| Explanations and Methodologies To continue implementing the International Trade Plan and support more businesses with Virginia's proven international trade programs, additional funding will be used to implement the following initiatives during FY23 and FY24. These initiatives will support a total of 610 companies and 5,000 trade-related jobs in Virginia.
Expand VEDP's new Supply Chain Optimization Program to assist more Virginia companies in building supply chain resilience. Support will include training and capacity-building programming to support Virginia businesses with optimizing their international supply chains as companies face increased challenges related to the pandemic and global shipping constraints. This initiative will serve 40 additional Virginia businesses.
Funding Breakdown FY23 FY24
Program resources & training for 40 additional businesses $300,000 $300,000
Supplier-focused trade missions and market research 300,000 300,000
Program Coordinator to organize training and resources 150,000 150,000
Program Manager to recruit and serve additional businesses 200,000
Total $750,000 $950,000
Grow the number of businesses participating in international trade programs from across the Commonwealth. This is a key goal of the International Trade Plan. This funding would allow for additional staff and expanded program support to serve additional companies. To continue program growth and enhance the accessibility of resources, funding will be used to launch an online portal for businesses enrolled in programs. Program resources provided through existing programs such as the Regional Export Program, Trade Show Program, and Global Defense Program will also be increased to better support businesses.
Funding Breakdown FY23 FY24
Manager and funding for 40 additional businesses in Hampton Roads $400,000 $400,000
Recruiting Coordinator and funding to identify businesses 200,000 200,000
Manager to serve newly identified businesses in all regions 200,000
Administrative Coordinator to support expanded programs 150,000 150,000
Grow program resources for 140 existing participants 800,000
Total $750,000 $1,750,000
Expand international market research capacity at VEDP to support additional Virginia businesses. As more companies enroll in programs, funding is required to provide valuable in-country market research specific to each company's product or service. This research includes industry overviews, lists of potential customers, competitive analysis, and matchmaking services in over 85 countries.
Funding Breakdown FY23 FY24
International market research services and reports for 100 businesses $375,000 $375,000
Two Research Analysts to support more businesses 300,000 300,000
Policy Analyst to monitor and report on US trade policies impacting Virginia businesses 150,000
Total $675,000 $825,000
Increase capacity for VEDP-supported trade missions, trade shows, and in-person and virtual seminars and events. As programs like Virginia Leaders in Export Trade (VALET) expand, those businesses will participate in international trade missions and trade shows to meet foreign customers and distributors.
Funding Breakdown FY23 FY24
Add 10 international trade missions and trade shows supporting 60 businesses $325,000 $625,000
Event Coordinator to support additional event participants 150,000 150,000
Total $475,000 $775,000
Launch a comprehensive international business training curriculum to build international business capacity for companies across Virginia. This training program would provide businesses with in-person and virtual training on a range of international business topics with presentations and seminars by industry experts.
Funding Breakdown FY23 FY24
International training instruction, facility costs, and materials for monthly events to support 100 businesses $200,000
Training Manager to organize comprehensive curriculum 150,000
Total $350,000
Expand the Virginia Leaders in Export Trade (VALET) Program by allowing more businesses to participate and creating a new training component to prepare Virginia companies for growth in international sales. This award-winning program generates an average increase in international sales of 59% for participating companies. The new pre-VALET Program will be focused on solidifying each business's international marketing operations so that they are prepared to fully utilize VALET Program resources for international expansion.
Funding Breakdown FY23 FY24
Pre-VALET training and resources for 25 businesses/year $500,000 $500,000
Program Manager to lead training & serve businesses 200,000 200,000
Dedicated Research Coordinator for VALET participants 150,000 150,000
Total $850,000 $850,000
Launch an international trade intern program to provide Virginia businesses with trained interns from partnering Virginia universities. Interns will assist businesses with international business development, market research, international marketing, and supply chain optimization. Each intern will receive international business training and be matched with a Virginia business that has graduated from a VEDP International Trade program. This program is an opportunity for VEDP to partner with Virginia universities to train the next generation of international business professionals.
Funding Breakdown FY23 FY24
Internship stipends and training in partnership with Virginia universities to support 25 businesses $250,000
Intern Coordinator 150,000
Total $400,000
Launch international business optimization program by facilitating audits of key export function areas, including compliance, supply chains, and tariffs. This program will connect Virginia businesses with professional service providers to analyze their international business activities and identify savings and efficiency gains. For example, Virginia businesses could save an average of $100-300K per year by utilizing tax savings mechanisms designed for exporters.
Funding Breakdown FY23 FY24
International business optimization services for 10 businesses, provided by professional service providers $200,000
Total $200,000
Launch customized international business services targeted to high-volume/value Virginia businesses. Virginia aims to recruit large exporters to achieve the export growth targets outlined in the International Trade Plan. Understanding that the needs of these companies are different from SMEs, this program would support these new and existing high-volume/value exporters with customized resources to enhance their international initiatives. Tailored assistance could include producing in-depth international market analysis and sensitive business intelligence or conducting supply chain mapping.
Funding Breakdown FY23 FY24
Customized international business services for approximately 10 high-volume/value Virginia exporters $400,000
Total $400,000
Launch a new program to support cybersecurity and e-commerce companies with international sales. Cybersecurity and e-commerce businesses are a growing component of Virginia's economy and could be positioned to significantly increase their international sales. This new program would provide dedicated and targeted international business support for cyber, IT, and e-commerce companies.
Funding Breakdown FY23 FY24
Program resources for 20 businesses/year $200,000
Program Manager to recruit and serve program participants 200,000
International trade show participation for Virginia businesses 100,000
Total $500,000
Budget Summary
FY23 Budget Breakdown:
Expand Supply Chain Optimization Program $750,000 1 FTE
Grow number of businesses participating in trade programs 750,000 3 FTE
Expand international market research capacity at VEDP 675,000 2 FTE
Increase capacity for VEDP-supported trade missions 475,000 1 FTE
Expand Virginia Leaders in Export Trade (VALET) Program 850,000 2 FTE
Total $3,500,000 9 FTE
FY24 Budget Breakdown:
Expand Supply Chain Optimization Program $950,000 1 FTE
Grow number of businesses participating in trade programs 1,750,000 1 FTE
Expand international market research capacity at VEDP 825,000 1 FTE
Increase capacity for VEDP-supported trade missions 775,000
Launch robust international business training curriculum 350,000 1 FTE
Expand Virginia Leaders in Export Trade (VALET) Program 850,000
Launch an international trade intern program 400,000 1 FTE
Launch international business optimization program 200,000
Launch customized services for high-volume/value businesses 400,000
Launch new cybersecurity and e-commerce program 500,000 1 FTE
Total $7,000,000 6 FTE
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