At International CES, which runs Jan. 6-9 at the Las Vegas Convention Center, Las Vegas companies can find something much more valuable than the latest gadgetry: international contacts.
Businesses based in the Convention Capital of the World have at home the kinds of export-market development opportunities that peers in other locales would need to spend thousands of dollars and days of travel to match. Potential business partners come from throughout the world to dozens of trades shows every year.
Market diversification is important for local businesses and companies as they consider expanding.
The risk of committing all sales to a single market was brought forcefully home during the recession, which devastated the Las Vegas economy. Companies that diversify their markets by selling internationally put themselves on a more solid footing. Data from the International Trade Administration that exporting companies grow faster and are 8.5 percent less likely to go out of business compared with non-exporting companies.
Help is available for local owners who want to diversify. Agencies such as the Small Business Administration, Nevada Industry Excellence and the U.S. Commercial Service assist small to mid-size businesses with all aspects of export development.
The U.S. Commercial Service, with officers in embassies and consulates worldwide, is particularly well placed to connect U.S. businesses with international customers and partners. Through its International Buyer Program (IBP), Commercial Service officers recruit and vet international buyers, representatives and distributors, and often organize them into delegations to attend shows selected for IBP status.
Of the 24 trade shows approved for IBP status in 2015, nine will be in Las Vegas. The biggest is International CES, at which 33 such delegations are expected. (Companies can still register to attend; and on-site registration begins Jan. 1.)
Local owners can work with Commercial Service officers at its office in Las Vegas or at its booth at International CES. They act as matchmakers, linking U.S. and international firms.
Other opportunities will be available at CES. Poland, for example, which will send representatives of 25 companies to Las Vegas, will host a session for Nevada companies interested in connecting with Polish companies, organized by the Consulate of Poland in Las Vegas. And the Governor’s Office of Economic Development will host a reception for government and business leaders from Shenzhen, China, to enhance bilateral trade and investment.
Las Vegas business owners have the unique advantage of potential export partners coming to their backyard. Given the value of a diversified market base and assistance available to make connections, companies would do well to seize the opportunity offered by our location.