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118 Harvard Business Review November 2010 The Globe photography: Stefano G. Pavesi/Contrasto/Redux The surprising global success of Spanish companies proves the value of good old-fashioned networking. by Mauro F. Guillén and Esteban García-Canal Countless companies from emerging economies hesitate to jump into international markets— especially those in the developed world— because they see themselves as hopelessly flawed. While many are every bit as savvy and profit-oriented as traditional multinationals, they’re painfully aware that they don’t have cutting-edge technologies, dominant brands, or novel products. And the process of building those kinds of advantages looks long and daunting, even for companies that possess the necessary capital. So they remain at home, profitable but unable to live up to their full potential— and vulnerable to foreign competitors. Yet there’s really no good reason they should sit on the sidelines of global competition. Our research shows that companies lacking strong technological knowledge or brand assets can still succeed in overseas markets by drawing on other capabilities. If they’re smart about how and where they venture abroad, global hopefuls can succeed by harnessing mundane capabilities, such as people skills and operational know-how, that they’ve been honing at home for years. A look at some of Spain’s multinationals shows how. Although the Spanish economy soured during the worldwide downturn, with GDP declining and unemployment hovering around 20%, How to Conquer New Markets with Old Skills ABOVE The world’s biggest bridal-wear maker, Pronovias, is one of Spain’s 2,000 multinationals. It sells 480,000 dresses each year and has a presence in 75 countries. many of the country’s approximately 2,000 multinationals are thriving abroad, even in wealthy economies, without technological or brand-related advantages. In examining the international expansion of Spanish firms over the past 25 years, we found that the leaders used acquis