June 19, 2017      wtcutah.com   Facebook Twitter   LinkedIn   Instagram

Helping Utah Companies Think, Act and Succeed Globally

CEO Derek Miller
@DerekMillerUtah

President's Message
Derek B. Miller, World Trade Center Utah

At Salt Lake County's Metro Solutions event on June 8, where we awarded more than $70,000 in grants to help 13 Utah Companies offset the costs associated with global expansion.

It was thrilling to see the number of quality companies that applied for this first round of Utah Export Acceleration Grants. The fact that so many companies are looking to take their products or services global is exciting for our state and we are thrilled to be part of the exporting journey with so many Utah companies.

The grants were the first of three rounds of funding from the Export Acceleration Grant, a $200,000 contribution from JPMorgan Chase & Co. Applications are currently open for the second round of Utah Export Acceleration Grant funding and will close at the end of June. Companies interested in the grants should click here to apply.

Happy exporting!

Gateway '17

World Trade Center Utah and Midvale-based Overstock.com are proud to partner with Alibaba Group to introduce Gateway '17 event to Utah businesses. Secure your spot now to learn how to access the Chinese middle class – the largest, fastest growing online consumer market in the world. You'll also have the chance to hear first-hand from Alibaba founder Jack Ma in his only public U.S. appearance.

The event will run June 20-21 in Detroit, Michigan. Reserve your seat today and enter WTCUT at checkout to pay just $125 for a $500 ticket. Tickets are going fast. Early Bird discount offer ends June 8 midnight, EST.

Going Global: Impact of Globalization on Utah is Widespread and Nearly all Positive, New Study Shows

Overall, Utah's economy is larger and more prosperous because of globalization. That's according to new research from the Kem C. Gardner Policy Institute at the University of Utah, which also notes that Utah's foreign born, refugee resettlement, international travel, and international students reinforce the positive economic impacts of globalization on the state economy.

Jim Wood, Ivory-Boyer senior fellow at the Gardner Institute and author of the study, says that while some people may portray free trade and open borders as threatening, the data suggests otherwise. Such a negative view is not warranted for Utah. "Overall, the state economy has seen positive effects from globalization," he adds.

The study is the inaugural edition of the Gardner Business Review, which shares applied economic analysis by the David Eccles School of Business. Data from the report was shared with attendees during Salt Lake County's "Metro Solutions: A Framework for regional growth, prosperity, and inclusion" event on June 8, which was convened with participation by the Brookings Institution.

According to the study, Utah has been largely shielded from the economic shocks of free trade, due largely to the state's low concentration of import-vulnerable manufacturing jobs. Other data shows that Utah's 2015 international goods exports (non-gold) supported $3.5 billion in earnings and 84,367 jobs and added $6.7 billion to Utah's gross domestic product.

Further, immigration is a vital source of labor supply for Utah employers. The state has nearly 172,200 foreign-born workers making up 12.5 percent of the state's workforce.

Marek Gootman, fellow and director of strategic partnerships and global initiatives at the Brookings Institution, says the report reaffirms the need for global engagement to generate sustained economic growth, and reveals many assets to build on. "The report reinforces the value of new efforts by business, government and civic leaders to strengthen the international economic connections and competitiveness of Utah and its regions," he adds.

Call for Nominations – Weber County International Business Forum

In conjunction with the Weber County International Business Forum, World Trade Center Utah (WTC Utah) is taking nominations for the Champion for International Business Award and for the Vanguard in International Business Award. The awards will be presented at the Weber County International Business Forum on July 10 at the Ogden Eccles Conference Center.

A successful candidate for the Vanguard in International Business Award will meet the following criteria:

  • Utah-based business headquartered in Weber County.
  • Has successfully exported for at least one year.
  • Has potential for increased export activity.

A successful candidate for the Champion for International Business Award will meet the following criteria:

  • An individual from Weber County who supports and advocates for businesses expanding into international markets.

Click here to nominate an individual or a local business from Weber County. Nominations must be submitted by June 28, 2017. Award winners will be announced prior to the forum.

Trade Mission to Singapore and Vietnam

Applications are now open for Gov. Gary Herbert's trade mission to Singapore and Vietnam. The trade mission runs from Aug. 28 through Sept. 1 and participants will have the opportunity to meet and network with business and government leaders and find new business opportunities.

Since 2003 the World Bank has ranked Singapore first in the world for ease of doing business, while Vietnam has emerged as the fastest export market for U.S. goods and services since 2015. The trade mission will provide new opportunites for Utah companies to grow their businesses in Asia.

