What does nearshoring mean?
Nearshoring happens when an organization decides to transfer work to companies that are less expensive and geographically closer. Using this model allows businesses to move their operations to a closer, more cost-effective location.
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Going from prototype to mass production and bringing a new product to market are critical milestones in a product’s lifecycle, often fraught with pitfalls. Of course, as any hardware startup will tell you, the road behind, from building the product to securing funding, can be just as rocky as the road ahead.
In the wake of the pandemic, Western European companies have begun moving production from the Far East back to Europe. The impact of nearshoring can already be felt in Hungary, Synermont CEO Krisztián Kavas told us. The contract manufacturing company has seen quick success, with orders flooding in from around the continent, from Austria to Sweden.
