Mech Solutions is happy to announce that our company has been selected to be part of the International Co-Innovation with China and the U.S. Program (ICAP)! Through this venture, we hope to improve our international presence by completing the following four project objectives:
- Gain a better understanding of the operational environment in China and our target sales market in the United States
- Identify an effective Intellectual Property strategy.
- Solidify our ideas on solution adaptation.
- Identify one or more potential co-innovation partners in China.
Project Objective 1: Gain a better understanding of the operational environment in China and our target sales market in the U.S.
The Operational Environment in China:
Many foreign investors seek business opportunities in China due to the nation’s large market size, low labour costs and large growth potential. In fact, many economists believe that the Chinese economy will be the largest in the world by 2024, surpassing the United States.
There are also good prospects for 3D printing in China due to the nation’s high adoption rate of 3D printing. Currently, 78% of Chinese companies have adopted 3D printing with 50% of these 3D printing-related revenues coming from 3D printer sales.
Mech Solutions has effectively established strong relationships with four manufacturers within China through our retail operations. These manufacturers include Creality 3D Technology Co., Ltd, Anet Technology Co., Ltd, Flashforge 3D Technology Co., Ltd, and Anycubic Technology Co., Ltd. In addition, we also aim to strike licensing deals with other 3D printer manufacturers to improve our company’s international presence. Necessary steps will be taken to ensure high-quality 3D printer standards for all Mech Solution’s 3D printers.
Sales Target Market in the United States:
Similar to China, the U.S. also has a favourable view of 3D printing expansion. About 60% of companies planning to increase their investments in additive manufacturing by 50%. In terms of our U.S. target audience, we will aim to use customizable pricing structures and engaging marketing tactics to appeal to our target audience. Our target consumers will possess one of three ideal characteristics:
- Entrepreneurs/small business owners, hobbyists, students who voluntarily partake in 3D printing activities out of interest or in an attempt to make income
- Businesses who currently use 3D printers
- Businesses who do not use 3D printing but can easily benefit by adopting
Ultimately, these audiences will have different needs, demographic characteristics and lifestyles which we will uniquely aim to cater towards when promoting our brand.
Project Objective 2: Identify an effective Intellectual Property (IP) strategy
Mech Solutions will also incorporate an effective intellectual property (IP) protection strategy to alleviate and mitigate risks for the company. For example, many international firms in China recognize that mimicking reputable strategies of foreign companies with minimal chance of punishment is the most profitable and least risky way to adequate status. Thus, defending potentially pirated IP is the most integral component of Mech Solutions’ international affairs due to our businesses’ unique product and service model.
Project Objective 3: Solidify our ideas on solution adaptation.
Our newly revised plan has now considered socioeconomic factors within the U.S. and China, IP awareness and associated defensible systems to combat reputational/financial damage, and market-based industry research to identify and decide on partnership opportunities.
Project Objective 4: Identify one or more potential co-innovation partners in China.
Mech Solutions plans to use the methods listed below to identify and compile a list of potential co-innovation partners in China:
a) Continue to leverage the long-standing and mutually beneficial existing relationship with our Chinese manufacturers.
b) Compile a list of manufacturers through market research.
c) Attending in-person and virtual trade shows and conferences to contact manufacturers and gauge their response.
d) Work with a trade commissioner to help build contacts with manufacturers.
e) Hire an International Trade Consultant to help us build relationships.
Overall, we hope by completing the four project objectives will bring new perspectives to the company and will allow us to better recognize and manage businesses’ threats and opportunities. In doing so, we hope to improve our international presence and bring more customers to Mech Solutions.
Visit Mech Solutions to learn more!