We have supported the first Japanese electric money business to enter into the European market. This project involved market research, business planning, setting up an office, business scheme development, and development and implementation of business strategies. This is a typical example of OIC's hands-on involvement in the business support.
OIC's networking enabled the best possible management team for the business launch
OIC has been directly involved in launching the European business of WebMoney, the first prepaid electric currency business in Japan. Here is the background of how OIC managed to set up the business from scratch, where they had almost no local resources.
-- How did you come to undertake the overseas development of WebMoney?
Matsutani (OIC Founder): "WebMoney Corporation was already very successful in Japan, but had not done anything when it came to overseas business development. Because speed is crucial in the IT industry, the client wanted to set up a business from scratch in the shortest span of time. That is why they consulted me."
"We decided to set up a base in the UK and then did everything required drawing up a business plan, registering the branch, recruiting the staff, and sales activities. We were directly involved in all these activities. Eventually, we made an adjustment and appointed a local staff member to manage the business."
-- Was there any difficulty in developing the overseas business?
Matsutani:
"In WebMoney Corporation's case, the most important key was developing a business plan suited for the local commercial environment. In Japan where you can find convenience stores anywhere, you can assume that there are retail shops everywhere; but this is not the case in Europe. There are not so many chain retailers whilst there are many restrictions imposed by local legislation. The distribution patterns are also very different from Japan. Therefore, we had to alter the Japanese business model considerably."
"As a result, we decided to develop a loyalty point business. Unlike in Japan, this new loyalty point service was widely accepted in Europe."
-- What is the key for business development?
Matsutani: "I strongly believe that it comes down to human resources. With the WebMoney project, we managed to form the best possible team by headhunting a CTO from an electric payment venture company and a top-level sales executive. I feel confident to say that we exerted the best planning and negotiation skills that are required to recruit the most talented staff."
"The recruitment part of business is regarded as a tacit rule that is not always clearly visible. However, when you are launching a new business, recruitment creates a huge difference in the result. As all OIC's members have launched businesses, we can get deeply involved in the process, taking full responsibility for the eventual outcome. This approach is something that makes us different from other so-called consulting companies."
WebMoney
-- How did you come to undertake the overseas development of WebMoney?
Matsutani (OIC Founder): "WebMoney Corporation was already very successful in Japan, but had not done anything when it came to overseas business development. Because speed is crucial in the IT industry, the client wanted to set up a business from scratch in the shortest span of time. That is why they consulted me."
"We decided to set up a base in the UK and then did everything required drawing up a business plan, registering the branch, recruiting the staff, and sales activities. We were directly involved in all these activities. Eventually, we made an adjustment and appointed a local staff member to manage the business."
-- Was there any difficulty in developing the overseas business?
Matsutani:
"In WebMoney Corporation's case, the most important key was developing a business plan suited for the local commercial environment. In Japan where you can find convenience stores anywhere, you can assume that there are retail shops everywhere; but this is not the case in Europe. There are not so many chain retailers whilst there are many restrictions imposed by local legislation. The distribution patterns are also very different from Japan. Therefore, we had to alter the Japanese business model considerably.""As a result, we decided to develop a loyalty point business. Unlike in Japan, this new loyalty point service was widely accepted in Europe."
-- What is the key for business development?
Matsutani: "I strongly believe that it comes down to human resources. With the WebMoney project, we managed to form the best possible team by headhunting a CTO from an electric payment venture company and a top-level sales executive. I feel confident to say that we exerted the best planning and negotiation skills that are required to recruit the most talented staff."
"The recruitment part of business is regarded as a tacit rule that is not always clearly visible. However, when you are launching a new business, recruitment creates a huge difference in the result. As all OIC's members have launched businesses, we can get deeply involved in the process, taking full responsibility for the eventual outcome. This approach is something that makes us different from other so-called consulting companies."
WebMoney
