With 95 percent of the world’s consumers located outside of the U.S., exporting presents a tremendous opportunity for U.S. businesses to grow their revenues and market share. But creating an export plan can seem overwhelming, especially without the guidance of experienced professionals with a track record of success in this area.
A national export assistance program known as ExporTech™ offered by the National Institute of Standards and Technology Manufacturing Extension Partnership (NIST MEP), U.S. Commercial Service, and other partners, such as state trade offices, addresses this issue. According to the NIST, “ExporTech applies a structured export strategy development process that assists companies to accelerate growth. It is the only national program where each company develops a written export plan, which is vetted by a panel of experts upon completion. ExporTech efficiently connects companies with a wide range of world-class experts to help navigate the export sales process. The result is that companies rapidly expand global sales and save countless hours of effort.”
The program is offered at MEP centers around the country and involves participation from other state and federal agencies, including EXIM. It’s typically a 10-week program split into several sessions, held in monthly intervals, with individual coaching for participants during the program. Some programs are conducted virtually while others are in-person.
The first part of the program focuses on export strategy & best practices; participants might receive assistance identifying markets that are promising export opportunities and learn how to formulate an international marketing campaign. The second part covers the mechanics of exporting; participants might learn about export compliance, Incoterms, and trade finance products such as Export Credit Insurance from EXIM. Participants develop an export business development plan which is then evaluated by coaches in the final session.
As reported by the NIST, over 266 ExporTech programs have been held since 2006, and on average, participating companies report $500,000-$700,000 in new export sales and create 5 new jobs. Some companies have even gone on to win the President’s “E” Award and/or “E Star” Award for their export successes.
The program, intended for high-level managers, requires an application and a fee which varies by MEP location.
To learn more about how EXIM’s financing support can help your business export more competitively, click here to schedule a free consultation with an EXIM trade finance specialist.