World Trade Center Utah recently awarded funding to 23 Utah companies as part of the Utah Export Acceleration Grant.
Created to help small and medium sized businesses actualize their international business goals, the EAG is administered by WTC Utah and made possible through a generous contribution by JPMorgan Chase & Co.
“Part of our mission at WTC Utah is to promote prosperity across the state by increasing exports,” said Derek Miller, president and CEO of WTC Utah. “Through the EAG, we are able to help companies add customers, increase revenue and create jobs by selling internationally.”
Recipients of the grant obtain access to knowledge, tools and connections that are otherwise out of their reach. Additionally, motivated companies receive reimbursements for education, services and travel activities geared towards advancing their international business plan. Examples include translation and research fees and travel costs associated with trade missions and trade shows. With this grant, businesses gain the opportunity to begin or increase their exporting activities and enter into new markets.
Antenna design company Optisys used grant funds to attend a recent trade mission to Mexico led by Governor Gary Herbert. Janos Opra, Chief Business Officer of Optisys, felt his experience on the trade mission helped him better understand the unique aspects of doing business in Mexico. “There are different rules and regulations on how to import and export products compared to Europe,” said Opra. “There are also different types of manufacturing locations throughout the country for different products.” Having attended this trade mission, Opra is ready to expand his business to Latin America.
Also attending the trade mission with the financial assistance of the EAG were two representatives from the Intermountain Farmers Association: Dan Lovingier, General Manager of South Region Feed, and Robert Bowles, Marketing Coordinator – Commercial Feed. While in Mexico, Lovingier said he “met with many Government officials dealing with agriculture who will be valuable in helping us get our product tags approved in Mexico.” Other arranged networking opportunities included potential end users and possible distributors for their products.
The following companies are recipients of the Utah Export Acceleration Grant:
Intermountain Farmers Association (IFA)
Right Manufacturing Systems, Inc
Applied Composite Technology, Aerospace Inc
Quantum IR Technologies, LLC
Liger Medical, LLC
Wagmar Enterprises, LLC DBA Sno-Go
Mercury Bikes, LLC
Beartooth Bites, LLC
Progenitor Life Sciences
Q Therapeutics, Inc
T3S Technologies, Inc
Casino Game Maker, Inc
Taste Artisan Chocolate
The second application period will open on July 1, 2018. The Pitch Competition will take place on November 8, 2018, as a breakout session during WTC Utah’s Annual Global Forum. Applications for the Pitch Competition will open on October 1, 2018.