Indian companies part of new globalisation drive

Globality , a start-up founded as the world's first B2B marketplace, aims to drive benefits of globalisation deeper into the world's economies, helping companies create more inclusive economies

A number of Indian small and medium enterprises (SMEs) are among SMEs from across 70 countries of the world that have been brought together by a Silicon Valley entrepreneur in an initiative aimed at making globalisation work for every economy. 

Globality, a start-up founded in California as the world's first B2B marketplace that matches large multinational corporations (MNCs) with small and mid-sized service providers, believes India and other emerging markets hold great promise in ensuring that SME service firms are not left out of the benefits of globalisation.

"The aim of Globality is to drive the benefits of globalisation deeper into the world's economies, thereby helping companies meet the goal of creating more inclusive economies," said Joel Hyatt, the CEO of Globality, who was in London this week to launch the company's European headquarters in the British capital.

"We are operating in India. The country has tremendous potential to open up opportunities around the world for companies to source in India and for Indian companies to sell abroad. And, what Globality is doing has relevance in every country's economy," he said.

His company's model is based on an internet-based platform to create a global marketplace for business to business consulting, from legal to management and advertising, accessible to SMEs as part of the Globality Service Provider Network.

Many of these smaller players would remain undiscovered by big MNCs if they only rely on the current model of nearly 90 per cent of businesses going to just 1 per cent of firms.

Hyatt, who has been backed by a range of investors including former US vice-president Al Gore, also completed a new funding round of 35 million dollars this week, which brings the amount raised by Globality to USD 72 million since it was founded in 2015.

While he agreed that Brexit was a cause for concern due to the uncertainty it creates for businesses, the serial entrepreneur said he was confident it would not affect his company's ability to operate.

"Brexit is a problem but at the same time we do not see it getting in the way of serving our clients. London will remain a great place to operate in the world," he said.

Britain is set to leave the economic bloc in March 2019, but is still in the midst of tough exit negotiations with the European Union (EU).

The businesses are concerned that Britain's exit from the EU could involve an abrupt change in the trade relationship with the continent or even lead to a potential no-deal scenario involving heavy tariffs on exports and imports.

"Despite the ongoingBrexitnegotiations, global business still sees London as the most important city for transatlantic trade, for trade within Europeand an unrivalled hub for elite talent," said Yuval Atsmon, the company's new global head for its consulting vertical.

"Forty per cent of the world's most valuable businesses have their European headquarters in Londonand it ishome for many exceptionalSMEs inprofessional services.