GLOBAL TRADE VENTURES
The goal of the Global Trade Venture Program is to support the export capabilities of businesses in the state of Wisconsin.
This program supports the following WEDC Strategic Pillar and Focus Area:
Business Development: Export and International Trade
The program provides Wisconsin companies access to expertise in target markets to realize export opportunities and to accelerate a company’s export sales. The program supports Wisconsin’s business growth by increasing collaboration between companies within our key industries and our target countries.
WEDC’s market development directors (MDDs) lead Wisconsin companies on single- or multiple-country Trade Ventures, providing each participating company a suite of in-market services that are executed by one of WEDC’s Authorized Trade Representatives. The services of the U.S. Commercial Service and/or other independent contractors may be required to execute services for a trade venture. Program funds will help support the cost of country-specific business services to eligible Wisconsin companies by offsetting the cost of the venture.
Participants must be an established business operating in Wisconsin that manufactures, processes, assembles and/or distributes a product or performs a service with a potential to be exported. The company does not need to be headquartered in Wisconsin but must have export-related operations located within the state. Service companies such as engineering, architectural, information technology, scientific research and other “exportable” services are eligible for support under this program.
International professional business service providers or economic development entities seeking to build their international network or to support client companies among the trade venture may participate. However, these service providers, unless able to demonstrate they are expanding their “exportable” international business, will not be eligible for the funding that supports the in-market service package and will pay full-price to participate in the venture.
If the market warrants a subject matter expert or an industry representative, WEDC may invite appropriate representatives to join the trade venture.
Incentives and Available Funding (FY19): $653,882 (non-aids)
The FY18 budget encompasses the total costs of program implementation, including administrative, marketing, in-market services and other costs associated with staff and subject matter expert’s travel. WEDC will cover a portion of the business service package cost to eligible Wisconsin companies. WEDC will negotiate a reduced rate package for eligible businesses depending on the specific services to be offered. Ineligible companies may participate by paying the full market price of the trade venture package.
Services are determined based on the market and business need. Services may include but not limited to:
- Market assessment
- Partner search (customer, dealer, distributor, rep, agent, licensee, employee)
- Activities to foster cultural understanding of customers or consumers
Activities and Expected Outcomes:
Support six Global Trade Ventures in WEDC’s target markets in eight countries and assist 45 businesses.
Participants will be required to submit a performance report documenting trade venture results, as well as any other expected deliverable, within six months of completing a trade venture.
WEDC may impose additional reporting requirements to evaluate project performance and to ensure compliance with program objectives.
Application and Awards Process:
All trade venture participants are required to submit an application and additional service request forms. The MDD reviews the company application for completeness and company suitability for the market destination(s). A company will be subject to underwriting performing background checks prior to becoming an official global trade venture participant, regardless of eligibility for the business service package.
For more information on application review, internal process and award distribution, please refer to WEDC’s award administration policies and procedures.