October 5, 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

The Utah Global Forum is less than two weeks away. Have you registered yet? There are plenty of great reasons to attend this exciting event, but here are 10 that we often discuss as we promote international trade:

  1. Gain insight on the international business climate, the latest in international news and the newest trends impacting Utah's economic climate and growth.
  2. Hear from the best and brightest minds in in Utah and gain valuable insight from experts with extensive international business experience.
  3. Find new strategies and resources that will enable your company to grow and prosper in today's evolving economic climate.
  4. Discover the stories “behind the global headlines” and their potential impact on your business with CNN commentator Ana Navarro.
  5. Learn about emerging trends and opportunities in economic sectors such as software and IT, outdoor recreation, manufacturing, etc. that are waiting in new markets around the globe.
  6. Share your experience and perspectives in international business with like-mind individuals.
  7. Expand your business goals and plans through the diversity of markets, people, money and resources.
  8. Network with hundreds of other business professionals.
  9. Engage with Utah's business and political leaders in active discussions about public policy and Utah's economic future.
  10. Discuss how diversity can improve your company's bottom line with Javier Palomarez, president of the U.S. Hispanic Chamber of Commerce.

Register today with the promo code WTCUtah17 to save $15 off the registration price.

Happy exporting!

Going Global: FatPipe Inc.

Early in September, when the DSEI Trade Show opened in London, six Utah companies were there with World Trade Center Utah. FatPipe Inc., headquartered in Salt Lake City, was one of those companies.

Matt Gwyther, director of technical marketing, says DSEI is one of six or seven international trade shows that FatPipe participates in every year. The company has always focused on the global marketplace for its computer networking products, which has resulted in more than 200 resellers outside of the U.S. and offices in India, Australia, Nigeria, Singapore, the Philippines, Hong Kong, Mexico and Amsterdam.

FatPipe's hybrid wide area networks (WAN) and software defined WANs are especially popular in Nigeria, India and the Philippines, which have become the company's strongest international markets.

Founded as Ragula Systems in 1989, the company began operating as FatPipe Inc. in 2002 and has grown to become the world's most innovative creator of WAN redundancy technology and router clustering. Gwyther says that means FatPipe's customers have automatic and dynamic failover for downed data line connections in the event of WAN component or service failures.

Further, he says FatPipe's line of products cover an array of features and benefits for companies that run mission critical applications over any type of WAN infrastructure. Customer benefits include up to seven-lines of WAN redundancy, reliability, and speed. Dynamic load balancing, Quality of Service (QoS), and additional security; as well as compression, and VPN encryption capability are also available.

Before the economic downturn in 2008, FatPipe had focused much of its international growth on Europe, but after the economic crash refocused on other emerging markets. Having paid its dues, Gwyther says the company is primed for continued international growth. FatPipe currently operates a development center in India and just opened a new service center in the country that has tripled the company's footprint in that market.

FatPipe has been ranked within the top quarter of Utah's fastest growing companies for the past three years by Mountain West Venture Group's Utah 100, and was ranked 189th in the prestigious Inc. 500. The company has also received numerous awards and accolades for its innovative products and executive staff.

Gwyther describes FatPipe's customer profiles as "extremely diverse," ranging from multinational corporations to medium and small sized companies.

"Companies worldwide deploy FatPipe appliances to help create robust and stable WAN infrastructures so they can transmit data accurately, efficiently and securely," he adds. "All major industry types use FatPipe products, including law firms, financial and medical institutions, local, state and federal government entities, military institutions, municipalities, utilities and educational facilities. In fact, FatPipe products are deployed at 30 of the top 100 hotels and by 24 of the top 100 law firms in the U.S."

For more information about FatPipe visit fatpipe.com or call 801-281-3434.

World Trade Center Utah Named Administrator of $390,000 SBA Grant for Local Businesses

World Trade Center Utah (WTC Utah) has been awarded $390,000 through the State Trade Expansion Program (STEP) administered by the U.S. Small Business Administration to provide grants to local companies.

The purpose of the STEP Grant is to increase the number of small businesses that are exporting and help existing exporting companies grow. Utah businesses that meet the eligibility requirements can receive up to $15,000 in funding for their international activities. A 25 percent cash match by the grant recipient is required.

STEP Grants can be applied to export related activities, including participation in foreign trade missions, foreign market sales trips and services provided by the U.S. Department of Commerce. Other activities that qualify include designing international marketing campaigns, export trade show exhibits, training workshops and more. Click here to read the full story and learn about upcoming trade missions where the grant money can be used to offset participation costs.

Farm to Foreign Table: Marketing Food Products to a Global Audience

Learn the ins and outs of international marketing from the experts during the "Farm to Foreign Table" seminar Nov. 1 from 3-5 p.m. at the Salt Lake Chamber. You'll learn the basics of marketing from a world class marketing expert, USU Marketing Professor Eric Shulz, who has a wealth of experience and is a rock star in the marketing world. He developed the world's largest integrated strategic marketing plan, Coca-Cola's sponsorship of the 1996 Olympic's in Atlanta. He has managed the marketing for the Utah Jazz, Disney, Procter & Gamble and many other high profile brands.

Following Professor Schulz's presentation, listen in on a panel discussion and a Q&A moderated by World Trade Center Utah CEO Derek Miller. Panelists will include international trade experts and Utah food companies that are currently exporting their products.

Come Learn how you can connect with a global audience and take your products to hungry consumers all over the world. Click here to register or for more information.

