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International Trade Virginia Economic Development Partnership

International Trade Virginia Economic Development Partnership. Surry County and Beyond March 13, 2013. Jordan Watkins VEDP- International Trade jawatkins@yesvirginia.org. What is VEDP- Intl Trade. Mission: To increase international sales for Virginia Companies

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International Trade Virginia Economic Development Partnership

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  1. International TradeVirginia Economic Development Partnership Surry County and Beyond March 13, 2013 Jordan Watkins VEDP- International Trade jawatkins@yesvirginia.org

  2. What is VEDP- Intl Trade • Mission: • To increase international sales for Virginia Companies • To expand Virginia’s tax base and job base • Goals: • Get clients in front of in-country decision makers • Get clients’ contracts signed

  3. Accomplishing Goals By… • Taking clients to market • Group Trade Missions • Independent Market Visits • Identifying and qualifying potential in-country partners • Global Network Research • Internal Research • Executing international business plans in targeted markets

  4. Trade Regions

  5. Trade Regions

  6. How Did… • Trax International grow their international sales from $2.5 Million to $5 Million? • VSD, LLC increase their international sales from $0 to $10 Million? • K2M, Inc. raise their international sales from $7.5 Million to over $30 Million?

  7. Research • >1000 Market Research Projects Completed from FY 2009 to present • 251 Total Research Projects in FY 2012 • 143 Global Network Research • 108 Internal Research

  8. Research Topics: Examples • Who is importing my product or service? • Are there any regulations I need to be aware of? • What is the best way for me to sell my product or service internationally? • How do I find a local partner? 20+ More Topics

  9. Global Network Program • 49 in-country consultants provide market research to Virginia companies • One free project per client, per year • 26 market research tasks available • Most requested task – list of potential in-country distributors or customers • Russia • Slovakia • Spain • Sweden • The Netherlands • Turkey • Ukraine • UK • Europe • Belgium • Bulgaria • Czech Republic • Denmark • Estonia • Finland • France • Germany • Hungary • Italy • Ireland • Latvia • Lithuania • Norway • Poland • Romania • Middle East & Africa • Israel • Jordan • Qatar • Saudi Arabia • South Africa • UAE • Americas • Argentina • Brazil • Canada • Chile • Colombia • Costa Rica • Mexico Asia Pacific Australia China India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Thailand Vietnam

  10. Resources: ExportVirginia.org

  11. Resources: Fast Facts

  12. Grow International Partnerships • VEDP Trade Missions & Independent Market Visits • 209 companies have traveled with VEDP on Trade Missions from FY2009 to present

  13. Trade Missions Countries traveled: • Australia • Brazil • Canada • Chile • China • Colombia • Costa Rica • India • Mexico • Poland • Romania • Saudi Arabia • South Africa • Turkey • UK • Ukraine • Vietnam

  14. Trade Missions 92% of companies that have traveled with VEDP on Trade Missions would participate again

  15. Trade Missions

  16. Independent Market Visits

  17. VALET Program Virginia Leaders in Export Trade (VALET) 54% average increase in international sales over the two-year program for participating companies.

  18. VALET Program • +124 Graduate Companies • 50 Actively Enrolled

  19. VALET Program To be Eligible…Companies must have: • 20 employees • $2 million USD in annual sales • $20,000 annual commitment toward export trade • Completed international market research

  20. VALET Program VALET Client Profile

  21. VALET Program Program Benefits • $15,000 toward export related expenses • 25 program partners offering pro bono services • Executive training • International sales plan development • Educational events • Customized research (i.e. market analysis, technical assistance, competitive intelligence)

  22. VALET Program Additional Results: • 94% expand into new international markets • 86% establish partnerships with international companies • 83% implement international marketing strategies • 81% increase annual international sales

  23. VALET Success • BODE Technology • VALET 2007-2009 • Starting International Sales - $100,000 • Currents International Sales - $4.9 Million • VA staff increased from 85 to 130 • Started in 3 countries, now sell in 50+ countries

  24. VALET Success • K2M, Inc. • VALET 2009-2011 • Starting International Sales – 7.5 Million • Current International Sales - >30 Million • Current subsidiaries in 8 countries, plan for 4-5 more subsidiaries in 2012

