When people think of exports, they often think of tangible products – perhaps luxury items like cars or agricultural items like peanuts. What they do not often consider are services. Services such as legal, financial, architectural, IT and healthcare are exports, and metro Atlanta, known for its strong services sectors, is home to many companies that provide these types of services.
The importance of exports is that they add jobs to the regional economy. In 2014, metro Atlanta generated $26.6 billion in exports. The International Trade Administration reports that every additional $1 billion in exports can create as many as 5,800 new jobs to a metro region. With 95 percent of the world’s consumers living outside the U.S., and global middle class consumption expected to reach $35 trillion by 2030, the potential for exports is tremendous.
However, very few companies realize this untapped potential. Further, many companies do not know how to get started.
The reality is that metro Atlanta is under-exporting. Out of the top 100 U.S. metros, metro Atlanta ranked No.14 by volume of exports in 2014, but metro Atlanta’s export intensity – the export share of our overall economy – ranked No. 64, with exports making up only nine percent of the region’s economy.
The good news is that regional economic development partners, elected officials and business leaders are working to change this trend.
In June, regional leaders launched the Atlanta Metro Export Plan (MEP), a regional export strategy to stimulate economic growth and create quality jobs through exports. The Atlanta MEP is a collaborative effort between the Metro Atlanta Chamber, Georgia Department of Economic Development and other regional public and private organizations.
A key component of the Metro Export Plan is the Metro Export Challenge powered by Chase Bank. The Metro Export Challenge encourages area companies to increase international sales of local products and services and compels companies to think about, and execute, their exporting strategies and find ways to build their export capacity and activity. An example of export activity is attending trade shows or trade missions to find new clients. An example of export capacity is translating websites and marketing materials into foreign languages.
Companies that have been in business for at least one year are encouraged to apply for the Metro Export Challenge. The two main criteria are that companies must be registered to do business in the state of Georgia and be in good standing with the Office of the Georgia Secretary of State. A complete list of criteria can be found at AtlantaExportPortal.com. Foreign companies located in Georgia are also urged to apply, as long as they manufacture or produce their product or service in Georgia.
To apply, interested companies should visit AtlantaExportPortal.com and complete the company assessment to determine program eligibility. Applicants will then be asked to fill out a grant application, which is due Dec. 15.
The Metro Export Challenge is a two-stage competition for companies to win reimbursable grant money. In stage one, the top 35 qualified companies selected will receive reimbursement grants of up to $5,000 in January 2016.
Companies must use these grant funds by May 31, 2016, to participate in Stage Two, a pitch-day competition held in summer 2016.
On pitch day, companies will present their exportable product or service to a panel of judges, share their export success with the stage one grant and present their business plan if they were to win an additional grant. The top prize is an additional grant of $20,000, with $10,000 awarded to the first runner-up and $5,000 to the second runner-up.
The Metro Export Challenge is one aspect of a regional strategy to help companies grow through exports, increase Atlanta’s export intensity, and bring attention to the available resources and experts to help companies export.
These initiatives will ultimately make metro Atlanta a more globally competitive place to do international business.
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