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May 25, 2020

U.S. Commerce Department Launches Initiative to Help Young Companies Go Global

Burke – The U.S. Department of Commerce has officially launched an initiative for startup firms to go global by providing technical assistance on selling their goods and services worldwide.

The workshop held in Washington D.C. on April 2 was the first in a series of pilot program educational events as part of the Startup Global, announced in February by Secretary Penny Pritzker, says an announcement posted on the Commerce Department’s official website.

“Many U.S. entrepreneurs and early-stage companies are poised to rapidly expand to global markets as a means of growing their customer base and sales,” said Secretary Pritzker. “This is the first time the Department of Commerce has partnered with business incubators and the startup community to provide the know-how and technical assistance they need to export their goods and services.”

The new initiative will help the next generation of exporters and those who are unaware of where to go for assistance and best practices when international sales opportunities arise.

The participants attending Startup Global events will learn more about entering the global market, the availability of key federal and local government resources, and best practices in intellectual property protection and licensing.

Upcoming seminars will be hosted in the first half of 2015 in Cincinnati, Ohio; Nashville, Tenn.; and Arlington, Texas and are designed to provide technical assistance on exporting goods and services.

February Trade

The U.S. trade deficit in goods and services declined by 17% to $35.4 billion in February and is the lowest month-wise, since October 2009, says the Commerce Department, citing trade data released on April 2.

The February data showed the high-value U.S. exports such as pharmaceuticals, civilian aircraft, and machinery continued to grow this year, said Secretary Pritzker.

U.S. exports of goods and services decreased to $186.2 billion in February from $189.2 billion in January. However, record monthly levels were reached in exports of consumer goods; other business services, such as research and development and legal services; and insurance services.

U.S. goods and services exports have hit record highs five years in a row, reaching $2.34 trillion in 2014, and now support a record 11.7 million U.S. jobs.

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