  25. VALET Success • Trax International • VALET 2009-2011 • Starting International Sales - $2.5 Million • Current International Sales - $5 Million • Created import/export compliance program

  26. VALET Success • Turman Group • VALET 2008-2010 • Starting International Sales - $2.8 Million • Current International Sales - $7.5 Million • Purchase of Nelson County facility for exporting added 15 new jobs • 6-70% of lumber products sold internationally

  27. VALET Success “Reality is, without international expansion it would have been very difficult for us to have survived the last couple of years of economic downturn. VEDP, the VALET program and the Virginia Department of Agriculture and Consumer Services were pivotal parts in making this happen for our company” -Ryan Turman

  28. VALET Success • VSD, LLC • VALET 2008-2010 • Starting International Sales - $0 • Current International Sales - $10 Million

  29. VALET Success “We didn’t have any FMS until we joined VALET. The knowledge gained through VALET enabled us to obtain FMS through the U.S. government because we had in-depth knowledge about a market they were moving into.” -Chuck Wythe

  30. VALET Success • World Art Group • VALET 2006-2008 • Starting International Sales - $231,500 • Current International sales - $1 Million • $500,000 international sales to China

  31. National Support National Export Initiative “To double U.S. exports in 5 years” -President Obama

  32. Step Grant • Year 1 • $435,000 October 2011-September 2012 • 17 companies received $20,000 • Results • $3,011,327.11 in total international sales • Products/services sold in 11 new markets • 12 of 17 companies increased international sales by approx. 12% • One company went from $20,000 in international sales to $657,537.56

  33. STEP Grant • Year 2 • $734,000 October 2012-September 2012 • 16 companies eligible for $20,000 • 11 Export Compliance slots • 10 DXA slots • 17 Gold Key slots • 24 Commercial News ads • 10 Export Expo virtual trade show booths • 23 miscellaneous stipends at $2,500

  34. ARC Grant • $100,000 – 3 federal fiscal years • Limited to ARC region • Funds for international travel and market research

  35. Accolades VEDP International Trade 2008 President’s E-Star Award

  36. Accolades VALET Program 2010 Harvard “Bright Ideas”

  37. Accolades VALET Program 2008 NASBITE Program Excellence Award

  38. Accolades VEDP International Trade Clients SteelMaster 2010 UPS “Growth through Global Trade”

  39. Accolades VEDP International Trade Clients VSD 2010 British Airways Face-to-Face Contest

  40. Accolades VEDP International Trade Clients 24 Hour Company 2010 British Airways Face-to-Face Contest

  41. Virginia Conference on World Trade • Learn concrete ways to increase your company's international sales • Network with hundreds of people from manufacturing, service, and logistics sectors • Get caught up on international trade issues with industry experts • Hear high-caliber speakers discuss how Virginia is positioning itself for the future of international trade

  42. Virginia Conference on World Trade • Highlights from 2012 • +225 international business executives representing 161 companies • Ignite Speed Networking Reception • 2 tracks offered • Keynote, Scott Wayne delivered on “The Art of International Influence”

  43. Virginia Conference on World Trade “It was a great conference. I am glad that I attended. I have been signing praises about the conference to the staff here.” Vinod Chachra, VTLS, Inc. “I was able to attend the conference and just wanted to let you know I thought the program was outstanding! You guys did a great job!” Jon E. Lytton, CCS-Inc.

  44. International Trade Fact 95% of the world’s consumers live outside the U.S. 87% of world economic growth over the next five years will take place outside the U.S.

  45. International Trade Fact Export growth has accounted for half of the nation's economic growth since the 2007-2009 recession

  46. International Trade Fact Jobs supported by goods exports pay 13-18% more than the U.S. national average

  47. International Trade Fact President Obama announced the National Export Initiative to double U.S. exports by the end of 2014 In trillions of dollars U.S. Census Bureau, U.S. International Trade in Goods and Services

  48. Virginia Exports Globally

  49. Virginia’s Exports Virginia’s Export Composition 2010 From 2003 to 2010, Virginia’s service exports grew 61%, while product exports grew 37%, inflation adjusted.

  50. Virginia’s Service Exports In 2010, Virginia’s service exports totaled $13.8 billion and supported approximately 125,000 jobs.

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