Imports: Part of America’s Secret Sauce
They’re Not a Dirty Word
Scott Miller / Global Trade Magazine
What’s the most positive word uttered by politicians on trade? Exports. What’s the most negative? Deficit.
More specifically, when many politicians talk about trade, they often promote exports as an inherently good thing, and decry the US trade deficit as evidence that other countries are taking advantage of us.
But that characterization leads the general public to suspect that imports are a problem, and somehow Americans would be better off if we were to import fewer goods and services from abroad...
Full Article (via globaltrademag.com)
World Trade Center of Greater Philadelphia News
Stockton’s Atlantic City Campus Wins Award as N.J. Leading Infrastructure Project
Alliance for Action Cites Partners in Atlantic City Gateway Project
Galloway, N.J. - Stockton University’s Atlantic City campus was recognized as one of New Jersey’s Leading Infrastructure Projects with an award from the New Jersey Alliance for Action, a non-profit, non-partisan coalition of over 2,500 business, labor, professional, academic and government leaders.
The campus is part of the $210 million Atlantic City Gateway Project, which includes an academic building which will eventually accommodate 1,800 students, residences for 530 students, a parking garage with over 800 spaces and a new office tower for South Jersey Gas. The campus, currently under construction, is expected to open in fall 2018.
The Gateway Project is a public-private partnership with Atlantic City Development Corp. or AC Devco, at the intersection of Atlantic, Albany, and Pacific avenues in Atlantic City.
“Stockton is pleased to be recognized for the impact its Atlantic City campus will have on the city, the region and the state,” said Stockton President Harvey Kesselman, who accepted the award on behalf of the university. “Our mission is to provide a high-quality, affordable, accessible education to a diverse population, enabling more college students to stay in New Jersey and more graduates to succeed in their chosen fields. In addition to the proven benefits of having a highly educated workforce available, the construction and then continuous operation of this facility will provide an ongoing economic stimulus as businesses expand to serve our students, faculty and staff, many of whom will live in the city.”
“The university is grateful for this award, which includes many of our partners, such as AC Devco, county and state government, South Jersey Industries, unions and professional contractors, all of us working cooperatively to bring this project to fruition,” Kesselman said.
The Alliance awards program was created to highlight innovative, pioneering and landmark construction initiatives that greatly impact the state’s economy and to honor the businesses and organizations that work together as partners to ensure the project’s success, said Alliance President Philip K. Beachem.
“The Stockton University – Atlantic City Gateway project is a great example of what can be done when organizations work as a team to develop a fantastic project,” Beachem said.
The 6th annual awards ceremony was held Feb. 10 at the Forsgate Country Club in Monroe Township, N.J., and highlighted several billion dollars in infrastructure projects and their impact on New Jersey.
The Alliance also recognized these organizations for their work on the project:
News from Ben Franklin Technology Partners
Ben Franklin Seeks Emerging Fintech Companies in Greater Philadelphia for New Accelerator Program, in Partnership with Village Capital
The program will better prepare startups for raising capital and make valuable connections with advisors, mentors, investors, and potential customers in the region’s finance sector
Philadelphia, PA - Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin”) is announcing its Call for Companies for its Fintech Accelerator program, in partnership with D.C.-based Village Capital. The deadline to apply is March 10.
The intensive investment readiness program will run from April – June and will focus on Greater Philadelphia’s opportunities in financial services technology innovation by cultivating and assisting early-stage fintech companies. As part of the VilCap Communities program, the Ben Franklin Fintech Accelerator will employ Village Capital’s unique peer review methodology, empowering the entrepreneurs themselves to evaluate each other’s early-stage businesses across nine indicators of investment readiness. Ben Franklin will invest a minimum of $25,000 in each of the two startups chosen by their peers at the end of the accelerator.
Ben Franklin is leveraging its extensive network of regional mentors and advisors, proven ability to coach early stage ventures to first investments, and readiness of capital to invest in promising early stage ventures, to create this 12-week accelerator program. The cohort will consist exclusively of Greater Philadelphia companies focused on fintech innovation, and will connect these companies to Village Capital’s global network of communities.
“Ben Franklin’s mission in Greater Philadelphia is well aligned with Village Capital’s focus on facilitating innovation and entrepreneurship to develop communities,” said RoseAnn B. Rosenthal, President and CEO of Ben Franklin. “Consistent with our support for initiatives like ImpactPHL, Village Capital’s focus on democratizing entrepreneurship, and building the meaningful connections that grow communities, will help bring new national and international resources to companies in our region, and draw new attention to Philadelphia’s burgeoning technology ecosystem. We look forward to hosting a small cohort of entrepreneurs at Ben Franklin, offering them the deepest engagement we can offer, connecting top-flight, nationally recognized curriculum with the generous involvement of Ben’s broad network of investors and other stakeholders.”
Ross Baird, Village Capital's CEO, said, "With the launch of Ben Franklin’s Fintech Accelerator, Village Capital is pleased to build on its long-standing relationship with Philadelphia. We believe the combination of Village Capital’s proven investment readiness programming and unique peer reviewed investment process, coupled with the extensive network of relationships and resources that Ben Franklin and Greater Philadelphia can provide to startups, will provide best-in-class support for fintech entrepreneurs tackling problems in the financial services sector."
Village Capital program participants have raised over $220M in additional capital and have generated, with entrepreneurs who have graduated from its programs, over 11,000 jobs and served over 5.3 million customers. One year after a Village Capital program, alumni companies generated 43% more revenue, created 43% more jobs, and raised 8.6x more investment than a control group.
Throughout the program, participants will receive mentoring from industry experts and potential investors on business model development, customer hypothesis testing, financial modeling, partnership and customer development, and investor engagement. The entrepreneurs will also receive one-on-one time with mentors, industry experts, investors, top local business leaders, and potential customers.
Interested companies can learn more and apply here.
In this Philadelphia magazine business feature World Trade Center of Greater Philadelphia President Conlin hints at the possible impact of a change in trade policy with Mexico. Mexico was Philadelphia’s third-biggest export market in 2015.
Just How Much Does Philly Trade With Mexico?
Philly aims to lure discretionary cargo from NE rivals
Statement from the National District Export Council (NDEC)
Exports of American goods and services constitute a critical foundation of the U.S. economy. Numerous studies have shown that exports are a key component of economic growth. In order for this growth to continue, however, U.S. governmental policies that encourage exports are essential. These policies include commercial diplomacy that promotes U.S. goods and services in foreign markets, aggressive combatting of foreign trade barriers to U.S. exports, and enactment and enforcement of trade agreements that advance the state of American exports.
The National District Export Council, which is an organization that represents 1300 companies in the 60 District Export Councils throughout the United States, is the voice of the American small and medium-sized enterprises (SME) exporter. It seeks to advance the interests of American exporters by advocating for those governmental policies that will result in the increase of global competitiveness for American manufacturers thus resulting in jobs, economic development and rising wages in the U.S. In the current climate of economic uncertainty, U.S. exports can and should lead the way to increased prosperity for the American worker and American manufacturers as a whole.
The Trump Administration has signaled its desire to expand American exports. While by Executive Order President Trump on Monday formally withdrew the United States as a signatory to the Trans Pacific Partnership (TPP), the Administration seeks to begin separate bilateral trade negotiations not only with the former 11 TPP partner countries but also with other countries as well. The National District Export Council stands ready to do its part by working with the new Administration as it crafts new trade agreements that will open foreign markets and level the playing field for American goods and services.
Watch this space for WTCGP news, events, press, and more!