Second Exchange Program, After Paris, to Launch as Part of NYCEDC’s Global Business Exchange
Exchange Program Builds upon Both Cities’ Shared Commitment to Global Entrepreneurship and Inclusion
NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) President Maria Torres-Springer today announced the opening of applications for the NYCEDC Global Business Exchange with Milan. The Exchange will provide New York City companies with access to business opportunities in Milan, Italy, and help Milan-based companies expand their footprints in New York City. This exchange, in partnership with the City of Milan, is the second to launch as part of NYCEDC’s Global Business Exchange program, which links New York City-based startups with cities across the world, and brings top global start-ups to New York City. Building upon the success of the first exchange with Paris, the program will help tech, social entrepreneurship, design, manufacturing, fashion and food companies overcome barriers that inhibit entry to foreign markets, and will build upon both cities’ shared commitment to global entrepreneurship and innovation. NYCEDC President Torres-Springer made the announcement during the awards breakfast for World Trade Week. Interested companies can apply at www.gbx.nyc through July 15, 2016, and the exchange program will begin in September.
“The Global Business Exchange is already providing an extraordinary link between New York City businesses and the rest of the world, with companies currently expanding into Paris, and this exchange with Milan is the next step toward tapping into international talent and consumers,” said NYCEDC President Maria Torres-Springer. “This exchange with Milan will help startups on both sides of the Atlantic unlock business opportunities and expand overseas to grow and create jobs in New York City.”
“A synergy that gives 20 young companies the chance to broaden the horizons of their growth, that allows them to take on the challenges of two of the most active markets, two of the most open to innovation and new forms of creativity," said Deputy Mayor Responsible for Labor Policies, Economic Development, University and Research, Cristina Tajani of Milan. “In an ever more globalized economy, businesses really must be able, with their ideas and products, to reach beyond normal borders. Initiatives like these pursue and broaden the direction already taken by the City Administration in fostering the birth and development of new enterprise ideas capable, in different fields, of representing the best of Made in Italy".
“In today’s global economy, helping New York City’s businesses succeed internationally is one of the best ways to help them succeed right here at home,” said Penny Abeywardena, Mayor’s Office for International Affairs Commissioner. “NYCEDC’s innovative Global Business Exchange does just that, while also attracting top global businesses to operate in our City. This program recognizes that the international community is an integral part of New York City's economy, and we look forward to welcoming these Milan-based companies as part of this tradition. ”
“We strongly believe in international cooperation as an important tool to develop business and trade relationships between countries,” said Italy-America Chamber of Commerce Secretary General Federico Tozzi. “We are honored to partner with New York City Economic Development Corporation on this project and we will offer to the companies selected all our expertise and access to our contacts.”
“Delta is proud to support the next generation of global entrepreneurship through this partnership with NYCEDC Global Business Exchange,” said Chuck Imhof, Delta Air Lines Vice President-New York Sales. “Our worldwide reach from New York – and our long history of serving the Milan market in particular – positions us as a uniquely able sponsor of this valuable program. We appreciate all that NYCEDC does to encourage economic growth and development in the city we all call home.”
"The European American Chamber of Commerce in New York is delighted to work with NYCEDC on this transatlantic exchange,” said Yvonne Bendinger-Rothschild, Executive Director, European American Chamber of Commerce. “We have already cooperated on the NYC-Paris Business Exchange and are looking forward to continue our relationship. These programs are in perfect alignment with the EACC's mission which is to support transatlantic business relations and help companies expand either from the US to Europe or the other way around. We are looking forward to welcoming the companies from Italy and help them grow their businesses in the US market."
Companies participating in the NYCEDC Global Business Exchange with Milan must demonstrate strong potential for international expansion, a proven track record of success in their local market, and a well-defined business plan. Up to 10 companies from each city will be awarded travel credits from Delta Air Lines, the program’s official airline, up to six months of free office space in the partner city, as well as access to networking, potential investors, and mentors. Selection will be based on a determination of which companies would benefit most from international expansion and the prospect for the businesses to sustain an expansion in the longer term.
NYCEDC is partnering with the Embassy of Italy in Washington D.C., the Consulate General of Italy in New York City, the Italy-America Chamber of Commerce, and the European American Chamber of Commerce to provide support for the companies during their time in New York City. Through its partnership with the NYCEDC Global Business Exchange, Delta is helping to support the next generation of global entrepreneurship.
Applications open today, May 16. Please visit www.gbx.nyc to learn more. Winners of the exchange competition will be announced in summer 2016.
New York City Economic Development Corporation creates shared prosperity across New York City’s five boroughs by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and we invest in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. To learn more about our work and initiatives, please visit us on Facebook, Twitter, or Instagram.