Paris&Co, the economic development and innovation agency of Paris, and New York City Economic Development Corporation (NYCEDC), today announced a new business exchange program to provide New York City-based emerging businesses access to opportunities in Paris and to encourage Parisian young companies to locate and create jobs in New York City, further strengthening international ties with New York City’s diverse economy. The NYC-Paris Business Exchange will help tech, clean tech, fashion and design, tourism, food and beverage, and arts companies overcome barriers that inhibit entry to foreign markets, allowing these local companies to grow and Parisian companies to expand within New York City.
Nearly 50 percent of New York City business owners are foreign-born, and French companies, which in 2013 were the fifth largest source of Foreign Direct Investment into the United States, play a major part of the 5.8 million people employed across the United States by affiliates of foreign firms. The NYC-Paris Business Exchange builds upon both Cities’ shared commitment to global entrepreneurship and inclusion.
“More than ever before, emerging businesses are thinking about how to operate across multiple countries as a means to grow their companies and tap into international talent and consumers,” NYCEDC President Maria Torres-Springer. “This exchange program will help fast-growing startups unlock international business opportunities, providing a launching pad from where New York City companies to expand abroad.”
“This unprecedented partnership between Paris and New York aims to facilitate the circulation of startups, to push them to develop on new markets abroad earlier and in the best conditions. The programs proposed by each agency will help them connect easily to the respective innovation networks”, said Jean-François Galloüin, CEO of Paris&Co.
Companies participating in the NYC-Paris Business Exchange must demonstrate strong potential for international expansion, a proven track record of success in their local market, and a well-defined business plan. Up to 10 companies from each city will be awarded six months of free office space in the partner city, as well as access to networking, potential investors, and mentorships. NYCEDC is partnering with the Made in NY Media Center by IFP to host the chosen companies, and with La French Tech NYC – an umbrella group that includes the French Embassy to the United States, the Consulate General of France in New York City, the French economic development agency Business France, and the French American Chamber of Commerce, to provide mentorship and support during their tenure.
The NYC-Paris Business Exchange builds on the international standing of both cities and the bi-lateral relationship between New York City and Paris, which has deepened as a result of support for progressive policies under Mayor Bill de Blasio and Mayor Anne Hidalgo. With access to over 500 million customers in the European market and home to the highest concentration in Europe of the headquarters of the Fortune 500 companies and major international organizations including the OECD, and UNESCO, Paris is a central hub and a booming pool of talent and startups from which emerging New York City-based businesses can grow and diversify.
The NYC-Paris Business Exchange will target startups and small and medium sized enterprises (SMEs) that have been in operation for between one and six years, in fields including tech, clean tech, fashion and design, tourism, food and beverage, and the arts. Selection of the companies will be based on those that would benefit most from international expansion and the prospect for the businesses to sustain an expansion after. Winners of the exchange competition will be announced in fall 2015.
Applications are due on November 30th, visit www.nycparisstartups.com to apply or learn more.
Paris&Co finds and provides support for foreign direct investments, promotes international attractiveness of Paris abroad, and fosters the Parisian innovation ecosystem by incubating startups, experimenting with new solutions, organizing events, and encouraging cooperation between startups and global players.
With an international team, Paris & Co incubates 200 startups, runs more than 350 projects targeting foreign companies, and hosts over 200 events every year.
New York City Economic Development Corporation (NYCEDC) is New York City’s primary engine for economic development, charged with leveraging the City’s assets to drive growth, create jobs, and improve quality of life.
NYCEDC is an organization dedicated to New York City and its people. The agency uses its expertise to develop, advise, manage, and invest to strengthen businesses and help neighborhoods thrive.
NYCEDC also helps create affordable housing, new parks, shopping areas, community centers, cultural centers, and much more.
Press contact at Paris&Co: Karine Bidart - Tel: +33 (0)6 88 06 48 55 - Mail:firstname.lastname@example.org