New York Export Incubator Achieves Success Supporting Korean SMEs and Ventures Entering the US East Coast

[Asia Economy New York=Correspondent Baek Jong-min] The New York Export Incubator, jointly operated by the Small and Medium Business Corporation and the Korea Trade-Investment Promotion Agency, is accelerating support for small and medium-sized ventures aiming to enter the U.S. East Coast market.

The New York Export Incubator announced on the 24th (local time) that through the pre-BI support project for the agricultural corporation Moa, it has supported local online advertising and distribution network promotions in the U.S., achieving sales exceeding $80,000.

The New York Export Incubator identified the difficulties Moa faced in entering the U.S. market and leveraged the U.S. East Coast supermarket distribution network established by OTG New York, a local food-specialized distributor and existing partner, to achieve results.

Kim Jong-su, CEO of Moa, said, "I have researched kimchi for over 30 years and received the Presidential Citation at the 1st ‘Kimchi Day,’ but this year’s first attempt to enter the U.S. market was not easy. Through the New York Export Incubator’s pre-BI program, we received marketing support and were able to enter 10 supermarket chains on the U.S. East Coast."

The New York Export Incubator supports domestic small and medium enterprises wishing to establish themselves and export in the U.S. East Coast region. Resident companies receive comprehensive customized export support services for up to four years, including marketing, market research, buyer introductions, legal advice, as well as office space and office equipment.

The pre-BI program supports companies before they move into the New York Export Incubator by providing local market information, buyer discovery, mentoring, and promotion. This year, the New York Export Incubator has selected and supported 38 companies as pre-BI companies.

Lee Hye-ryong, director of the New York Export Incubator, stated, "We will spare no effort to help small and medium enterprises struggling to enter the U.S. local market achieve tangible export results through the pre-BI program."