Tag: WTCSD

COVID-19 and its impacts to San Diego Air Travel

By Itzel Moncada,

While so much is still unknown about the future of travel in a post-COVID world, World Trade Center San Diego (WTC) is working with San Diego International Airport (SAN) to understand how to build back an economy that is even stronger and more resilient. The connectivity provided by the airport will continue to be a vital aspect of our region and WTC remains committed to working alongside the airport and the San Diego Tourism Authority through this recovery.

WTC, San Diego Tourism Authority, and San Diego International Airport are spearheading a COVID-19 economic recovery strategy that focuses on flight retention and expansion.  As a result of the pandemic, the economic climate surrounding air travel has been unprecedentedly impacted, and SAN has felt those negative impacts. Since the beginning of the stay-at-home orders in March 2020, COVID-19 has resulted in a cumulative loss of over $396 billion for the U.S. travel economy.

As a key partner to SAN, WTC works to improve regional competitiveness and bring flights back to San Diego in a post-COVID world with a focus on business travel and economic activity.

“The shutdown has caused unprecedented disruptions to trade and travel, but we know access to global markets is an essential part of our regional recovery. Nonstop international service is correlated with an average 20 percent increase in investment flows between destinations, which is why retaining global service out of SAN—and being intentional about how we fly—should be one of our region’s highest economic development priorities,” said Nikia Clarke, Executive Director, WTC San Diego.

In support of SAN’s efforts, WTC has launched a corporate travel survey and conducted interviews with local business leaders to make sure SAN is aligned with the business community needs in their comprehensive recovery strategy.

Key takeaways from WTC’s Corporate Travel Survey:

  • 52% of companies have not cut travel budgets for 2021
  • 64% anticipated increased support in local businesses and economy
  • 76% of companies expect for Domestic U.S. travel to resume within the next 6 months
  • 3% of companies expect for international travel to Europe to resume within the next 6 months

#flylocal

San Diego International Airport’s regional economic impact is vital for the economic and employment recovery efforts of the region. In 2017, SAN’s annual economic impact was valued at $11.8 billion-total amount that circulates back to the regional economy. SAN has taken the safety of travelers as a core pillar in its reopening efforts, assuring safety and tranquility for San Diegans to #flylocal and help economic recovery at home.

ABOUT WORLD TRADE CENTER SAN DIEGO

World Trade Center San Diego operates as an affiliate of the 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.

Do you want to know more about the work of World Trade Center San Diego? Click here to receive our monthly Global Brief Newsletter, delivered straight to your inbox.

San Diego’s Growing Digital Global Footprint

By Itzel Moncada,

The technology that will power a post-COVID world is being invented and perfected in our backyard.  San Diego’s leading tech, defense, and life science companies are making large investments to prepare for a world that will be increasingly digital, connected, and autonomous. Artificial intelligence, machine learning, and data science are transforming nearly every industry, giving rise to important discussions concerning jobs, ethics, and privacy.

Against the backdrop of rising protectionism and an escalating US-China conflict, the evolution of a global policy regime governing the development and deployment of strategic technology will have massive implications for both national security as well as US competitiveness.

Through the Global Competitiveness Council (GCC), San Diego leaders came together to discuss these key issues along with companies who are at the forefront of every disruptive trend reshaping the world today.

San Diego companies to keep an eye on:

LunaDNA

Our region is known around the world for its unparalleled life sciences companies and LunaDNA is an exceptional example data science and AI in health sciences. LunaDNA, founded by Luna Public Benefit Corporation (LunaPBC) is a community-owned platform for health research. Anyone can join, share their health data, and receive ownership shares in the company. When researchers conduct studies on the data on the LunaDNA secure platform, the proceeds are passed back to the community as dividends.

ServiceNow

ServiceNow believes in the power of technology to reduce the complexity in our jobs and make work, work better for people. The company transforms old, manual ways of working into modern digital workflows. Employees and customers get what they need, when they need it-exactly what every company needs in light of COVID-19.

General Atomics Aeronautical Systems (GA-ASI)

San Diego-headquartered General Atomics-ASI specializes in research and technology development, providing remotely operated surveillance aircraft. GA-ASI’s innovations and high-tech solutions have produced a growing line of versatile, reliable, cost-effective, and proven Remotely Piloted Aircraft.

Booz Allen Hamilton

Consulting firm, Booz-Allen, brings bold thinking and a desire to be the best in its work on consulting, analytics, digital solutions, engineering, and cyber, and with industries ranging from defense to health to energy to international development.

