NYC International Day: Growing Local Economies through International Entrepreneurship
For the first time, the Transatlantic Entrepreneur Partnership (TEP) is hosting NYC International Day as part of the yearly conference program. Although the partnership was built on the idea of forging a closer collaboration between the New York City and Berlin entrepreneurial communities, it is becoming clear that in a globalized world broader international entrepreneurship is a boon for the economies and the people of both cities.A recent study by McKinsey Global Institute highlights a noticeable shift in the economy because of globalization in recent years. While for decades it was common to outsource things such as production and manufacturing to other countries, now it is becoming ever more common to look abroad for knowledge-based and creative services. As the Financial Times put it, "whereas it used to be money and low-cost production that jumped across borders, now ideas and services are following suit courtesy of the internet."
When ideas and concepts can be outsourced, cities must work hard to keep up with innovation to remain globally competitive. Keeping a fresh flow of ideas coming is crucial to keeping industries vibrant and growing; one of the best ways to do this is by bringing in outside talent from a variety of countries. Making the transition easier involves providing resources needed to navigate legal regulations; providing affordable space in accessible locations; and encouraging a supportive network of entrepreneurs and experienced mentors.Thanks to the shift in globalization and the ubiquitous use of the Internet, developing countries, small startups, and even individual entrepreneurs are able to enter the global market - adding more perspectives and new ideas to the global mix. It is important that city governments remain involved to fully take advantage of the economic opportunities offered by this increase in cross-border business flow. Implementing smart policies to encourage international entrepreneurism and idea exchange is imperative.TEP recognizes this and thus brings together a variety of perspectives to discuss the promising opportunities for cities. The first NYC International Day will be held in Brooklyn due to the borough’s growing startup sector and international connections. Increasingly international startups are looking to start in the city and local startups are expanding abroad. However, starting in and expanding from the city internationally is still challenging. That is why TEP is hosting this discussion on international expansion. It is the beginning of a dialogue on how to bring the international community closer together and how to enable local chambers of commerce and consulates to better tap into the city’s resources.Attendees will learn about international opportunities in Brooklyn from Brooklyn Borough President Eric L. Adams. They will also hear from Ahmad Alhendawi, UN Secretary General’s Envoy on Youth, as he discusses how future economic opportunities are in the hands of today’s young people; Albert Wenger, partner at Union Square Ventures, as he talks about NYC as the applied tech center of the world; Kyle Kimball, president of the New York City Economic Development Corporation, as he outlines how the city can help international entrepreneurs get started and succeed; and a moderated panel discussion and Q&A with local and international perspectives on "Making it in NYC."The aim of NYC International Day is to bring the international entrepreneur community closer together, learn from best practices around the world, and start a dialogue about supporting growth in Berlin, New York, and abroad. This is just the beginning of the discussion – TEP welcomes input and ideas from all attendees so that we can create an ongoing dialogue around this topic.To see the agenda and sign up for the event, please visit New York International's Meetup group.