Governor Warner Announces First Five Companies Chosen for State Export Development Program
Governor Warner Announces First Five Companies Chosen for State Export Development Program
Southside and Southwest companies to receive assistance and resources
Governor Mark R. Warner today announced that five companies from the Southside and Southwest regions of Virginia have been accepted into the Virginia Economic Development Partnership's new Accessing International Markets (AIM) export development program, which provides assistance and resources to Virginia companies looking to enter the global marketplace. The initiative is part of the Governor's Virginia Works program, a series of new approaches to economic development designed to help existing industries and promote the creation of new industry in Virginia's rural communities.
"AIM will provide valuable resources to Virginia companies as they prepare to take their products and services into new overseas markets," said Governor Warner. "This support will help these companies face the challenges of international sales with more confidence, and hopefully result in even more success as they grow their businesses here at home."
Companies accepted into the first AIM class include:
* PC Design, Inc. in Altavista;
* Electronic Development Labs in Danville;
* American Mine Research in Rocky Gap;
* Virginia Insulated Products in Saltville;
* Hoover Color Corporation in Hiwassee.
The five firms will participate in the program for a period of one year, and focus on expanding to one new export market. The AIM program will provide participants with $5,000 in capital resources, focused AIM Team research, and pro-bono professional services available from AIM partners. These resources will be used to develop and implement a Market Access Plan (MAP) to help companies systematically sell overseas. The inaugural class will pursue markets in countries in South America, Europe and Asia. The MAP approach can be replicated in other markets once participants graduate from the one-year AIM Program.
Based on a competitive application process, five companies will be accepted into the AIM program each quarter, with application periods in December, March, June, and September. The companies must meet requirements for the program, including a minimum of two years in business, 10 employees, and annual revenues of $1 million. In addition, companies must demonstrate past export experience or at least five leads in the last year, and commit to visiting the target market during their time in the AIM program. Companies interested in participating in the program should contact Elizabeth Morgan at EMorgan@YesVirginia.org.
The Virginia Economic Development Partnership, a marketing organization, was created by the General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 21-member board of directors appointed by the Governor and the General Assembly. To accomplish its objectives of promoting economic expansion, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, Germany, Hong Kong, Mexico, Brazil, Korea and Japan.
http://www.governor.virginia.gov/Press_Policy/Releases/2005/Dec05/1208.htm