Paris, NYC Launch Business Exchange Program

PARIS and NEW YORK CITY—The economic development agencies of Paris and New York City have launched a trans-Atlantic business exchange program intended to provide emerging companies in both cities with access to opportunities internationally. 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, with the goal of allowing these local companies to grow and Parisian companies to expand within New York City.

“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,”says Jean-François Gallo in, CEO of Paris&Co., that city's economic development agency. “The programs proposed by each agency will help them connect easily to the respective innovation networks.”

In New York City, Gallo in's counterpart, Maria Torres-Springer, says that “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” now more than ever. President of the New York City Economic Development Corp., Torres-Springer adds, “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.”

Nearly 50% of New York City business owners are foreign-born, and French companies, which represented the fifth largest source of foreign direct investment into the US in 2013, 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 aims to build upon both cities' shared commitment to global entrepreneurship and inclusion.

The NYC-Paris Business Exchange will target startups and small and medium sized enterprises that have been in operation for between one and six years, 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 Franceand the French American Chamber of Commerce, to provide mentorship and support during their tenure.