Category: Press

EDDY Pump Corporation wins $35K in additional MetroConnect funding

By San Diego Regional EDC,

Eddy Pump wins metroconnect grand prize

World Trade Center San Diego and 200+ live audience award the MetroConnect grand prize

World Trade Center San Diego named EDDY Pump Corporation, a global pump and dredge equipment manufacturer, as the MetroConnect program grand prize winner. Made possible through a grant from JPMorgan Chase & Co., the $35,000 award will be used to excel its technology and services to additional international markets.

“EDDY Pump Corporation is a quintessential example of a San Diego defense company taking their products global,” said Nikia Clarke, Ph.D., Executive Director of World Trade Center San Diego. “The results from this year’s cohort are impressive. From opening new offices in the Japan to inking multi-million dollar deals throughout Latin America, the participating MetroConnect companies are collectively strengthening the San Diego region’s economy.”

During the 12-month program, companies in MetroConnect Year 4 collectively generated a net increase of $69.6 million in exports sales, signed 369 international contracts and opened 10 new facilities overseas. Together, the 20 participants also created more than 100 jobs in San Diego – evidence that exporting supports the increase of jobs locally.

MetroConnect is an export assistance program managed by World Trade Center San Diego, an affiliate of San Diego Regional EDC. Each year, the participating cohort vies for a chance to win the grand prize—$35,000 to aid in their international market expansion plans. For the fourth year of MetroConnect, 20 export-ready companies were selected and equipped with a slew of financial and programmatic resources to assist in their plans to expand internationally.

With proposed tariffs, trade wars and the looming Brexit deadline, the national rhetoric around global trade has shifted. However, according to a recent article from The Brookings Institution, exporting or going global offers firms the opportunity to diversify markets, grow local regional economies and add more well-paying jobs. Programs such as MetroConnect help expand the pipeline of export-ready firms.

The four finalists from this year’s 20-company cohort were Bitchin’ Sauce, EDDY Pump, LRAD Corporation and Scientist.com. The grand prize winning company was selected based on a 50-50 split, weighing the popular vote from a live audience of 200-plus international business professionals and community leaders and selection from a judging panel comprised of representatives from Qualcomm Ventures, City of San Diego Economic Development Department and last year’s MetroConnect winner, Cure Match.

“The MetroConnect program has been a game-changer, allowing us to increase our international exports by $5 million from the previous year and enter into five key new countries,” said Ben Weinrib, CEO & Managing Partner at EDDY Pump Corporation. “In the years that follow, we are looking to close a multi-million dollar per year contract with some of the largest companies in Canada as well as selling our technology to friendly foreign militaries.” 

“Since 2015, Chase has supported the MetroConnect program helping San Diego businesses realize their potential to scale and successfully navigate complex global markets,” said Aaron Ryan, Executive Director for San Diego Middle Market Banking at JPMorgan Chase. “San Diego is one of the best places for new business and innovation, and we are very excited to help businesses compete locally and to be able to grow globally.”

The MetroConnect Grand Prize PitchFest was hosted at The Alexandria on November 13, with keynote remarks by Barbara White, CFO at Taylor Guitars and the winner announced by Bud Colligan, senior advisor for international affairs and trade at California Governor’s Office of Business & Economic Development (GO-Biz).

Applications for year five of the MetroConnect program are now open. Interested small- and medium-sized companies, who are looking to pursue international sales as a near-term priority or already exporting its goods or services, may apply here.

About World Trade Center San Diego
World Trade Center San Diego operates as an affiliate of San Diego Regional Economic Development Corporation. WTC San Diego works to further San Diego’s global competitiveness by building an export pipeline, attracting and retaining foreign investment and increasing San Diego’s global profile abroad. sandiegobusiness.org/wtcsd

About EDDY Pump Corporation
Founded in 1984, EDDY Pump is a technology development and manufacturing company located in San Diego, CA. The company designs and manufactures proprietary technology for the U.S. Military along with some of the largest oil, mining, wastewater, chemical, marine construction and other industry-related companies in the world. By bring together some of the best mechanical, electric, ocean, embedded systems, hydraulic and manufacturing engineers, EDDY Pump is leading the field with breakthrough technology. eddypump.com

 

APPLY FOR METROCONNECT 2020

WTC San Diego hosts translation and supply chain workshop

By San Diego Regional EDC,

WTCSD MetroConnect

Now in its fourth year, MetroConnect is World Trade Center San Diego’s flagship export assistance program, underwritten by JPMorgan Chase. Following a competitive application process, 15 to 20 export-ready, small and medium-sized businesses receive a $10,000 challenge grant and programmatic services to aid their international expansion efforts. During the course of one year, participating companies get access to complimentary services and preferred rates from program partners, as well as technical assistance trainings in areas such as data privacy, export compliance, supply chain, IP protection, and more.

For the fourth and final workshop of the program period, WTC partnered with MetroConnect sponsor SYSTRAN and consultant JAS Forwarding to host a two-part workshop focused on language translation and supply chain solutions. The first portion of the workshop titled, “The Language Traps of Going Global,” focused on the importance of selling in the local language and the contemporary software solutions available to small businesses. Ken Behan, vice president of sales and marketing, and Philip Staiger, technical account manager at SYSTRAN demoed SYSTRAN’s pure neural server and took questions from the companies in attendance.

