump into the most dynamic Canary Islands’ company regarding investment and bets on digital projects. Add to this, they have already had a very solid international presence in Latin America and they have opened a representative office in United States relatively recently. All of this helped us a lot. They facilitate us logistics, legal aspects, etc. We only had to be enthusiastic and courageous.
We are an example we hope will be repeated many times. The case of a Canary Islands SME which is meeting their milestones and which receive the support of a great regional group, private, that supports us, offers us their international momentum and makes us grow.
Why would you recommend going outside?
I would recommend it because of many reasons. The requirements that arise in Canary Islands also exist around the entire world. Going outside looking for new markets should be in the strategic roadmap of any company, especially if it is a digital one which operates from Canary Islands where taxation and working costs are very attractive and where the talent is accessible but with a quite small market. World is too big to think about few million of potential customers.
Gustavo Medina del Rosario
CEO en The Singular Factory
Translated by Laura Falcón Gil, 30 March 2017