Brain Corp

Brain Corp provides autonomous solutions that enable OEMs and Robotics Startups to turn their manually driven products into intelligent machines. The company is now focused on developing advanced machine learning and computer vision systems for the next generation of self-driving robots.

ABOUT WORLD TRADE CENTER SAN DIEGO

World Trade Center San Diego operates as an affiliate of the 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.

Do you want to know more about the work of World Trade Center San Diego? Click here to receive our monthly Global Brief Newsletter, delivered straight to your inbox.

MetroConnect V – Workshop Recap Q3

By Lucas Coleman,

In Q3, World Trade Center San Diego (WTC) continued to support the 15 companies in its MetroConnect international sales accelerator program. As part of the year-long export education curriculum, WTC hosted two workshops with subject matter experts on the topics of International Marketing & Sales and GDPR & Data Privacy.

MetroConnect Workshop #4 – International Marketing & Sales

Hosted in partnership with Reid Carr (CEO of Red Door Interactive), Judy Webster (Director of Global Partner Marketing at Qualcomm), and Josh Halpern (Chief Strategy Officer at California International Trade Center).

A few things we learned:

  • Branding overseas starts with building a strong, authentic brand at home.
  • Be mindful of language considerations, even within different regions in the same country. Sometimes you may want to opt for visual representations over words. If you do need a professional, industry-specific language translation tool, check out SYSTRAN Translate Pro.
  • Understand which analytical tools you need (and can afford) to measure the effectiveness of your campaigns.
  • Optimize your website to accommodate international customers. COVID-19 has only accelerated the unstoppable shift towards online shopping. Maximize your export opportunities through website localization and optimization.

MetroConnect Workshop #5 – GDPR & Data Privacy

Hosted in partnership with Elaine Harwell (Senior Counsel at Procopio) and Hannah Bracken (Commercial Specialist (Digital Policy) for the US Mission to the EU).

A few things we learned:

  • Unlike in the European Union, the US does not have a single omnibus bill addressing data privacy. Instead, we have a patchwork of state and federal statutes, some sector-specific and others focused on the rights of consumers.
  • The European Court of Justice’s recent ruling in Schrems II invalidated the EU-US Privacy Shield Framework, which many American companies have been using as a mechanism for transferring personal data from the EU to the US. (What happens now?)
  • California has a data privacy law, the California Consumer Privacy Act (CCPA), however this may soon be replaced by the California Privacy Rights Act (CPRA), which is on the ballot this November. Remember to vote!
  • If you are interested in learning more about GDPR and data privacy, our team will be recording a live webinar with Elaine Harwell (Procopio) on Thursday, October 29. Please reach out to Lucas Coleman at LC@sandiegobusiness.org and we will include you in our mailing list.

San Diego’s Global Outlook: A Destination for FDI

By Itzel Moncada,

Over the last several months, the World Trade Center San Diego (WTCSD) team has spearheaded a project to identify the foreign direct investment (FDI) trends in San Diego in preparation for the launch of a new regional trade and investment strategy. The results of that research provided valuable insights, including validation of the importance of the local life sciences sector, which has attracted $10.9 billion in foreign investment in the last five years.

Key findings in San Diego FDI trends

  • 96 percent of foreign direct investment is through mergers and acquisitions (M&As)
  • Top countries for FDI into San Diego: United Kingdom, Switzerland, Spain, Israel, and France
  • 70 percent of all FDI into San Diego over the last five years was in the life sciences
  • China ranked #1 in venture capital investment (VC)
  • Japanese firms employ more San Diegans than any other country

What does the data say?

In five years, San Diego attracted a total of $15.6 billion of foreign investment, encompassing both mergers and acquisitions (M&As) and greenfield investment activity. To develop a strategy from this, WTCSD has focused on understanding three key variables: the types of investment, the global origin of that investment, and the industry in which those investments are concentrated. The vast majority of foreign investments are in the form of M&As (96 percent), similar to other metros around the United States. While economic development organizations are often pressured to spend incentive dollars attracting new businesses, the distribution of FDI between M&A and Greenfield investing has led WTCSD to focus on developing a more refined plant to attract/support M&A as part of the new regional trade and investment strategy.

Life sciences and tech sectors attracted over $13.7 billion of FDI into our region, playing a vital role in our economy both domestically and internationally. WTCSD will continue to work closely with partners such as Biocom and Connect to promote investment in these two sectors.

