1) Self Development
If there is a large base of capabilities such as research, prior knowledge(from USSR), tools and talented people, a business can be self developed and build.
2) Joint Venture
If there are only partial knowledge and capabilities, the best way is to form a joint venture with a foreign firm and build together.
3) Buy a company:
Often it is easier to buy a company, in order to fill a gap in the local market.Ideally it should be as mall company with excellent products and technical know-how.
In this case an acquired company could serve as a template to kickstart a national business sector,by replicating R&D and production in the country.
4) Buy IP - Intellectual Property rights:
In some cases, where specific processes are covered by IP, it might be useful to buy a license.
5) Hire specialists
Specialists are best hired either as technical leaders (if previous experience) or business process consultants: they can help replicate a type of business model and bring much needed experience.
Any of the above solutions can be mixed and matched, in order to improve the Value Creation and Industrialization of a country.
What is the best way to acquire knowledge to master new technologies and production and begin Import Substitution?
- Buy a company
- Buy a technology(Intellectual Property Rights)
- Make a JV -Joint Venture
- Hire specialists/consultants
- Internal R&D
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