Md. Dept. of Commerce offers new pathways to international trade for entrepreneurs
MARYLAND – Maryland Department of Commerce (MDOC) officials say a program that helped establish international companies in the state has seen great success. In response, the department is turning around to offer the same opportunity to entrepreneurs in the Old Line State.
“We wanted to be able to provide our companies that same opportunity when they are looking to go overseas,” said Senior Director of the MDOC Office of International Investment and Trade, Jessica Reynolds.
Soft Landing Exchange Program
MDOC recently launched its Soft Landing Exchange Program. It provides eligible Maryland businesses with a $10,000 grant and information to set them up for success in the international market.
The initiative seeks to pair Maryland companies with life sciences, cyber security, and technology firms in other countries. Companies would be able to partner with Cicada Innovations in Australia, the Guinness Enterprise Centre in Ireland, EuraTechnologies in France, Shonan iPark and Kanagawa Science Park in Japan, InnovationQuarter in the Netherlands, and Plexal in the United Kingdom.
Reynolds said the goal is to provide resources and funding that Maryland businesses seeking to go international may not otherwise have.
“Once they see a real opportunity, a lot of times there is a need for greater investment into that market to dig in and meet people on a more regular basis.., In general, the U.S. falls behind its competitors in terms of the percentage of companies that export. We have such a strong, large market here in the U.S., but export does remain a great opportunity to grow business,” Reynolds said.
“A tool in the toolbox,”
Local business leaders applauded the effort.
However, the President of the Salisbury Area Chamber of Commerce Bill Chambers, warned interested businesses about what the partnership may cost.
“You may, as a company here in Maryland, adhere to certain rules and regulations set up by your partner overseas. When it comes to costs, the partner may want an equity stake in your business,” Chambers said.
Chambers added that Maryland is “woefully uncompetitive” when it comes to doing business.
“[This program] doesn’t solve Maryland’s problem… It’s a tool in the toolbox. It’s not going to change the dynamics in Maryland overnight, but this is a piece of the kind of things that the state and leadership need to continue to pursue,” Chambers said.
Looking Ahead
Looking ahead, Chambers also said he worries about tariffs on foreign trade promised by President-Elect Donald Trump.
“Any kind of tariffs on our foreign allies is going to impact small, medium and big businesses in the United States… Most economists will tell you that sanctioning goods with tariffs that the United States public needs and wants and buys will only put us back in a situation where inflation could be an issue again for us,” Chambers said.
And if the Soft Landing Exchange Program is not the right fit for your business, Reynolds said MDOC staff can connect you with one that is. Other such programs provide valuable information, funding and resources for entrepreneurs.
“Some of them are as easy as just a phone call with one of our staff, and we will provide free consulting assistance in on of our 19-plus markets… We can provide a substantially subsidized opportunity for companies to pay $3,000, and then they are able to get a much larger presence at a trade show,’ Reynolds said.
Interested businesses may apply for the Soft Landing Exchange Program online. The application review process is usually complete within a few weeks, Reynolds said.
