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Blog Category: Secretary of Commerce Penny Pritzker

Countdown to the Global Entrepreneurship Summit

Presidential Ambassadors for Global Entrepreneurship Graphic

President Obama believes "Entrepreneurs embody the promise of America: the idea that if you have a good idea and are willing to work hard and see it through, you can succeed in this country. And in fulfilling this promise, entrepreneurs also play a critical role in expanding our economy and creating jobs."

With that in mind, the President announced in 2009 the creation of the Global Entrepreneurship Summit (GES), a platform intended to facilitate the exchange of views and ideas between global business leaders and entrepreneurs and strengthen alliances among them. Previous summits have been hosted by the United States, Turkey, the United Arab Emirates, and Malaysia.

At last year’s GES in Malaysia, President Obama asked Secretary Pritzker to chair the Presidential Ambassadors for Global Entrepreneurship (PAGE), making her the Administration's point person on entrepreneurship. In April, Secretary Pritzker chaired the first PAGE meeting, bringing together a group of America’s most inspiring innovators to serve as ambassadors for global entrepreneurship.

Six months later, the PAGE initiative continues to gain momentum, with PAGE members actively engaged in promoting innovation here at home and abroad.

To celebrate six months of the PAGE initiative, we are launching a video blog series, featuring our very own PAGE members who will share with you why entrepreneurship is important and why it is integral that the public and private sectors work together to make our economy stronger and more innovative.

Please visit http://beta.commerce.gov/PAGE to learn more about PAGE and the ambassadors who are committed to sharing their time, energy, ideas, and experience to help develop the next generation of entrepreneurs in the United States and around the world.

Among many events, here is a sample of what PAGE members have been doing to create an environment where creativity, innovation, and entrepreneurship can grow and thrive.

Secretary Pritzker and Three PAGE Ambassadors to Attend Global Entrepreneurship Summit in Marrakech, Morocco

Secretary Pritzker and the Presidential Ambassadors for Global Entrepreneurship meet with President Obama in the White House's Roosevelt Room.

U.S. Secretary of Commerce Penny Pritzker will attend the Global Entrepreneurship Summit (GES), which will take place November 19-21 in Marrakech, Morocco to demonstrate the U.S. government’s continued commitment to fostering entrepreneurship around the world. On November 19, her activities will focus specifically on Women’s Entrepreneurship Day. This year’s summit marks the fifth annual gathering of entrepreneurs at all stages of business development, business leaders, mentors, and high-level government officials.

Entrepreneurship is key to unlocking economic growth and creating jobs, and the U.S. government leads numerous programs and initiatives to improve enabling environments and to make tools and networks available to individual entrepreneurs. At last year’s GES in Malaysia, President Obama asked Secretary Pritzker to chair the Presidential Ambassadors for Global Entrepreneurship (PAGE) initiative, and she was happy to assume her role as the Administration’s point person on entrepreneurship. In April, Secretary Pritzker chaired the first PAGE meeting, bringing together a group of America’s most inspiring innovators to serve as ambassadors for global entrepreneurship.

Six months later, Secretary Pritzker has arranged PAGE-related events on four continents since the program’s launch, and the PAGE initiative continues to gain momentum, with PAGE members actively engaged in promoting innovation here at home and abroad. The following PAGE members will join Secretary Pritzker in Morocco to serve as entrepreneurship ambassadors and to share their knowledge and experience to help develop the next generation of entrepreneurs around the world:

Secretary Pritzker Meets with Korean CEOs to Discuss Importance of Entrepreneurship

As part of her efforts to strengthen commercial ties between the United States and the Asia-Pacific region, Secretary Pritzker met with Korean entrepreneurs in Seoul to discuss the importance of supporting policies in the U.S. and Korea that encourage innovation. 

Both countries view entrepreneurship as a powerful tool to combat unemployment and capitalize on positive economic trends, and Korean President Park Geun-hye​ has made promoting the creative economy a top priority for the country.  The United States can support Korea’s vision of generating new employment opportunities through an innovation-driven economy with the Presidential Ambassadors for Global Entrepreneurs (PAGE) Program. PAGE was launched in April when Secretary Pritzker chaired the first meeting, bringing together a group of America’s most inspiring innovators to serve as ambassadors for global entrepreneurship.

One way PAGE could support Korea's entrepreneurial class is through mentorship sessions between PAGE members and Korean businesses. With diverse backgrounds, the ambassadors will energize their own personal and professional networks to challenge and inspire budding entrepreneurs and raise awareness of the many resources available to them.

Secretary Pritzker also learned more about the existing challenges and future opportunities for Korean businesses. By familiarizing herself with South Korea’s investment climate and ecosystem, she can engage more U.S. firms in partnerships and mentorship with Korean businesses. She also gave insightful suggestions regarding entrepreneurship from her own experience.

