Good News of the Week – January 17, 2020

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox.  A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of January 17, 2020, here’s a look at what we’re reading:

Koala

…and, here’s a look at upcoming events we’re attending:

 

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Nickie Peña
Nickie Peña

Manager, Communications

Good News of the Week – January 10, 2020

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox.  A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of January 10, 2020, here’s a look at what we’re reading:

Photo of Grad Labs building

…and, here’s a look at upcoming events we’re attending:

 

Be in the know – Sign up below to receive future editions of GNOTW.
Want to submit your event or news update to our weekly newsletter? Contact us for more information.

Nickie Peña
Nickie Peña

Manager, Communications

Looking to go global? Take this advice from 10 San Diego-based companies

Drug discovery is a global industry. In 2017, Solana Beach-based Scientist.com – a B2B marketplace for drug discovery – had seen increasing profits from Europe, and was looking to capture a piece of Japan’s $95 billion pharmaceutical industry – one of the largest in the world.

Entering any global market requires patience, persistence, and expertise. In Japan – with high costs associated with entry and multiple cultural difference – Scientist.com needed to do it the right way. This meant setting up a subsidiary, hiring a new employee, securing office space, and more.

Enter MetroConnect. MetroConnect is an export assistance program that provides San Diego based companies with the resources (including a grant) they need to go global.

At the conclusion of the program, Scientist.com had successfully set up an office in Tokyo, hired a new employee, and developed multiple partnerships – making Japan one of its largest markets by international sales.

Scientist.com’s Solana Beach offices

The MetroConnect Program

Since the program’s launch, the World Trade Center San Diego team has worked with 65 companies to help them grow their international sales. In total, these companies have had an $85M net increase in exports and opened 18 new overseas facilities. As a result of this spike in international business, participating companies have created 267 new jobs in San Diego.

From breweries to software development to genomics and drones, MetroConnect companies reflect the diverse industries that make up our economy.

At the end of their time in the cohort, we ask every company the same thing: What advice would you give other companies looking to export?

And because we don’t want to hoard these pearls of wisdom, here’s what they said:

When going global, research is everything

  • “Do as much research as you can before launching any market. Get as much background on each importer as you can and use local resources to help with any questions or concerns. Know the requirements of each market to avoid any delays.” – Coronado Brewing (MetroConnect III)
  • Do your homework first and find the markets with the least barriers to entry (language, duties & registration fees, etc.) and highest potential in revenue.” –  Dr. Bronner’s (MetroConnect IV)
  • “Some markets require additional stipulations like extended warranties you have to account product in a different country.” – ROBO 3D (MetroConnect I)
  • “Identify a distributor who has physical presence in each country you wish to target, as this will ensure faster deployment” – Wearable Sensing (MetroConnect I)
  • “Go where your product is needed most and not necessarily where the biggest financial opportunity is. Your products will gain a bigger percentage of a smaller market share rather than a smaller percentage of a larger market share. This will bring stability and staying power to your products and your brand.” – ArcticZero (MetroConnect IV)

Learn from the locals, in San Diego and abroad

  • “Seek support early on and engage with professional networks to acquire the necessary knowledge, talent, and partnering for export assistance; approach trade organizations to help identify your target markets, and always be prepared to encounter obstacles” – Cypher Genomics, acquired by Human Longevity Inc (MetroConnect I)
  • “Just remember ‘you don’t know what you don’t know’ so do not hesitate to ask the locals for assistance; every market is different, and many of their respective pitfalls can be avoided by listening to local knowledge.” – Scientist.com (MetroConnect IV)
  • “There are so many local companies exporting that we encourage you to talk to them – or us! Aligning yourself with companies who’ve already been successful at exporting will provide you with the proper resources, tips, contacts, and advice on what to do and what not to do.” – Urban Translations (MetroConnect III)

Be in it for the long haul

  • “Be persistent – it takes time and patience to establish effective working relationships in many markets, such as India and Japan, but that patience will pay off over the near and longer term.” – Tioga Research (MetroConnect III)
  • “Expect the sales cycle to take much longer than you are used to. Also, for any companies exporting physical goods, start the shipping paperwork as early as possible” – Planck Aerosystems (MetroConnect III)

We couldn’t have said it better ourselves.

