Multigovernment Export Program Launched
Cook County Board President, Toni Preckwinkle joined Chicago Mayor Rahm Emanuel, DuPage County Chairman Dan Cronin and the Chief Executives of Kane, Kendall, Lake, McHenry and Will Counties, JPMorgan Chase, the Brookings Institution, founders of the Global Cities Initiative, and World Business Chicago at The Industrial Council of Nearwest Chicago, 320 N. Damen Ave. on Monday to launch “Metro Chicago Exports,” an unprecedented regional collaboration designed to help small and medium enterprises throughout the region capture export opportunities.
“Metropolitan areas like northeastern Illinois are the engines for economic growth in this country. And regions that work together perform better," Preckwinkle said. “Last year, I convened the economic development leadership from seven counties and the City of Chicago to explore opportunities for collaboration to further the region’s economic growth. I’m pleased to see that one of the first results of this group is the creation of Metro Chicago Exports. By increasing the export capacity of small and medium-sized businesses, we will enhance global competitiveness, foster innovative activity within firms, and positively impact the economy of our region. "
According to data from a forthcoming Brookings Metropolitan Policy Program report, in 2013, the Chicago region was the nation’s fourth largest exporter at $65 billion, but ranked only 28th in the share of its economy that comes from exports.
Despite high exporting volume, only six percent of the region’s small and mid-size firms currently export and, on average less than half of those firms export to more than one market.
“Small businesses continue to be drivers of growth for Chicago’s economy. By helping businesses on the threshold of exporting to cross that divide further increases economic opportunity and job growth,” said Mayor Emanuel. “Only one in twenty Chicago small businesses currently export their goods overseas, but by bringing together assets that exist throughout the Chicagoland area – access to ports, promotion services, transportation and more -- Metro Chicago Exports can help these businesses to increase their global competitiveness, support local job growth and make Chicago a national leader in exports.”
Metro Chicago Exports will assist manufacturers and business service companies to reach new international markets. The pilot program will focus on three initial strategies:
Build the pipeline of export ready firms: use a data-driven approach to proactively target firms in high demand industries with specific opportunities in international markets; create clear export roadmaps for groups of firms and scale the reach of existing services
Strengthen the export ecosystem: serve as a concierge for firms and assist navigation through the network of regional services; develop opportunities for peer learning and mentorship to leverage the expertise of current exporters
Reduce the initial business costs to reach new markets: expand resources for firms to become market ready and reduce the hurdles to exporting faced by small firms, such as specialized market research, translation, sales missions, etc.
According to one estimate, there are up to 2,500 manufacturers in the Chicago region on the threshold of exporting that would be eligible to utilize the services of Metro Chicago Exports.
Metro Chicago Exports builds on the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase, which has pledged an additional $500,000 to launch Metro Chicago Exports.
“The global marketplace is more complex, more challenging, and more receptive than ever,” said Melissa Bean, Chairman of the Midwest, JPMorgan Chase. “It’s critical that local governments and businesses work in partnership to build capacity to compete and succeed in today’s global environment.”
Over the next six months, Metro Chicago Exports will focus its efforts on building organizational infrastructure, including hiring a managing director and forming an advisory council, as well as identifying firms to participate in the pilot program. Offices will be located in the City of Chicago and DuPage County.
For more information on Metro Chicago Exports, visit metrochicagoexports.com.
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