The business leaders present at the meeting included CEOs and representatives from ChattingCat, Reverth, Chinchin, Estmob, Soundl.ly, Google Korea, Modu Company, Bravepops, SparkLabs, Softbank Ventures Korea, Flitto, and Korbit.

Secretary Pritzker is determined to strengthen the bilateral relationship, and she and President Park agree that both countries will thrive economically by fostering more entrepreneurship. The United States has been at the forefront of innovation in businesses, and with PAGE’s guidance and international partnerships, entrepreneurs will become more encouraged to start their own businesses and leave a legacy of their own.

Secretary Pritzker Meets with Korean Leaders to Expand Trade and Grow Economic Partnerships

Secretary Pritzker Meets with Korean Pesident Park Geun-hye on the Trade Mission

Earlier this week, U.S. Secretary of Commerce Penny Pritzker met with President of Korea Park Geun-hye, the first female President in South Korea, as well as Minister of Trade, Industry, and Energy (MOTIE) Yoon Sang-jick, and Minister for Health and Welfare, Moon Hyung-pyo. The meetings with Korean leaders are part of Secretary Pritzker’s trade mission she is leading with 20 U.S. companies to explore new opportunities for American firms in the health care and energy sectors. 

Three years ago, the U.S.-Korean Free Trade Agreement went into effect, providing the foundation for stronger economic partnerships and growing trade and investment relations between the two countries. During the mission, Secretary Pritzker reaffirmed President Obama’s commitment to deepen U.S. engagement in Asia and emphasized that her visit to Korea is a reflection of the commercial and economic component of the President’s rebalance to Asia. Secretary Pritzker and President Park discussed ways to continue moving both economies forward in the 21st century by seeking new ideas to expand business-to-business ties. In addition, the Secretary applauded President Park’s vision of building a “Creative Economy” in Korea by spurring new business opportunities, industries, and jobs through innovation and entrepreneurship. The meeting concluded with Secretary Pritzker saying that the global business community needs to continue to innovate and explore creative and alternative ways of doing business to grow and stay competitive. 

Secretary Pritzker also met with Minister of Trade, Industry, and Energy (MOTIE) Yoon Sang-jick to discuss entrepreneurship and the importance of small and medium-sized enterprises (SME) being integrated into the global business community. As President Obama’s chair of the Presidential Ambassadors for Global Entrepreneurship (PAGE) initiative, Secretary Pritzker is working with leaders and businesspeople throughout the world to help create an environment where creativity, innovation, and entrepreneurship can grow and thrive. The Secretary also asked Minister Yoon for a commitment to work together to expand industry engagement under the U.S.-Korea Clean Energy Policy Dialogue, by including business participation. Delegations from both countries met in June in Seoul to discuss clean energy technology cooperation, marking progress in smart/micro grids, fuel cells, and energy storage research and development. The Clean Energy Policy Dialogue will continue those talks and broaden the focus to discuss energy policy issues.  

Lastly, the Secretary met with Minister for Health and Welfare, Moon Hyung-pyo. With South Korea’s total market for drugs and medical device products reaching roughly $21 billion, the two leaders discussed how the United States and Korea can build new partnerships in the area of healthcare as well as Korea’s interest in becoming a global hub for clinical trials. 

The main focus of Secretary Pritzker’s visit is to introduce new-to-market firms and expand the market presence of American medical, pharmaceutical and energy-related firms that have innovative products and services. Developments in these sectors can be harnessed to improve the standard of living for citizens of both countries. 

Secretary Pritzker Joins Ambassador Kennedy and Japanese Leaders to Discuss Women’s Economic Contributions

Secretary Pritzker Joins Ambassador Kennedy and Japanese Leaders to Discuss Women’s Economic Contributions

To wrap up her visit to Japan, Secretary Pritzker joined U.S. Ambassador to Japan Caroline Kennedy and other female business leaders for a meeting over tea, to discuss government policies and best practices to overcome barriers to women’s full economic empowerment. 

Since assuming office in December 2012, Prime Minister Abe has embraced "Womenomics," the understanding that the advancement of women in a nation's society directly and positively impacts its economic growth rate, as fundamental to boosting the country’s economic potential.  According to some market analysts, Japan could expand its workforce by $8 million and increase its gross domestic product as much as 14 percent by raising women’s employment level to the same level as men.  Despite these promising projections, Japan was ranked 105th out of 136 nations in the 2013 Global Gender Gap Report which was issued by the World Economic Forum and measures economic, political, education and health differences between men and women. The United States ranked 23rd

With this in mind, the governments of the United States and Japan share a common goal of increasing women’s economic participation and contributions. 

During the meeting, Secretary Pritzker expressed that she is encouraged by Prime Minister Abe’s current efforts to revitalize the Japanese economy. The Japanese government is working to set the standard by recruiting more women in government, increasing the availability of daycare and afterschool care, and encouraging the private sector to promote more women. 

