Posted at 4:22 PM
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.