Singapore and Vietnam are also two of the fastest growing trade and technology hubs in the world and the gateway to the ASEAN region. For a tentative trade mission agenda and updates visit WTC Utah's Events page.

Canada Outbound Consumer Oriented Trade Mission to Toronto

The Western U.S. Agricultural Trade Association (WUSATA), with the 13 Western State Departments of Agriculture, and in conjunction with Food Export Northeast and Southern U.S. Trade Association, invites Utah companies to join the Canada Outbound Consumer Oriented Trade Mission to Toronto Sept. 6 – 7.

The outbound mission will take place in Toronto, the provincial capital of Ontario and a major transport hub. The trade mission focuses on food service products, ingredients and retail products.

For more information or to register, click here.

Register Now for the Utah Global Forum

Discover "Prosperity Through Diversity" at the 2017 Utah Global Forum, the state's premier international business event. Within the incredible breadth of content you'll learn about diversity of markets, people, resources and financing.

Now in its fourth year, the Global Forum takes place Oct. 17 and is designed to facilitate dialogue on how businesses can expand beyond local borders and develop a strategy of expansion into the global marketplace through exporting opportunities. The Global Forum brings together experts from across industry – all with a single objective – move Utah businesses to the global stage to meet the challenges of today's business environment.

Hosted by Gov. Gary Herbert and produced by World Trade Center Utah, the Salt Lake Chamber and the Utah Governor's Office of Economic Development, the event runs from 8:30 a.m. to 2 p.m. and takes place at the Grand America Hotel in downtown Salt Lake City. Register before Aug. 4, 2017 and save $15 with the early bird pricing.

Toolbox: Identify Resources

Tool Tip #2.1: Know Where You Need Help

Earlier this year, World Trade Center Utah launched its "10 Tips to Help you Think, Act and Succeed Globally." Since the launch, we have featured corresponding articles in the export toolbox section of our newsletter. We are pleased to revisit these "10 Tips" and dig deeper into topics that will be important as you pursue international business opportunities.

Our second tip, "Identify Resources," provided you with tools to help you expand internationally. In order for you to know what export resources to pursue, it is necessary for you to first define your needs. This article provides a simple framework to identify your export-related needs so you can move from the assessment stage of "taking a good look in the mirror" to actually connecting with resources that will aid you in your international efforts.

Identify Your Needs
If you have self-assessed your company as Tip #1.2 suggests and feel that:

(1) More preparation is needed before your company can export.
– Or –
(2) Your company is ready to export, but needs help with understanding an aspect or two of exporting.

Then it is time for you to dig a little further into exactly what your needs are. The exercise of defining your company's export-related needs will help you know exactly what resources to seek.

If you are in the first situation mentioned above, perhaps you assessed your company's export potential and found you did not have the buy-in necessary from management for international expansion. Instead of just accepting that management is not committed, you should define who isn't committed and why. Perhaps you will discover your COO isn't committed because he doesn't think there is enough demand for your product internationally. Defining these specifics allows you to accurately remedy the need by providing market research to company leaders.

Your company might be in the second situation mentioned above, feeling ready to export but not fully understanding a certain aspect of international trade, like shipping logistics. Asking the question, "How can we get our perishable product from Utah to England within a week?" is more practical than asking, "How do we ship something to Europe?" Targeting your research more specifically will help you efficiently use your time and resources.

Prioritize and Construct a Timeline
The article or Tip #1.4 describes how you can begin to internationalize your company's strategy by setting a goal to begin exporting by a certain date. Keeping this date in mind will help you prioritize the tasks required to address your export-related needs. Tasks such as building up product production will likely take more time and effort than committing management to the goal of exporting. Assessing each task will help you construct an accurate and actionable timeline for taking your products or services to new markets.

Don't know how much time a task will take? Bounce the idea off of an export mentor or someone else who has gone through the process. They can provide helpful insights you may not have been aware of otherwise.

Fact or Myth: Addressing export needs will pull necessary resources away from my business.

Myth. Preparing to export can help your business as a whole become more efficient. For example:

  • Getting management buy-in for your international vision can increase management unity.
  • Increasing production capability will be beneficial as you grow both in the states and abroad.
  • Understanding how to market your product abroad will likely lead to fresh ideas for marketing it domestically.

In most cases, preparing to export will only strengthen your business, even if you have to dedicate some resources away from current operations.

WTC Utah can assist you in defining your export-related needs. Contact our trade services team at WTC Utah for a free consultation as you consider your exporting potential: exportassistance@wtcutah.com.







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