TEP Times 2014 | Page 3

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The TEP Times | Fall 2014
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BERLIN / NYC

NYC International Day

Growing Local Economies through International Entrepreneurship
BY ASHLEY CLARK
Brooklyn Borough President Eric L . Adams

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 boom 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 knowledgebased 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
Photo credit : Tobias Everke
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 seasoned international entrepreneurs who successfully started up 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 .

Two Global Cities Innovate and Collaborate

BY KATHRYN WYLDE

New York City enjoys a prominent global brand , as a center of finance , media , commerce and the arts . In PwC ’ s annual Cities of Opportunity studies , New York consistently ranks as a top performer across a variety of indicators , ranging from economic clout to intellectual capital and , increasingly , as a global center of innovation . The high concentration of global headquarters across multiple industries and world-class educational , medical , and cultural institutions have all contributed to New York City ’ s position as the world ’ s biggest city economy and one that is experiencing growth at a faster rate than most cities in the developed world .

The Partnership for New York City is an organization of business leaders who work with government and the nonprofit sector to ensure that New York remains at the forefront of the global innovation economy . We mobilize the resources of business to support creation of jobs , expansion of educational opportunities and investment in the infrastructure and services that a great world city must offer to business and residents alike .
How do we do this ? For starters , it ’ s important to identify the city ’ s strengths and leverage them . For example , New York offers deep markets for technology products in its core industries , including financial services , media , professional and business
Kathryn Wylde , President & CEO of the Partnership for New York City
Berlin has what it takes to build and maintain a vibrant global business hub that is both livable and affordable services , healthcare , and retail . This makes the city a magnet for talent and business investment from around the world .
Through our Partnership Fund , a civic investment fund , we are running a FinTech Innovation Lab , a Digital Health Accelerator and a Fashion Tech Lab , which offer entrepreneurs in early- and growth-stage companies access to partnerships with the city ’ s major banks , corporations and medical institutions . At the same time , we are making direct investments in promising sectors , such as advanced manufacturing , and in the commercialization of research in the life sciences .
As a result of public and private partnership efforts , technological advances have driven the creation of 150,000 tech jobs across all sectors of our economy . Importantly , these are not just jobs at startup companies , but reflect the transformation of traditional industries through the adoption of technology . Berlin is looking to do the same and there is great opportunity there . Berlin performed very well for its size among the Cities of Opportunity , demonstrating that it has what it takes to build and maintain a vibrant global business hub that is both livable and affordable . Focusing on the innovation economy , the attraction of talent and venture capital to fuel entrepreneurial growth will be key to Berlin ’ s future , as it is to New York ’ s .
While cities are in competition , they will ultimately benefit most by collaborating , learning from each other and providing international business with a truly global platform that spans every continent . New York is looking to the German experience to understand how to expand our export of goods and to replicate the industry-led apprenticeship training programs that have been so successful in preparing students for jobs in a fast-changing economy .
We look forward to continued interchange through the Transatlantic Entrepreneur Partnership Conference and other venues that bring leaders of great global cities together to pursue our shared objectives of opportunity and growth .
Kathryn Wylde is the President & CEO of the Partnership for New York City .