Understanding the regional implications of global markets helps WTCSD target specific countries and industries in our investment attraction efforts. Our analysis found that Switzerland, Spain, and the United Kingdom play a significant role in both greenfield and M&As investments.

Impacts of COVID-19 on global trade

While much of the world has been on hold as we come to understand what a “new normal” amidst COVID-19, trade disputes, and political elections really means, there are sectors that continue to invest. The United Nations Conference on Trade and Development anticipates global foreign investment to decrease by 40 percent due to COVID-19, and expect a recovery to initiate in 2022. Considering this, San Diego’s domestic and international competitive advantage lies in the life sciences with companies such as ResMed, Amplyz Pharmaceuticals, Thermo Fisher Scientific, Illumina, and others are bringing San Diego’s life changing innovations to the global market with and through their groundbreaking work. These sectors are proving to the world their value and as we emerge from this crisis highlighting the region’s robust strengths in life science will continue to drive US investments as pressures global to localize supply chains increases.

About World Trade Center San Diego

World Trade Center San Diego operates as an affiliate of the 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

In 2014, San Diego Regional EDC (EDC) launched the Go Global: San Diego’s Global Trade and Investment Initiative report, a joint project supported by the Brookings Institute and JPMorgan Chase as part of the Global Cities Initiative. This report highlighted the importance of elevating San Diego’s global competitiveness within the global economy as a means to creating a thriving and resilient economy back home. Now that the 5-year report has ended, the WTC San Diego is planning to launch the new Go Global report in early 2021.

For more COVID-19 recovery resources and information, please visit this page.

EDC is here to help our local businesses. You can use the button below to request our assistance with finding information, applying to relief programs, and more.

Request EDC assistance

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World Trade Center San Diego announces MetroConnect V cohort

By Lucas Coleman,

World Trade Center San Diego’s Flagship Export Program

San Diego – San Diego Mayor Kevin L. Faulconer and World Trade Center (WTC) San Diego unveiled the 15 companies selected to participate in MetroConnect V, the fifth iteration of WTC San Diego’s international sales accelerator program, underwritten by Procopio and JPMorgan Chase & Co. The program is designed to help local companies jump start and scale their global growth.

“One of San Diego’s biggest exports is the innovation and ingenuity of our local companies and this business accelerator helps fuel the entrepreneurs of tomorrow,” Mayor Faulconer said. “Programs like MetroConnect strengthen our local economy by creating opportunities for our small businesses to build greater networks, employ more San Diegans and further invest in our region.”

Now in its fifth program-year, WTC San Diego has adapted MetroConnect V to address the unique circumstances brought on by COVID-19. Routine video conferencing, an enhanced export education program, and virtual workshops with program partners are among the changes implemented prior to the virtual launch.  MetroConnect continues to equip small and medium-sized companies (SMEs) with a suite of financial and programmatic resources in their efforts to bring their products and services to global markets.

Meet the Companies

1. Amavara
2. Blue Sky Network, LLC
3. Dynam.AI
4. Forward Slope, Inc.
5. LunaPBC
6. Mayan Robotics, LLC.
7. Modern Times Drinks
8. MRIaudio, Inc.
9. Omni2Max, Inc.
10. Semantic AI
11. Sidus Solutions
12. TradeSun, Inc.
13. Trex Enterprises Corp.
14. Uprise Energy
15. White Labs, Inc.

More About the Program

The MetroConnect program is highly competitive, with just 15 companies selected based on a variety of criteria, including product potential, interest in new markets, assessed impact of program funds and resources, current international traction, and more. Applicant companies are assessed by a panel of judges, which include representatives from Qualcomm Ventures, Connect w/ San Diego Venture Group, Biocom, the U.S. Commercial Service, CMTC, Viasat, Mitsubishi Electric, Procopio, San Diego State University, Tech San Diego, UC San Diego, San Diego Regional EDC, WTC San Diego, and the previous year’s program winner.

