Jelurida believes in the enormous potential of blockchain technology to fundamentally change the way business is done online. The international software company creates reliable, energy efficient and easy to use software and contribute to the mainstream adoption of blockchain technology.
- Ms. Kalcheva, what are your most important export markets and why?
The most important markets for us are the Western European countries. So far, we have been working with clients from Spain, Netherlands, Austria and Germany. Last year we have successfully entered the Southeast Asian area and more specifically Singapore. We also have a huge user base in South Korea and Africa (mostly Nigeria) - this is due to the dual nature of our technology - suitable both for end users and companies.
- What challenges do you face in these markets?
The biggest challenges we face in any market we are active in are related to the fact that the blockchain technology is still in its infancy and it takes time for the new applications and most suitable use cases to be assessed and developed. Also, in many countries the lack of favorable regulation or any regulation at all regarding cryptocurrencies makes businesses reluctant to embrace the possibilities the public blockchain platforms have to offer. We are also facing big competition from established enterprise software providers who are better known even though in the field of blockchain their technology is less mature than ours.
- What were your biggest learning experiences during the internationalization process?
Being still a startup, we are learning every day. One of the most valuable lessons we have learned is that we need to invest considerable amount of time explaining how blockchain technology can solve the customer needs, conducting workshops and educational lectures. In doing that, it is invaluable to have a representative local to each market. Therefore, we embraced the franchise business model, establishing Jelurida Africa and Jelurida Korea legal entities as a permanent presence in the African and Korean market respectively.
- Where do you see your export opportunities for the future?
Probably the best export opportunities for the future will come if we would be able to strengthen our positions in the Western European markets and US.
- What do you particularly appreciate about Switzerland Global Enterprise’s (S-GE) consultation?
We are very happy to be a member of S-GE and we are grateful for the assistance and expert advice we received tailored to various geographical locations.
“Thanks to S-GE we established many valuable new contacts and expanded our business network. Being part of the SWISS Pavilion at conferences is always an amazing experience.”