Interested in taking your company global? Applications for MetroConnect are now open until January 31. Learn more about the requirements and benefits of this unique program.

Apply here

MetroConnect is proudly underwritten by Procopio and JPMorgan Chase & Co.

Related EDC articles and research:

Good News of the Week – January 3, 2020

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox.  A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of January 3, 2020, here’s a look at what we’re reading:

CNBC power cities index_San Diego

…and, your input is requested: 

  • In collaboration with EDC and the City of San Diego, UC San Diego Extension is conducting a survey to gain a comprehensive understanding of the Creative Economy in San Diego County. Please complete this short survey.

 

Be in the know – Sign up below to receive future editions of GNOTW.
Want to submit your event or news update to our weekly newsletter? Contact us for more information

Good News of 2019

A look at San Diego’s top headlines…

As we close out the year (and decade!) in San Diego, we want to take a moment to highlight some of the ‘good news’ about our region’s companies, leaders, institutions, and more. Keep reading below for a recap of this year’s top stories, and check out the full edition here.

Here’s to creating a more prosperous San Diego in the next decade.
-Team EDC

Together, San Diego leaders work to create a more inclusive regional economy
While the growth of our innovation economy has created tremendous opportunities, it has also perpetuated systemic inequities within our region. This year, we saw more companies, elected officials, and organizations make an active effort to build a more inclusive SD.

Local colleges add new programs, receive national accolades and funding
The region’s higher education system is integral for building a quality talent. This year, we saw more universities and colleges lean in to support a regional goal of 20,000 new skilled workers by 2030, while also earning recognition for new programs and accomplishments.

A great year for San Diego’s tech pioneer
Things are looking good for Qualcomm. This year, the tech giant took the no. 1 spot on Fortune’s Change the World List for connecting us all and bringing 5G to the globe. As part of its legal settlement, Qualcomm signed a six-year licensing deal with Apple. Following the announcement, Qualcomm stocks climbed 20 percent, marking the stock’s best day since 1999.

San Diego companies earn nearly $2 billion in VC funding
In 2019, San Diego saw 99 VC deals totaling nearly $2 billion (up to Q3). Majority of the VC transactions were concentrated in our local life sciences and healthcare sector, garnering $819 million in funds via 37 deals, followed by the tech sector with 27 deals. Since 1995, healthcare has consistently drawn the bulk of VC dollars into the region.

Global companies, startups and ‘unicorns’ make moves to San Diego
While the majority of our economic growth is going to come from companies already in the region, it’s always a good sign when firms relocate or open a new office in San Diego. This year, we saw some new names establish strongholds in the region, as well as existing companies, double-down on their presence.

San Diego tops national charts
2019 proved that San Diego was no stranger to some of the most coveted national rankings. From our vibrant startup ecosystem to our award-winning airport, high-level publications and organizations recognized what makes San Diego truly life-changing.

CONNECT joins forces with San Diego Venture Group
Two regional powerhouses with similar missions – to propel early-stage startups in San Diego – joined forces. This move brought forth a more resourceful, unified entity within San Diego, utilizing CONNECT’s reputation for supporting small, emerging tech companies mixed with SDVG’s impressive connections to VC investors.

San Diego welcomes new regional leaders
This year, influential organizations throughout the region brought on new leaders to spearhead their efforts.

San Diego celebrates 250 years!
In July 2019, City of San Diego Mayor Kevin Faulconer and a group of representatives from the Kumeyaay nation gathered for a ceremony honoring San Diego’s 250th anniversary. The event took place at Old Town’s Presidio Park, marking the birthplace of San Diego and also commemorating the location where California began.

