When Lynne Henkiel kept hearing the same question over and over, she decided it might be more of an opportunity than a distraction.
The director of innovation ecosystems at Georgia Tech’s Enterprise Innovation Institute is an expert on how communities and universities collaborate build an environment supportive of entrepreneurial growth. She has studied the phenomenon across borders, particularly in Latin America.
When communicating with successful Tech alumni in the region, they were heartened to learn of the university’s support for local entrepreneurs, but they always wanted to know: Is there a way we as foreign companies can get in on this too?
“The answer was no,” Ms. Henkiel said. “We help startups in the state of Georgia, but we really didn’t have anything that fits the bill for an international company that wants to grow and break into this market. Finally, we said we have to address this population.”
A little research found many incubators set up to welcome international investors, but no programs that offered the tools to help them to make up their minds.
“What we’re doing is trying to teach them how to help themselves make a decision on whether or not to expand,” Ms. Henkiel said.
That prospect can be daunting for small and mid-sized firms, even those with a solid business model. Companies tend to gravitate to geographies and partners that feel comfortable, regardless of where real research might have led them .
EI2, as the institute is called for short, wanted to help them take a more evidence-based approach to global business. There was a sweet spot in terms of company size: Startups weren’t ready for expansion, while large companies didn’t need the help: They could pay for external consulting or in-house research.
“There was no one touching the small and medium sized companies that were looking to go international,” Ms. Henkiel said.
Mashing up tried and tested entrepreneurial resources designed for domestic firms, the institute in 2016 launched “La Idea” with the U.S. State Department to help Latin American firms explore the business incubation process in the U.S. That included an introduction to key organizations in Atlanta like Invest Atlanta, the Metro Atlanta Chamber and Georgia Department of Economic Development, as well as a heavy dose of the kind of information found in their “Why Atlanta?” pitches.
What started as a weeklong residency housed at Georgia Tech’s Advanced Technology Development Center in Midtown has now morphed into the Soft Landings program, a full 14-week course with most of the study taking place remotely. It’s more than simple introductions: The beefed up content this year includes lessons on employment law, visa issues, cultural differences and much more.
Two reps from each participating company (likely seven or eight in total) will travel to Atlanta late on the second to last week for an “immersion week” before a final week of mentorship and followup. They’ll pay $7,500 for the overall course.
For Atlanta, which is already deepening its innovation ties and courting deeper investment links with Latin America, the program could be helpful in introducing decision-makers to the city early on in their due diligence process.
That’s certainly an ancillary goal of Georgia Tech, a public institution dedicated to the helping grow the state, Ms. Henkiel said.
“Atlanta is a welcoming and international place, so why not?”
Sixteen companies have so far participated in two cohorts (six and 10) and already some have landed joint ventures or are exploring kick-starting exports to the U.S.
Bogota, Colombia-based Biofos Biotechnology, a provider of ingredients to the cosmetics industry, used the program to confirm its value proposition in the U.S., refine its focus and, crucially, find partners.
“Now we have clear a position in the U.S. market. With two new joint ventures with U.S. partners and a new online platform, we have introduced our innovative BioZymes technology to the cosmetic industry in the United States,” said Cesar Rojas, chief technology officer.
For him, Georgia has been a perfectly ample springboard for future growth.
“I truly believe that Georgia Tech’s Soft Landings program is the best option to introduce your products and services in the U.S. and global markets using Georgia as a platform.”
The program is open to companies of all nationalities and is not just for Georgia Tech alumni. Applications run through Aug. 16, and the program begins Sept. 6.
The institute is interested in providing local consulates and trade offices with more information.
Learn more at grow.gatech.edu/softlandings.
Watch a webinar here.
Apply here.
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