Empowering NY's Small Businesses to Compete in the Global Marketplace

©iStock/Pharrel Williams

WOW, lots happening in New York for small businesses interested in competing in the global marketplace!  The Empire State Development (ESD) recently announced an expansion of Global NY's international presence, growing from 9 to 15 markets, with OCO Global hired to manage these offices.

This expansion includes new representation in Australia, Japan, South Korea, Singapore, the United Arab Emirates, and Taiwan. Beginning October 1, 2024, companies will be able to submit Export Marketing Assistance Service (EMAS) applications to any Global NY location. Information about the EMAS can be found here. Global NY was also awarded $900,000 in federal funding for STEP Round 12 to help connect New York businesses to exporting opportunities abroad. 

Empire State Development President, CEO and Commissioner Hope Knight said, “By expanding Global NY's international offices and securing federal STEP funding, we are reinforcing our commitment to empower New York's small businesses to compete in the global marketplace into key markets. These strategic initiatives provide our businesses with resources and opportunities to export their products and services worldwide, fostering growth and job creation across the state.”

Now this is good news!  Go New Yorkers – all the small businesses who struggle to go global can now get the assistance they need!

The Largest Exporters in the World

©iStock/mnbb

Exports play an important role in the global economy, serving as a catalyst for economic growth, job creation, and international cooperation. 

Thanks to the evolution of international trade, the effects of globalization, and progress in technology, global trade has increased by around 300% over the last 20 years. 

And using data obtained from the World Bank, you can see the world's top exporters by country and their top exports, such as petroleum, cars, and medication.

Take a journey – a pictorial – of the largest exporters in the world.

Owning a Small Business in South Africa

©iStock/Arnold Petersen

A report from the World Bank shows that South Africa's labour market is small and stagnant, because job creation in the private sector is weak, especially among small and medium firms.

This sector [SME] would typically be a country’s main engine of job creation, but in South Africa, most job generation came from larger companies, the World Bank noted.

Where are small businesses making a contribution in South Africa?  Find out here.

Innovation Has Gone Global and Is Arguably the Most Powerful Force Today

©iStock/tiero

Below is an interview with Alexandre Lazarow, the author of Out-Innovate, which was recently reviewed by Irish Tech News.

Alexandre presently works with Cathay Innovation, a global firm that invests across Africa, Asia, Europe, and North America, and was previously with the Omidyar Network. Outside of his day job, he teaches impact investment and entrepreneurship at the Middlebury Institute of International Studies at Monterey.

In addition, he is a Kauffman Fellow, completed his MBA from the Harvard Business School and has a B.Comm from the University of Manitoba.

In the interview, one of his keys statements is:

Innovation is arguably the most powerful force today. In the US, 40% of publicly traded companies (representing 60% of market cap and 80% of R&D budgets) were once venture backed startups. They hold the promise not only of job creation but solving some of our thorniest problems. Innovation has gone global.

Read the entire interview about how how entrepreneurs are rewriting the rules.

Entrepreneurs Are Responsible for Almost All Net New Job Creation

©iStock/jacoblund

There been a lot of talk about a possible recession, about protection of jobs from global competition, about income inequality, about interest rate cuts, tax cuts, and increased tax incentives.  What's left out of the analysis?

Missing almost entirely from the national discussion is entrepreneurship. This despite the fact that entrepreneurs, not big businesses, are responsible for almost all net new job creation. 

Policymakers have pushed entrepreneurship to the side, prioritizing support for big business over new and small businesses.

See what this author thinks is ahead and is a good start for bringing entrepreneurs into the conversation.

Promoting Job Creation and Economic Growth in Rwanda

©iStock/Sloot

IFC, a member of the World Bank Group, made a $10 million investment to I&M Bank (Rwanda), which will focus on supporting smaller businesses operating in Rwanda’s tourism, agriculture, and trade and commerce sectors, the backbone of economic growth in the country.  By lending to small businesses, IFC+I&M Bank are promoting job creation and economic growth in Rwanda.

SMEs account for 98 percent of all businesses in Rwanda, and contribute more than half of its total gross domestic product.

Read more here.