San Diego Integration Pilot Program (IPP) hits new milestones
San Diego is currently one of 10 state, local, and tribal governments to participate in the Integration Pilot Program, which allows our region to be at the forefront of an industry that is expected to reach a $43 billion market value by 2024. This year, the program – managed by EDC in collaboration with the City of San Diego – achieved new milestones.

Read all the Good News of 2019

San Diego’s Economic Pulse: December 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego’s Economic Pulse covers November 2019. Check out EDC’s research bureau for more data and stats about San Diego’s economy.

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 2.9 percent in November, unchanged from a revised 2.9 percent in October 2019, and below the year-ago estimate of 3.1 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.7 percent and 3.3 percent, respectively
  • Between October 2019 and November 2019, total nonfarm employment increased from 1,536,900 to 1,546,800, adding 9,900 jobs
  • Between November 2018 and November 2019, total nonfarm employment increased from 1,512,500 to 1,546,800, adding 34,300 jobs
  • Between November 2018 and November 2019, government led the year-over gain, adding 7,800 jobs and mostly driven by growth in local government (up 5,200)

How MetroConnect helped one local company create $5M+ in sales

EDDY Pump is not your typical family business. When Ben Weinrib took over as CEO in early 2019, he committed to elevating his father’s technology and getting it into as many hands as possible.

The making of EDDY Pump

EDDY Pump creates slurry pumps across several industries, including oil, mining, and energy. Take the mining industry, for example. Pumps are a crucial part of the mining process, yet they often fall prey to a myriad of problems including clogging, overheating, and more. Using propriety technology to harness the power of the Eddy current – a special closed loop electrical current – the San Diego-based company creates a unique, best-in-class product.

A San Diego success story

In order to succeed in a field where many of the opportunities exist overseas, =the San Diego-based company needed to effectively target and sell to global customers. That’s where MetroConnect comes in.

MetroConnect is World Trade Center San Diego’s(WTCSD) export assistance program. Since 2014, WTCSD has provided at least 15 companies annual with resources and the financial assistance they need to conquer global markets.

During its tenure in the MetroConnect program, EDDY Pump started raking in the international business. From a $2M contract with Barrick Gold Corporation – the world’s second largest mining company – to a deal with the Chilean Navy, EDDY Pump proved with the right resources and support, it could take its business to the next level.

The company’s global success did not go unnoticed. In November, EDDY Pump was crowned the MetroConnect Grand Prize Pitch winner. Along with bragging rights, the EDDY Pump team took home 35k in additional funding.

Interested in taking your company global?

Applications for MetroConnect are now open until January 31. Learn more about the requirements and benefits.

Apply today

 

Related EDC articles and research: 

 

 

2019 in Review: Top 10 wins for EDC

With and through our nearly 200 investors, EDC works to maximize San Diego’s economic prosperity and global competitiveness. This year, we helped companies grow, looked to new corners of our community for high-quality talent, and developed programs and initiatives to create a stronger region.

Through it all, EDC impacted 5,228 jobs and worked on 179 projects – supported by companies, investors, community partners, and more – on behalf of San Diego’s economy. While our work spans multiple industries and organizations, with various programs and goals, there’s an universal thread that ties it all together: build a more inclusive economy that benefits all San Diegans.

As we close out 2019 and another successful decade, let us recap our top 10 wins for San Diego…

  1. San Diego: Life. Changing.’s Just Say No to Winter campaign received national attention

Going into its fourth year, SD: Life. Changing. is our award-winning campaign that aims to attract and retain talent for our region. We kicked off 2019 with Just Say No to Winter, a transit and social media campaign that targeted STEM talent in Boston, Chicago, and New York during the peak of winter with information about career opportunities in San Diego. Thanks to this go-viral marketing push – and coverage in The New York Times, the nationally-syndicated program “The List,” and more – we saw 34X the ROI, 2.6 million social media impressions, and 36K video views.

