Global trade ventures provide a prime opportunity to grow your business
In today’s increasingly global economy, exporting is a critical aspect of business growth. For Wisconsin companies seeking to start exporting or expand their international footprint to grow their business, the Wisconsin Economic Development Corporation (WEDC) offers a variety of programs to find success around the world, including global trade ventures.
“A comprehensive export strategy based on strong analytics should be a pillar of your company’s business growth strategy,” says Katy Sinnott, WEDC vice president of international business development. The benefits of exporting include faster revenue and profit growth, greater access to the right workforce talent, the ability to pay a higher average median wage, greater creativity, and risk mitigation and business resilience during recession cycles.
Sinnott adds: “Through global trade ventures and the assistance of WEDC’s global network, we take the mystery out of exporting and help provide a clear path for Wisconsin companies to grow their sales in international markets and, in turn, grow their business.”
With a new fiscal year on the horizon, WEDC has announced its trade venture schedule for 2017-2018. While dates are subject to change, destinations and tentative dates include:
- Sept. 8-16, 2017: Tokyo, Japan and Seoul, Korea
- Oct. 26-Nov. 3, 2017: Tel Aviv, Israel
- Jan. 27-Feb. 3, 2018: Mexico City and Guadalajara, Mexico
- March 18-23, 2018: Toronto and Winnipeg, Canada
- April 13-25, 2018: Shanghai, Ningbo, Harbin and Guangzhou, China
- June 23-30, 2018: Stuttgart, Düsseldorf and Frankfurt, Germany
The goal of each trade venture is to connect Wisconsin companies with potential buyers, distributors and other partners in these markets through personalized meetings. These trips are suitable for companies that are not yet exporting into these markets. For companies that have already adopted an export strategy and are exporting into these markets, participating in a global trade venture will enhance their business ties and expand their market presence. These eight countries include some of Wisconsin’s top export destinations (find the latest export data here).
In each country, participants are scheduled for one-on-one meetings with potential partners that are hand-picked for each company. Each participant receives a custom market assessment detailing considerations to keep in mind when introducing a product or service into the market that can include the product landscape, in-market competitors, and sales and distribution models. With authorized trade representatives in 79 countries around the world, Wisconsin has eyes and ears on the ground, making it easier for companies to find local partners they can trust while taking some of the guesswork out of launching in a new market. WEDC arranges these appointments for participants, allowing them to focus on business rather than logistics and scheduling.
While the program cost will vary by country, in each case it will include market research and one-on-one appointments, in-country transportation including travel to business meetings, interpreter fees if applicable, hotel accommodations for the duration of the program and some group meals.
“Participating in global trade ventures provide great professional value while offering a greater cultural understanding of the markets you’re seeking to do business with,” says Sinnott. “We invite you to join us over the next year in visiting one of these leading markets to grow your business.”
The trade venture schedule is subject to change. To receive information about WEDC’s global trade ventures, including notification that registration is open, subscribe to the INterconnect newsletter.