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Blog Category: ExporTech

Connecting Entrepreneurs to the Global Marketplace

Connecting Entrepreneurs to the Global Marketplace

The Commerce Department’s International Trade Administration works hard to help companies that are ready to export compete and succeed in global markets.

We want to emphasize that it’s never too early for entrepreneurs to start thinking about exporting – determining financing needs, targeting markets, conducting research, etc.

As we’ve worked with global startups, we’ve learned it can be difficult for entrepreneurs to connect to existing resources to help them go global. We realize that start-ups differ in their capabilities at various stages of the business development process, but want to help young businesses incorporate export plans into their business model as early as possible.

One great way to get started is to be a part of ExporTech, which can help your company develop its export plan, then have it vetted by a panel of experts. More than 575 companies have participated in Exportech, with an average sales increase or retention of $770,000.

Here are four more tips for the busy entrepreneur to help address specific needs to start exporting:

  1. Secure access to capital: Many local and state governments have seed capital and investment programs just for their states’ entrepreneurs and startups. Many states have small business development programs or startup-specific outreach programs designed to assist entrepreneurs to access capital- as well as educate them on best practices. On the federal level, there is the Small Business Administration, which has programs like the U.S. Small Business Investment Company program. A list of other loans directed towards helping small businesses go global can be found here.
  2. Secure your Intellectual Property: In order to increase the confidence a startup requires for going global, we need to ensure they know about what our U.S. Patent and Trademark Office (USPTO) is doing to protect American start-up’s intellectual property. Here are five simple steps to get started, and you can find more information at stopfakes.gov.  
  3. Do your Research. One important thing you need to figure out is the right target market for your exports. Understand the market trends and figure out your company’s competitive advantage. You can find market research reports on export.gov or by visiting your nearest Export Assistance Center. Here are some other important questions you should answer from the start.
  4. Find the Right Partners. Every market is different, and having a good partner on the ground -- whether it’s your legal representation, a distributor, or a sales representative – can make a huge difference in your company’s success. Consider ITA’s Gold Key Matchmaking Service to help you find the right partner for your needs.

By helping America’s high-growth start-ups go global, trade will become a broader part of doing business in the United States. The International Trade Administration and the Department of Commerce are committed to enabling our next generation of globally fluent businesses.

Contact your nearest Export Assistance Center to get started.

ExporTech™ Helps Manufacturers Develop Strategies for International Markets

ExporTech™ Helps Manufacturers Develop Strategies for International Markets

With more than 80 percent of the world market residing outside the U.S., there is clearly great opportunity for U.S. companies to find new customers and grow. But it is much easier to enter or expand into new global markets with partners who have resources and can help guide the way.

As part of the Commerce Department’s efforts to help U.S. companies increase exports, the National Institute of Standards and Technology’s Hollings Manufacturing Extension Partnership (NIST MEP) and the International Trade Administration’s (ITA) U.S. Export Assistance Centers offer ExporTech™. Since 2007, ExporTech™ has assisted hundreds of businesses across the country to increase export sales, establish new partnerships, expand production facilities and hire more employees.

The program brings in partners such as District Export Councils, state trade offices and other federal, state, and local agencies to efficiently connect companies with a wide range of experts that help them navigate the export sales process.

Manufacturers can sign up for ExporTech™ through their local MEP center and, over the course of nine weeks, each company is guided through the development of an export strategy, both through group workshops and individual coaching. At the end of the program, the business has an export plan that is vetted by a panel of experts. Many participants generate export sales within six months of completing the program.

ExporTech™ builds connections to a team of export organizations that help participating companies find the right markets and implement their export growth plans. It amplifies the impact of other export programs, helping companies get the most out of tradeshows, ITA’s Gold Key services, country visits and trade missions.

To date, there have been more than 90 ExporTech™ programs in 28 states with more than 500 participating companies. Those companies have hired an average of five new employees, seen nearly $800,000 in average export sales increases, saved an average of $50,000 in costs and investments, and seen new and retained sales of $400 million.

ExporTech™ is just one example of the Commerce Department’s commitment to helping more American businesses export to more markets. Just yesterday, Commerce Secretary Penny Pritzker announced NEI/NEXT – a data-based, customer service-driven initiative that will build on administration-wide achievements under the National Export Initiative (NEI) to help all businesses reach the 95 percent of consumers who live outside the United States. To learn more about NEI/NEXT’s strategies to help U.S. businesses capitalize on new markets, visit http://www.trade.gov/neinext.