  1. EDC received its largest grant in history, catalyzing Advancing San Diego

San Diego was one of five cities to receive a $3 million investment as part of JPMorgan Chase’s AdvancingCities Challenge, an initiative to drive inclusive growth and create greater economic opportunity across the U.S. This funding allowed EDC to form Advancing San Diego, which aims to cultivate a more inclusive economy by addressing regional talent shortages and strengthening relationships between businesses and education systems. The newly minted program is now contributing toward our Inclusive Growth regional goal of 20,000 skilled workers (degree or credential holders) in San Diego County by 2030.

  1. World Trade Center SD’s MetroConnect export assistance program had its best year yet

Made possible through a grant from JPMorgan Chase & Co., MetroConnect provides small- and medium-sized companies with the resources necessary to expand into global markets. During the 2018-19 program, companies in MetroConnect IV collectively generated a net increase of $69.6 million in export sales, signed 369 international contracts, and opened 10 new facilities overseas. Together, the 20 participating companies also created more than 100 jobs in San Diego – evidence that exporting supports the increase of jobs locally.

And, you’re in luck – Applications are now open for the 2020 cohortMetorConnect V. Learn more and apply today (or pass it on to a business that might benefit).

  1. EDC fostered 3 regional goals for a more #inclusiveSD

While the growth of our innovation economy has created tremendous opportunity, it has also perpetuated systemic inequities. 2019 was all about elevating an inclusive economic development strategy – the lens in which EDC views all of its work – so that economic growth is seen and felt among the entire region. In order to effectively do this, EDC’s employer-led Inclusive Growth Steering Committee supported actionable recommendations and measurable targets for creating a San Diego that benefits all residents. By 2030:

Inclusive Growth goals

  1. With support from EDC, Cubic Corporation secured $8.5M in tax credits & broke ground on its new HQ

Cubic Corporation is a global company with clients on nearly every continent, yet it has called San Diego’s Kearny Mesa community home for 50 years. With assistance from EDC, Cubic secured a CalCompetes Tax Credit worth $8.5 million. This tax incentive allowed Cubic to break ground on its new San Diego HQ campus, and further reaffirm its investment to the region in the decades that follow. Here are a few words from Cubic Corporation on the support EDC provided:

“Since our founding in 1951, we have established strong roots in the San Diego community and it was very important for us to remain headquartered here. The San Diego Regional EDC was an integral resource for our redevelopment. They were able to strategically bring key partners together and secure incentives that best positioned us to redevelop our headquarters in the Kearny Mesa area.” – Anshooman Aga, executive vice president and CFO at Cubic Corporation

  1. EDC managed San Diego’s Integration Pilot Program (IPP), propelling 1,150+ successful missions

From monitoring coastal erosion to fighting wildfires, drones offer enormous social and environmental benefits. San Diego is currently one of 10 state, local, and tribal governments to participate in the Integration Pilot Program, which has allowed our region to be at the forefront of an industry that is expected to reach a $43 billion market value by 2024.

This year, the program – managed by EDC in collaboration with the City of San Diego – achieved new milestones. Giving way for Uber Eats to soon deliver burgers and Chula Vista Police Department to send first responders via drones, IPP completed 1,150+ unmanned aircraft systems (UAS) missions.

  1. EDC produced 24 reports to help residents and businesses better understand San Diego’s economy

EDC provides research and data to local companies, site selectors, and civic leaders to help them make well-informed decisions about our economy. From monthly reports (and videos) that chart key economic indictors to customized economic impact reports for companies, EDC’s research helped the regional stakeholders better understand this place we call home.

 San Diego's Economic Pulse

  1. Innovate78 amplified its reach along the 78 Corridor, convening more than 500+ individuals

With companies like Viasat, Thermo Fisher Scientific, and a plethora of award-winning craft breweries, the 78 Corridor is hub for innovation. Thanks to the region’s Innovate78 program, managed in collaboration with EDC and the cities of Carlsbad, Escondido, Oceanside, San Marcos, Vista, more than 500 stakeholders (think: entrepreneurs, high-quality talent, startups, etc.) attended events held in North San Diego County.