Secretary Pritzker also shared what she has learned from American senior executives and from her own experiences as a business leader for 27 years. 

Women control two out of every three dollars spent in the world today, and Secretary Pritzker strongly believes that inclusiveness is a smart business strategy to achieve a competitive advantage, and that change must start at the top. 

Commerce Secretary Pritzker Discusses Opportunities for U.S. Businesses in Japan

Secretary Pritzker Delivers Keynote Address at American Chamber of Commerce in Japan

Today, U.S. Secretary of Commerce Penny Pritzker met with representatives from the Japanese healthcare and energy sectors as part of a series of roundtables to discuss American and Japanese business relationships and improve U.S. investment in the Japanese market. These events are part of the Secretary’s trade mission to establish new partnerships and expand the market presence of U.S. medical/pharmaceutical and energy-related companies with innovative products and services.

The roundtable provided U.S. and Japanese entities the chance to share views about the opportunities that exist in the Japanese market and to encourage the development of partnerships that may lead to future breakthroughs in the energy and health sectors.

Secretary Pritzker also delivered a keynote address at an event sponsored by the American Chamber of Commerce in Japan (ACCJ) and the Japanese Industry Association, Keizai Doyukai. She opened her remarks by thanking Ambassador Kennedy, who is working side by side with the Commerce Department’s Foreign Commercial Service Officers stationed in Japan and thanked the team, led by Andrew Wylegala.

During her remarks, Secretary Pritzker emphasized the important role that U.S. and Japanese businesses play in anchoring our relationship, highlighted the U.S. as a key destination for investment, promoted the upcoming SelectUSA Summit on foreign investment, and highlighted the healthcare and energy sectors as two sectors of critical importance to growth, innovation, and quality of life in both countries.

Secretary Pritzker touched on America’s drive to strengthen commercial partnerships, help Japan develop new energy technology, optimize the mix of energy imports, and increase energy conservation. The U.S. anticipates continued high growth in the renewable energy sector, providing excellent opportunities for American firms that have cutting-edge, cost-competitive products and services.

Medidata Is Aligned With Trade Mission To Help Transform Global Life Science

Medidata Is Aligned With Trade Mission To Help Transform Global Life Science

Guest blog post by Bryan Spielman, Executive Vice President, Medidata

I am honored to join Secretary Pritzker on the business development mission to Japan and South Korea. Medidata is committed to developing our business and transforming clinical research throughout Asia, and this trip is bringing us invaluable connections to the region’s regulatory and industry leaders in the life sciences.

We are thrilled with Commerce Secretary Pritzker’s active engagement throughout the trip to Japan, and we are looking forward to our time in South Korea. The Commerce Secretary’s staff is doing a phenomenal job to keep us briefed and to take care of us, and they have gone the extra mile to make sure this is a successful trade mission. We were also honored to meet with Ambassador Caroline Kennedy, who invited us to the ambassador’s residence in Tokyo to exchange ideas. Secretary Pritzker and Ambassador Kennedy spent a great deal of time with us, and both of their teams have shown they can really roll up their sleeves and get meaningful work done.

During our trip to Japan, we had the opportunity to meet with Prime Minister Shinzo Abe and senior leaders from the Ministry of Economy, Trade and Industry (METI), and we were impressed with his administration’s commitment to drive real change in the Japanese economy. Two of the big initiatives of the prime minister’s economic stimulus plan relate to healthcare and women in the workplace. These issues align nicely with our values as a company—more than 40 percent of Medidata’s Japan office is female—and we are very excited about continuing to invest in Japan.

We also had productive meetings with Japan’s Minister of Health Yasuhisa Shiozaki, senior leadership at the Pharmaceuticals and Medical Devices Agency (PMDA) in charge of promoting information technology, and Japanese pharma industry leaders. In our conversations, it became clear that the idea of leveraging technology to increase the speed, quality and efficiency in the clinical trials process is clearly front and center in Japan. There is broad recognition that the ever-increasing R&D costs are not sustainable and that technology and new data sources can help.

Commerce Partners with Small Business Administration for the Launch of Business Sunday in Houston, Texas

Commerce Partners with Small Business Administration for the Launch of Business Sunday in Houston, Texas

Last weekend, the U.S. Department of Commerce and the Small Business Administration (SBA) launched Business Sunday at Windsor Village United Methodist Church in Houston, TX. Business Sunday is an outreach and educational program that takes place in local communities around the country, connecting current and future business leaders with valuable resources to help them start or expand their businesses.

On Sunday, Windsor Village’s Senior Pastor Kirbyjon Caldwell welcomed representatives from SBA, Commerce’s Center for Faith-based and Neighborhood Partnerships and Minority Business Development Agency (MBDA), along with representatives from the city of Houston and other local entities, for the first in a series of Business Sundays that will take place around the country. More than 500 people attended the event, showcasing the strong demand among business owners and entrepreneurs for information on the high-impact business development resources offered by the federal government.
 