The MetroConnect program resources include:

  • $5,000 in matching grants to cover the costs associated with international expansion, made possible by co-underwriters JPMorgan Chase and Procopio, and with additional funds and in–kind services from more than a dozen sponsor companies
  • One year of complimentary access to SYSTRAN’s premium enterprise machine translation platform
  • Workshops (7) addressing export compliance, localized marketing strategies, and more, taught by private sector experts from the San Diego business community
  • Dedicated WTC San Diego staff manager to support company participants in deploying overseas strategies during the grant period
  • Reduced airfare on international flights out of San Diego International Airport with American Airlines, British Airways, and Japan Airlines
  • Free consultations with legal, tax, and consulting partners
  • Access to a mentor network consisting of trade experts at large and mid-sized San Diego firms and country representatives at the Japan External Trade Organization and the United Kingdom Government Office in San Diego
  • Consideration to compete for an additional $25,000 during the MetroConnect Grand Prize Pitchfest

“San Diego’s continued economic growth is vital to the region’s long-term health and prosperity,” said Aaron Ryan, Executive Director and San Diego Region Manager of JPMorgan Chase’s Middle Market Banking & Specialized Industries practice. “MetroConnect will enable some of San Diego’s brightest companies to grow internationally, and help them successfully navigate the complexities of doing business abroad. JPMorgan Chase is proud to support this impact on the San Diego economy.”

Since the program’s debut in 2015, 65 MetroConnect alumni have collectively generated $85 million in new export sales, signed 500 new contracts, added 269 new jobs to the region, set up 18 new overseas facilities and seen five successful company exits. Past participants include Coronado Brewing, Cypher Genomics (acquired by Human Longevity Inc.), Dr. Bronner’s, Planck Aerosystems, Scientist.com and many more. From community-owned health and genomic data platform LunaPBC, to unmanned aerial systems component manufacturer Mayan Robotics, to California’s very first employee-owned brewery Modern Times, the 2020 MetroConnect companies represent a diverse cross section of San Diego’s innovation economy.

“The MetroConnect program’s support of innovative, high-growth SMEs aligns with the priorities of our firm,” said Jim Perkins, COO and Chief Compliance Officer of program co-underwriter Procopio. “We are thrilled to support WTC San Diego in this endeavor and are looking forward to lending our knowledge and expertise to the new cohort of MetroConnect companies.”

Why MetroConnect Matters Now More Than Ever

Expanding a customer base into multiple markets creates resiliency. That has been especially true during the COVID-19 pandemic as global markets have been affected, then subsequently recovered at varying rates. Additionally, as a port city, trade has always played a big role in San Diego’s economy and the success of the businesses that call this city home. In 2018 alone, San Diego exported more than $20 billion in goods overseas, as well as billions more in services like software, cybersecurity, engineering and research. SMEs produce 92 percent of those goods – driving home the point of programs like MetroConnect. Plus, according to the Brookings Institution, companies that are global pay higher wages, are less likely to go out of business, and increase productivity of the domestic market.

One member of the current cohort has already experienced the benefits of taking part in a program like MetroConnect. White Labs’ yeast serves as a key ingredient in beer, which has made it a pillar of San Diego’s craft brewing industry for the last 25 years. International expansion has always been an important part of White Labs’ business, and it applied to be part of the MetroConnect V cohort to expand and improve its international procedures, policies, and marketing to continue to expand globally.

MetroConnect put White Labs in contact with JAS Forwarding. JAS was able to assist White Labs by reviewing its import/export procedures. This consultancy resulted in White Labs adapting their documentation systems to decrease customs clearance holds in Australia.

JoAnne Carilli-Stevenson, Head of Business Development for White Labs, told the MetroConnect team that this change has “resulted in improved service to customers, and decreased re-shipments required due to custom delays. At a time when we are working hard to balance supply and demand during crisis, this change in international procedure is significant for us.”

“Amidst a global health and economic crisis, new agreements and ongoing negotiations with key trading partners, and the rapid evolution of global supply chains, it is more important than ever to give local SMEs an edge in the global marketplace by equipping them with the tools to be successful,” said Nikia Clarke, executive director of World Trade Center San Diego. “Financial assistance, export education, preferred access to ancillary export services, and connectivity to an international network of partners and mentors – all of these were requests emanating from the small and medium-sized companies this program serves. With 98 percent of San Diego’s economy comprised of such businesses, it is critical that we are responsive to their needs.”

See the full list of MetroConnect V companies 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

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Why Ireland is looking to San Diego for cybersecurity talent solutions

By Jesse Gipe,

People sitting around a table in a board room

According to the Center for Strategic and International Studies (CSIS), the global cybersecurity workforce shortage is projected to reach 1.8 million unfilled positions by 2022. As a hub for cybersecurity companies and research, San Diego has been piloting programs to address talent shortages that are plaguing this ubiquitous industry.

San Diego’s collaborative efforts, combined with its unique concentration of academic, private sector, government, and non-profit industry, have attracted the attention of global technology markets.