Stengthening Utah Economies

Is your county or region experiencing economic challenges due to the contraction of the coal industry? Are you seeking effective approaches to support economic diversification, workforce development and improved quality of life in your community?

Join the National Association of Counties and the National Association of Development Organizations (NADO) Research Foundation in Richfield October 18–20 for Strengthening Economies in Utah, a free forum designed for coal-reliant counties and regions from across Utah.

This convening will bring together stakeholders from the public and private sectors for an educational and interactive gathering to share best practices, lessons learned and new opportunities to support economic diversification. Join us for discussions designed to deepen and foster new partnerships that promote innovation and prosperity throughout Utah and the region.

Register here.

Register for the Utah Global Forum

Register now for the Utah Global Forum, an event that facilitates dialogue on how businesses can expand beyond local boundaries and develop an import and export strategy to expand into the global marketplace. The event is hosted by Gov. Gary Herbert and takes place Oct. 17 from 8:30 a.m. to 2 p.m. at the Grand America Hotel in Salt Lake City.

Focusing on "Prosperity Through Diversity," the forum offers an incredible breadth of content and brings experts from across multiple industries, all with a single objective: move Utah businesses to the global business stage and meet the challenges of today's business environment.

We are excited to have CNN commentator Ana Navarro as our keynote speaker. She will go behind the headlines to give attendees a look at the current global business climate. Other major speakers include Javier Palomarez, president of the U.S. Hispanic Chamber of Commerce, and Governor Gary R. Herbert.

Click here to register or for more information.

Meet Top Business Schools – QS World MBA Tour Salt Lake City

The QS World MBA Tour is coming to Salt Lake City! As a member of World Trade Center Utah, why not take advantage of FREE attendance – normally $15!

This is your chance to find out more about MBA programs from Salt Lake City, as well as national and international B-schools all in one day, on October 23 at the Hilton Salt Lake City Center.

Attendees of this event also have the chance to network with industry experts, receive guidance and preparation for the GMAT, and are eligible to apply for a pool of scholarships worth $7 million. Join Brigham Young, University of Utah, Arizona State, Penn State, Rice, and many more! Register here.

Toolbox: Who Wants What You've Got?

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.

Hundreds of factors play into a consumer's decision regarding what products to purchase. Price, culture, climate, age and lifestyle are just a few of the items on the long list that weigh into a person's purchasing decisions. To determine which overseas markets you, as a Utah business, should expand into, you must first determine who your customers are and then identify the locations that hold the greatest potential.

Researching potential export locations early on will increase your likelihood of success and minimize costly mistakes. Assessments are available to help you determine whether your product would be a good fit for a specific region. These assessments take into account existing competition, logistics, price, duties and customer tendencies.

Following is a list of tips to help you determine which country is the right fit for your product:

Research consumer trends in the country you want to export your product into. United Nations trade data, consumer expenditures and economic indicators from the World Bank and commercial vendors, such as Euromonitor, are good places to start your research.

Learn where your competitors are exporting to determine where the demand is, the price consumers are willing to pay and to determine if there is room for your product in the market.

Look at countries in close proximity to the U.S. that have free trade agreements in place, especially countries that are part of the North American Free Trade Agreement (NAFTA), such as Canada and Mexico. The U.S. has free trade agreements with 20 countries.

Use resources offered by trade organizations, such as World Trade Center Utah, U.S. Commercial Service and the Governor's Office of Economic Development (GOED), to obtain industry reports and conduct market research.

Once you have narrowed your search to a few countries, it is time to examine indepth the characteristics of each country that will impact your business. Some of these include demographics, language, culture, politics and religion. Compare and analyze competition, market growth, prices, marketing strategies, distribution channels, licenses, certifications and tariffs. Learn what import and export regulations apply to your product. Examine if there are any modifications your product might need in order to adapt to the market. Finally, assess market saturation, ease of market entry and availability of qualified partners. Below is a list of a few resources that can guide you in your research and decision making:

  • The Department of State – Offers a wealth of diplomatic information on specific countries and regions, including information on doing business in international markets.
  • The CIA World Fact Book – Supplies information on history, people, government, economy, geography, communications, transportation, military and transnational issues for 267 world entities.
  • The International Trade Administration – Provides expert advice through overseas and domestic field staff focused on export promotion, analysis and compliance related issues.
  • Global Edge, hosted by Michigan State University – Utilizes more than 500 quality resources to efficiently research nearly any international business question you may have.

If you are just getting started in international business, consider selecting a few cost effective markets and then expand over time. Be aware of potential illegal customs that certain countries may practice such as corruption, bribery, anti-dumping standard and potential intellectual property violations. Get legal counsel on these issues to avoid possible setbacks.

If you come across questions or need assistance as you grow your business internationally, World Trade Center Utah's trade services team is available to help. Visit wtcutah.com for more information.


Upcoming Events
Oct. 17 Utah Global Forum
 
Oct. 18-20 Strengthening Utah Economies
 
Oct. 22-26 Utah Trade Mission to Israel and Jordan
 
Oct. 23 QS World MBA Tour Salt Lake City
 
Nov. 1 Farm to Foreign Table: Marketing Food Products to a Global Audience
 

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Utah Global Forum to welcome CNN commentator and the president of the U.S. Hispanic Chamber of Commerce

World Trade Center Utah named administrator of $390,000 SBA grant for local businesses

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25k Jobs. 25 Counties. Four Years.







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