Originally piloted in Washington, DC, at the 19th Street Baptist Church in March 2014, the Business Sunday program consists of MBDA Business Centers partnering with SBA field offices and a local congregation to present information on federal business development resources from Commerce, MBDA, SBA, BusinessUSA and the Department of Health and Human Services (HHS). The event also provides attendees with an opportunity to connect one-on-one with the field staff. In the near future, additional Business Sunday events will be held in Philadelphia, PA; Mobile, AL; Washington, DC; Indianapolis, IN; El Paso, TX; Miami, FL; Denver, Co; Phoenix, AZ and Seattle, Washington. Details on upcoming events will be released once available.
 

Commerce Secretary Pritzker Begins Business Development Mission to Japan and Seeks Opportunities for U.S. Companies in Health Care and Energy Sectors

Commerce Secretary Pritzker Begins Business Development Mission to Japan and Seeks Opportunities for U.S. Companies in Health Care and Energy Sectors

U.S. Secretary of Commerce Penny Pritzker today began a five-day Business Development Mission to Japan and South Korea and met with Japanese leaders in Tokyo to address opportunities for U.S. companies to launch or increase their business in the health care and energy sectors. Due to a lack of natural resources, both Japan and South Korea have long been dependent on imported energy sources to meet their energy needs.

During her first day in Tokyo, Secretary Pritzker was joined by U.S. Ambassador Caroline Kennedy and the business delegation in several bilateral meetings with Japanese leaders.  During her meeting with Japanese Prime Minister Shinzo Abe, Secretary Pritzker commended him on his government’s commitment to reform throughout his two years in office, and noted that American businesses are eager to partner with Japan in the country's ongoing efforts to reform and strengthen its health care and energy sectors. She also praised Prime Minister Abe for his vision in entering the Trans-Pacific Partnership negotiations, and she discussed the need for the U.S. and Japan to be creative and bold as the countries enter the final stages of the negotiations.

Following her meeting with the Prime Minister, Secretary Prtizker met with Japan’s Minister of Health, Labor and Welfare Yasuhisa Shiozaki. During the meeting she addressed the importance of continued engagement on medical device and pharmaceutical issues, stressing the concerns the industry has with annual price revisions in the medical devices and pharmaceutical sectors.  She also thanked the Minister for Japan’s cooperation on vaccine issues and stressed the need for continued cooperation on Ebola response efforts.

U.S. Secretary of Commerce Penny Pritzker Leads Business Development Mission to Japan and South Korea

Home to nearly 60 percent of the world’s GDP and the fastest growing economies, the Asia-Pacific region offers a wide array of opportunities for United States businesses and workers. To further improve the U.S. economy, the Obama Administration recognizes the critical importance of strengthening its well-established trading partnerships in the region, particularly with Japan and South Korea.

With the fourth and thirteenth highest GDP respectively, Japan and South Korea are highly developed, stable markets for trade and investment. The healthcare sector in both countries is expanding quickly to meet rising demand. In Japan, there is a rapidly-aging demographic profile, with a population aged above 65 years, which will increase from 25.1 percent in 2013 to 29.2 percent by 2023. In addition, South Korea is emerging as a hub for global medical tourism by attracting and training world-renowned doctors and developing more advanced clinical trials.

To take advantage of these growing market opportunities, U.S. Secretary of Commerce Penny Pritzker will leave tomorrow for Asia to lead 20 American firms on a Business Development Mission with stops in Japan and South Korea. The business delegation includes small and big companies, such as C3 Energy, HPI, and Oregon. The mission will focus on expanding opportunities for U.S. businesses in the healthcare and energy sectors and will also look for ways to help the region develop and manage energy resources and systems, and build out power generation, transmission, and distribution.  

As the voice of business in the Administration, the U.S. Department of Commerce, plays a pivotal role in expanding market access for U.S. companies in countries around the world. Specifically on this mission, Secretary Pritzker and American businesses will meet with Japanese and South Korean business leaders in the medical device, biotechnology, regenerative medicine, energy and health IT sectors to explore opportunities for partnership and investment.

The Commerce Department is committed to creating more opportunities for American businesses to flourish both at home and abroad. During the mission, Secretary Pritzker will also focus on reinforcing trade agreements that reflect our values, such as the Trans-Pacific Partnership (TPP) and U.S.-Korea Free Trade Agreement (KORUS), that will help U.S. firms gain greater access to the Japan and South Korea markets.

This will be Secretary Pritzker’s first trade mission to Asia since taking office in June 2013 and will promote U.S. exports to Japan and South Korea by helping American companies launch or increase their business in these key markets.  The mission will make stops in Tokyo, Japan and Seoul, South Korea.