The latter half of the workshop, presented by JAS Forwarding Worldwide, focused on “Freight Forwarding & Supply Chain Solutions.” Matt Halpin, business development manager at JAS Forwarding, and Tyler Sullivan, senior national account director at JAS Government & Defense, provided a synopsis of the logistics behind exporting/importing goods to and from the San Diego region.

The 2019 MetroConnect Grand Prize Pitchfest will take place on November 13, 2019 at The Alexandria. The top four performing companies from this year’s cohort will compete for an additional $35,000 in funding to accelerate their international expansion efforts.

Investor Spotlight: Aerotek

By San Diego Regional EDC,

Aerotek

San Diego Regional EDC welcomes new investor Aerotek to its membership of more than 180 companies in the region. Headquartered in Maryland, this privately-owned staffing company has more than 230 integrated offices throughout the United States and Canada. They have had a presence in San Diego County for 25-plus years, currently operating out of San Marcos, Scripps Ranch, and Kearny Mesa. In 2018, Aerotek grossed $6.6 billion in revenue and they continue to maintain more than 100,000 active contract employees weekly.

Aerotek’s mission is to bring great people and great organizations together, which functions well in San Diego’s diverse and robust economy. This has also allowed them to serve many people throughout different professional industries. Additionally, Aerotek has benefited from San Diego’s deep talent base and strong economic prowess, and of course from the features that make San Diego so Life. Changing. From the beautiful beaches and Petco Park to Old Town’s rich and historic culture, it is easy to see why Aerotek chose to open offices in San Diego.

Rep. Peters, WTC San Diego to lead trade mission to Japan

By San Diego Regional EDC,

In an effort to create a connection between vital economic trading partners, U.S. Congressman Scott Peters (CA-52) and World Trade Center San Diego, an affiliate of San Diego Regional EDC, are leading a delegation to Tokyo and Yokohama, Japan. During the trade mission, local companies and organizations will promote key San Diego industries, establish and develop business relationships and explore opportunities for San Diego companies to tap into Japan’s expertise in urban planning and life sciences.

“In today’s global economy, San Diego’s success depends on fostering international relationships that bring investment and jobs to our region,” said Rep. Scott Peters (CA-52). “Japan shares our commitment to life sciences and our startup culture, creating opportunities for collaboration every day. Strengthening our partnership will foster innovation and economic growth in both our regions.”

Japan is currently the third largest economy in the world, and one of San Diego’s most vital trading partners. According to World Trade Center Los Angeles, nearly 12,000 San Diegans are directly employed by Japan-based companies including SONY, Takeda and more. Additionally, there was more than $3.4 billion in economic activity between San Diego and Japan from 2016 -2018.

“Ever since the launch of Japan Airlines’ direct service from San Diego, we have seen an influx in foreign investment from the Japanese market,” said Nikia Clarke, executive director of World Trade Center San Diego and vice president of economic development at San Diego Regional EDC. “As the rhetoric around global engagement shifts, now, more than ever, it is essential that we reinforce San Diego’s brand so it is top of mind for investors and companies.”

Over the three day trade mission, San Diego will look to bolster its tech and life sciences industries through various meetings and partnership deals with Japanese counterparts. Some crucial agenda items include:

  • An announcement from a San Diego-based biotech startup that is expanding to Tokyo.
  • A ‘trends in venture capital forum’ with Qualcomm, Yahoo! Japan and others at Plug and Play, the world’s largest technology accelerator.
  • A celebration of more than 60 years of a “Sister City” relationship with Yokohama, Japan.
  • An immersive visit to Takeda’s Shonan Health Innovation Park, one of the first collaborative academic and private sector research centers in Japan.
  • Panels and programming surrounding best practices and ideas exchanges on climate change with Scripps Institute of Oceanography as well as leadership and gender equity.

Delegates will participate in upwards of 15 meetings over the course of the trade mission, sharing best practices and formulating collaborations across many verticals. The 31-San Diego delegates include representatives from Northrop Grumman, Qualcomm Takeda California and more. Also in attendance are key San Diego agencies, universities and civic organizations such as the Port of San Diego, San Diego County Regional Airport Authority, San Diego State University, Scripps Institute of Oceanography, UC San Diego and more.

Additionally, many small businesses and startups, including FoxFury Lighting Solutions, Planck Aerosystems and Scientist.com, will have the opportunity to engage in business development opportunities with Japanese counterparts.

As Tokyo looks to modernize infrastructure and grapples with key issues ahead of the 2020 Olympics, San Diego leaders have the unique opportunity to learn from counterparts across the globe, while also maintaining ties that create jobs and boost the regional economy.

At a time of mounting global uncertainty, World Trade Center San Diego conducts periodic trade missions to drive long term relationships for San Diego’s economy. In 2017, World Trade Center San Diego and Congressman Peters led a trade mission to London, which enabled startup Forge Therapeutics to double its headcount in San Diego and expand to a new facility.

This trade mission is organized by World Trade Center San Diego, an affiliate of the San Diego Regional EDC.

Follow along during the trade mission: #SDinJapan.