Unlocking Global Success: The Wichita Export Accelerator Program
Kansas Global Trade Services (KGTS), in partnership with the City of Wichita, offer this initiative aimed at facilitating international expansion of Wichita-based companies by leveraging KGTS’ expertise in international trade. Each year from 2020, a select cohort of five export-ready companies is chosen to participate in this program.
The program’s primary objective is to ensure companies ready for growth and initial international expansion from Wichita and neighboring cities have the necessary resources and expert guidance to venture into new international markets successfully.
How the Wichita Export Accelerator Program Assists Export-Ready Companies
Participating companies receive data, resources and step-by-step guidance provided by global trade experts from KGTS and our network of global consultants from IBG Global, an international business development firm with staff in over 70 countries. Through collaboration with IBG Global, KGTS ensures that Export Accelerator participants are in contact with consultants located in all regions of the world, providing accurate information about specific foreign markets from experts on the ground.
The program encompasses several key deliverables, including:
- Global Market Scan (GMS): ranking global markets based on tailored company characteristics.
- Landed Cost Analysis: diving into tariffs, taxes, shipping, and other costs associated with each country.
- Tailored Market Research: identifying key differentiators, target markets, and competitive advantages.
- Strategic Meetings: Facilitating meetings between Wichita Export Accelerator participants and counterparts from around the globe to establish relationships and open new markets.
How Does the Export Accelerator Program Operate?
Interested companies headquartered or operating in the service area (Wichita and neighboring cities) complete an intake process describing their current business model and areas of geographical interest, collaborating with the KGTS team to assess readiness for the Export Accelerator. Companies that are selected to participate enter the Export Accelerator and are responsible for a $1,500 copay to access the $30,000+ in Export Accelerator services. Once officially part of the Accelerator, KGTS conducts a Global Market Scan (GMS), ranking every country in the world from best to worst market for the company’s specific good or service. Subsequently, with guidance from KGTS, the EA participant selects one to four countries of interest from the top ten countries identified by the GMS as having the best market potential for their specific product or service.
Once these countries are selected by the participant, KGTS leverages its global network of consultants located in the chosen country(ies) or region(s) of the world to assess the feasibility of the project. Meetings between the participant and in-country consultants are coordinated and led by KGTS, ensuring that participants receive comprehensive information about the market being explored, and in-country consultants clearly understand the product or service, and the company’s needs and desires.
Upon completion of these meetings and with ample information about each global market, participants make an informed decision regarding the country they wish to enter. KGTS, in collaboration with IBG Global consultants, assists in connecting participants with distributors, manufacturers, and other in-country resources essential for smooth operations. Ultimately, the goal is for participants to enter and make sales in a new market. Current participants have averaged $200,000 in year one revenue in the new market.
Export Accelerator Program Costs
The Wichita Export Accelerator Program is a 12-month intensive, low-cost, low-risk way to explore a global market and generate or increase international sales.
The cost of the services provided during this year-long program is $30,000 per company but thanks to generous underwriting from the City of Wichita, a participating company’s financial commitment is only a $1,500 copay, which secures their position within the cohort.
Export Accelerator Time Commitment
While this is a 12-month program, participating companies are required to only allocate approximately two to four hours every two weeks on global consultant meetings, emails, and status calls.
Previous Wichita Export Accelerator Program participants have successfully established trade relationships in countries such as Germany, Australia, Mexico, and Spain, and the year 1 cohort has generated $1.1M in new international revenue.
Companies interested in learning more about this competitive opportunity to diversify their revenue stream and reach new markets internationally can visit https://www.kansasglobal.org/wichita-export-accelerator-program/ or contact Anne Dewvall, President and CEO of Kansas Global Trade Services at firstname.lastname@example.org , or Omar Ismail, Senior Associate at Kansas Global Trade Services at email@example.com.