TechnoFibre is a lifeboat maintenance company that services shipping, offshore and cruise ship operators. Just two years after setting up, Ramasamy Ramesh felt the Singapore market was too small. He ventured overseas and, today, the company has established a presence in 16 countries.

From Franchising...

“Being global was our vision from the very beginning,” says Ramesh. “Since we had financial and manpower constraints, we started with the franchising route. Franchising allowed me to reach a wider audience at a lower cost.” Franchising helped TechnoFibre penetrate overseas markets and grow to twice its size in a single year.

...To Joint Ventures...

Ramesh wanted to expand further and he knew that understanding local cultures and markets was a challenge. In order to overcome the different business practices in different places, he turned to joint ventures.

He needed good local partners to help him market the business while he focused on the technical aspects. “You must keep your mind and eyes open. Things may not always be as they seem from the outside,” he says of choosing partners.

Indeed, patience is the key to success for Ramesh. He worked with many companies before choosing one to become a partner. The entire shortlisting process took him seven years and a few hundred thousand dollars.

“You have to kiss many frogs before you find your prince,” he says with a laugh. Although his venture in India still operates as a franchise, he does not rule out changing the mode of operation as the market develops.

...To Forming Subsidiaries

Today, Ramesh's empire is five times its original size. The company services about 1,500 lifeboats and davits worldwide annually. In order to monitor and be in control of the technical and marketing aspects, his next step will be to form subsidiaries with his partners abroad.

Ramesh attributes his success to his never-say-die attitude and has these words of advice for budding entrepreneurs: "Be prepared to fail but never accept failure".