  1. World Trade Center San Diego strengthened ties with BMW, IBM, and Siemens during Germany Trade Mission

The introduction of non-stop San Diego-Frankfurt service aboard Lufthansa and a shift in economic power resulting from Brexit meant that Germany was becoming an increasingly important trade and investment partner for San Diego…and WTCSD wanted to be out in front of it. WTCSD pulled together more than 20 San Diego-based business and civic leaders to participate in a four day trade mission to Munich and Frankfurt, Germany.

International partnerships take time, but based on initial meetings on the trade mission, San Diego has planted the seed for long-term relationships with major companies, including BMW, IBM, Siemens, Daimler, and more.

  1. …and, finally, EDC launched a new website

With support from investors and partners, we launched a new sandiegobusiness.org. Here, you’ll find detailed information on EDC programs & initiatives, how we work with companies, as well as information about the brands we manage, including World Trade Center San Diego, SD: Life. Changing., and Innovate78. The website is designed to be viewable on any device, so San Diego is always showcasing its best self.

Laptop displaying EDC website

Here’s to our nearly 200 investors for their unwavering support in creating a prosperous San Diego for the next decade.

 

Interested in supporting our work? Join us.

Invest in EDC

 

Good News of the Week – December 13, 2019

Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox.  A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

For the week of December 13, 2019, here’s a look at what we’re reading:

…and, your input is requested: 

  • In collaboration with EDC and the City of San Diego, UC San Diego Extension is conducting a survey to gain a comprehensive understanding of the Creative Economy in San Diego County. Please complete this short survey.

 

Be in the know – Sign up below to receive future editions of GNOTW.
Want to submit your event or news update to our weekly newsletter? Contact us for more information

CSUSM recognized as leader in social mobility

4 graduates in cap in gown from CSUSM looking at the camera

Since its founding in 1989, Cal State San Marcos (CSUSM) has put its commitment to social mobility at the forefront of its educational mission. The university’s dedication to economic opportunity was recognized this week when it was named among the nation’s leaders in social mobility.

The Social Mobility Index

CSUSM ranks 36th nationally out of almost 1,500 schools measured in the sixth annual Social Mobility Index (SMI) by CollegeNET.

The SMI focuses directly on the factors that enable economic mobility. The index is computed from five variables: published tuition, percentage of students whose families have incomes below $48,000 (slightly below the U.S. median), graduation rate, median salary approximately five years after graduation, and endowment size.

“Nationally, higher education is often called out for reinforcing inequality rather than closing socioeconomic gaps,” said EDC Board Member and CSUSM President Ellen Neufeldt “However, our rising SMI ranking embodies our collective efforts to serve any student who dreams of the opportunities that come with a college education as we help them reach their full potential.”

CSUSM improved its ranking in the SMI for the fourth consecutive year. The university ranked 74th in 2015, 62nd in 2016, 54th in 2017, and 52nd last year.

How CSUSM is creating a more inclusive San Diego

As EDC looks to create a more inclusive San Diego, CSUSM and other regional educational institutions are playing a pioneering role in San Diego’s strategy. Afterall, CSUSM is a crucial part of creating a sustainable talent pipeline. Nearly 80 percent of its graduates remain in the region following graduation. In 2018, the university opened its engineering program, creating a technical talent pipeline for companies such as Viasat and emerging regional startups.

CSUSM is trying to correct systematic inequities in that are often ever-present in the educational system. More than half (54 percent) of its graduates are first-generation bachelor’s degree recipients. Additionally, nearly half of its students qualify for Federal Pell Grants. In order to support students from all backgrounds, the university offers community-based learning opportunities, internships, undergraduate research opportunities and more to ensure student success.

Help us create a more inclusive San Diego.

Learn more about EDC’s Inclusive growth work

Related EDC articles and research: