Chief executives officers (CEOs) in an increasing number of America's fastest growing hi-tech companies believe that sales in Europe and Asia, especially China, will bring them out of the current economic doldrums.
Some 47 per cent of CEOs in the just released Fast 500 CEO Survey by Deloitte & Touche's Technology and Communications Group said they are looking to China and western Europe as new growth markets.
Of that total, over 23 per cent are focusing on western Europe this year, more than double the 10 per cent in 2000, and 24 per cent are looking to China, which is triple the eight per cent for Asia Pacific, including China, cited by CEOs in the 2000 survey.
As well as looking for new markets, the Fast 500, which is made up of public and private technology companies with the fastest five-year compounded revenue growth, are also changing focus in other areas.
Once bullish on going public, CEOs are drawing back from initial public offers (IPOs) as a way to build their companies. Less than 10 per cent said they planned to do an IPO in the next 12 months, a drop from 15 per cent from a year ago.
CEOs nowadays want to stay in control, according to the survey, and fewer are seeking to be bought out. About eight per cent said they planned for their companies to be acquired in the next 12 months, compared to 27 per cent a year ago.
The biggest problem for CEOs is finding enough funding for growth. One third reported that a lack of capital is restricting their ability to expand.
Mark Evans, managing director of Deloitte & Touche, said that in these economically uncertain times, CEOs at technology companies are changing their strategies for success.
"They are buckling down, focusing on making profits, looking at consolidation opportunities, expanding their markets globally and focusing on attracting and retaining the right people to help them find new ways to succeed in a down market," he said.
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