San Diego takes on the global market
San Diego is a hub for innovative business, and thanks to a new initiative it will be pushed into a more competitive market.
San Diego’s mayor, Kevin Faulconer, participated in a summit in La Jolla to put together a definitive plan to push San Diego into the global economy.
The plan is called the Go Global Initiative and will involve more than 30 area organizations including Qualcomm Incorporated and University of California San Diego. It is a five-year plan that is supposed to maximize San Diego’s competitiveness through increased engagement in the global market.
According to the San Diego Business website, the initiative introduces five strategies that will be implemented, including: catalyzing growth of advanced industries, driving innovation through talent, realizing Baja California’s potential through connections with priority and emerging markets, mainstreaming global activity as a key component of regional business retention and expansion efforts, and maximizing infrastructure assets.
The Global San Diego Summit was attended by Faulconer and sponsored by Brookings Institution and JP Morgan. Faulconer made a statement at the summit stating his support for the initiative.
“With so much creative talent in life sciences, cyber technology, clean technology, and blue technology, we have to begin to discuss ways to think beyond just California and how we can make a real impact on the world.” Faulconer said.
Brookings Institution projected that 85 percent of global growth through 2019 will occur outside of the United States. Global engagement will prove crucial to San Diego’s sustained competitiveness.
They also stated that San Diego is the 17th largest economy in the country, but it only ranks No. 61 in export intensity and 49th in percentage of jobs in foreign-owned firms.
According to Brookings Institution there are many benefits to moving into a global economy including: paying higher wages, increasing productivity of the domestic market, a decreased likelihood of going out of business, and spurring more efficient development of technology.
In addition, the Go Global Initiative is set to partner with MetroConnect in order to encourage businesses to take on the initiatve.
The company will provide numerous resources, including funds and advice, to small and medium businesses who may find it harder to take on the global market than larger companies.
MetroConnect’s main role in the Go Global Initiative is to therefore provide the means for companies to fully take advantage of the program. Therefore, it has designated that eligible businesses apply for $10,000 in funds, 20 of which will be chosen to receive them. These funds are meant to cover some of the costs that the company would face by choosing to go global.
The Go Global Initiative would not only benefit many companies in San Diego, but it would also benefit numerous students majoring in business, including those currently studying at the University of San Diego.
With its strong business school and high population of students majoring in business, USD students will be able to take advantage of the Go Global Initiative in order to further their own companies and help them reach the global market.
Business major Sarah Choi weighed in on the idea of the Go Global Initiative, praising the advantages it would give her.
“As a business major, it’s always good to learn ways to help make my future business competitive in the global market as well as the local one,” freshman Choi said. “I can see how already existing businesses will handle the strategies and learn by observing them.”
The “Go Global” Initiative has already been put into effect. The 20 companies chosen to receive money for their choice to participate in the Initiative have until December 15, 2015 to spend the $10,000 in funds provided by the program.
Companies that spend the money by October 31, 2015 are eligible to be entered into a contest that would offer yet another $10,000.