Artekya is a successful Turkish nanotechnology company that recently expanded to the Czech Republic. The company was founded in 2005 by the 3 passionate entrepreneurs who were part of a nanotechnology research group at the Istanbul Technical University. Since then, Artekya has been developing nanotechnology handling products under its brand name Nasiol. The company’s products consist of different liquid chemical nanocoatings surface for materials such as glass, metal, textile, ceramics, and woods using nanotechnology. In 2018, with the assistance of Yeye Agency, Artekya had successfully expanded its business to Czechia and started its operation on the European market.
?Expand to the Global Market
Looking for opportunities in order to expand to the global market, the founders of Artekya attended an investment seminar in Istanbul where they met their future investors in October 2017. The “Invest in Czech Republic” seminar was organized by the Czech-Turkish Joint Chamber of Commerce and CzechInvest on investment opportunities in the Czech Republic. Inspired by the presentation of Yalin Yuregil, who is the founder of Yeye Agency, Artekya decided to take the brave step to expand their business.
Soon after the seminar, Yeye Agency met the representatives of the company in Prague to discuss the feasibility of their successful entry to Czechia. Artekya’s aim was to establish a European Hub in the Czech Republic. Due to its strategic location, it is ideal to operate the business from the Czech Republic across Europe, lease a warehouse and hire a responsible person for European operation.
?Detailed Market Research
Before establishing the company, detailed market research was conducted by our Operations Manager, Miss Streubelova. The business opportunities in nanotechnology, potential partners and competitors in the Czech Republic and neighbouring countries were carefully analyzed. The market research included all necessary certificates for the nanotechnology sector, warehouse costs, costs of offices, approximate starting capital for company establishment, human power costs, shipping costs, and the introduction of cultural differences between the Czechs and Turks in the business environment.
The Market Research is the first step every company wishing to expand should take in order to evaluate the potential success of their product. With detailed market research, companies will be able to determine the right target customer and the right marketing channels to reach them. The competitor analysis will enable them to easily spot the limitations in the market, business opportunities, partners and the present business risks. Understanding the market, the companies can set realistic targets and achievable goals for further improvement and business growth.
The detailed market research enabled Artekya to evaluate their options as the company decided to move forward with its business under the guidance of the Yeye Agency. With the decision, Artekya was provided with the most suitable business plan for the establishment of their company in Czechia and support for its development throughout its lifecycle.