In late February,  WTC San Diego – EDC’s international economic development arm –  and the Cyber Center of Excellence (CCOE) hosted 15 delegates from Ireland-based government and academic intuitions. The delegation was touring San Diego to learn about the region’s cybersecurity industry and efforts to support its ongoing growth.

The global ‘cyber’ talent crisis

San Diego companies that attended the roundtable discussed technologies they were developing and strategies for addressing talent shortfalls.

San Diego’s cybersecurity industry, anchored by the presence of NAVWAR, has become a hub for cybersecurity companies. Based on research conducted by San Diego Regional EDC and the CCOE, San Diego’s cyber industry generated $2.2 billion in economic impact in 2018, with more than 8,450 employees working directly for cybersecurity firms.

San Diego companies in attendance also had a lot to learn. Following Brexit, Ireland is the only English speaking country left in the EU. The Ireland delegation used this point, among others, to make their case for why San Diego companies should consider expanding in Ireland.

Understanding WTC’s role

World Trade Center San Diego (WTC) works with partner organizations and global stakeholders to identify strategic global markets and help connect them to San Diego businesses and institutions to increase exports and drive foreign direct investment.

By facilitating strategic meetings, WTC seeks to help elevate San Diego’s profile with key global markets to increase opportunities for inward investment and support local companies as they evaluate expanding into global markets.

Are you interested in getting connected to high profile delegations? We’re here to help.

Get in touch

Related EDC articles and research:

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

By Sarah Lubeck,

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 $5,000 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

In the program’s first four years, 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 VI are open through November 15. 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:

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

By Bree Burris,

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: 

 

 

Two years after expanding to San Diego, Canadian company enters clinical trials with drug to treat metastatic breast cancer

By Bree Burris,
5 business leaders in front of PMD sign to celebrate their expansion
Phoenix Molecular Designs announces expansion to SD in June 2017

In June 2017, Phoenix Molecular Designs(PMD), a Canadian biotech company working on a breast cancer therapy, announced it was expanding to San Diego during World Trade Center San Diego’s Trade Mission to Vancouver. Over two years later, PMD- which now has an outpost at JLabs – is now one step closer to bringing its life-saving treatment to market. And it’s happening because of PMD’s clinical work in San Diego.

Phoenix Molecular Designs’ therapy is developed to treat triple-negative breast cancer. This aggressive form of cancer is often likely to become metastatic, and has a poorer prognosis than other forms of breast cancer. In 2019, nearly 270,000 individuals will be diagnosed with breast cancer in the US alone. Up to 20 percent of those new cases – over 50,000 – are estimated to be the triple-negative type.

But thanks to PMD, there’s a new form of hope.

The company has officially entered Phase 1/1b clinical trials for PMD-026 with the FDA, meaning they are able to administer the drugs to their first patients.

“Dosing the first patient in this newly initiated clinical trial is a paramount milestone for PhoenixMD,” said Andrew Dorr, M.D., chief medical officer of Phoenix Molecular Designs. “We believe PMD-026 to be a promising new approach to treat advanced breast cancer and we look forward to building upon this momentum in the pursuit of a potential treatment option for individuals living with advanced forms of breast cancer.”

International partnerships take time

When World Trade Center San Diego – EDC’s international affiliate – set its sights on Vancouver in 2017 for its first international trade mission, it was in hopes of spurring international partnerships in the life sciences and clean technologies sectors.

WTCSD first met Dr. Sandra Dunn, CEO of Phoenix Molecular Designs, when the international BIO convention was in town in 2017. After a quick conversation, it was clear that in order to meet their lofty goal of bringing a treatment to market, Phoenix Molecular Designs needed to expand somewhere in the U.S. with a strong biotech sector and access to top-tier clinical talent.

A few weeks later, City of San Diego Mayor Kevin L. Faulconer, World Trade Center San Diego, and a delegation of 20 senior-level San Diego leaders were in PMD’s board room in Richmond – right outside of Vancouver – helping the company plan its expansion.

Today, PMD’s presence has grown to nearly 15 employees in San Diego and with the latest funding round, may see additional growth. And its engaged other companies along the way. PMD has partnered with WuXi STA, another international company with a presence in San Diego, to develop and manufacture PMD-026.

At a time of mounting global uncertainty, it is important that San Diego continues to show up in international markets and forge partnerships. The next life-saving treatment is out there, and if San Diego’s regional track record is any indication, we may play a part in bringing it to the world.

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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