Exports are a vital source of growth at a time when the market in the U.S. and in Europe is fragile. Exports are now contributing to the U.S.’s recovery and growth at a higher percentage than the previous two recessions and subsequent recoveries. There is no better example of this than Combustion Associates, a California based company whose foreign sales make up 90% of their total revenue. Recently, Doug Barry sat down with Kusum and Mukund Kavia, a married couple who came from Bangladesh via London to the U.S. with not a lot of money, but a whole lot of determination.
The company builds power generation systems from one to ten megawatts, the perfect size for emerging economy’s villages. Starting up was the biggest challenge for the couple, but with the partnership of the U.S. Commercial Service, they were able to spread their name and become recognized in the industry. They also helped the couple find buyers in these growing countries. All of this would not have been possible on their own. The company is now exporting to ten countries, and will soon add an eleventh. The couple’s biggest advice to other companies still unsure about exporting was to not limit yourself. If you are already doing something you are passionate about, why not spread that business and expand your opportunities?
Now more than ever with weak domestic demand and slow growth, companies need to look outside the box for growth opportunities. There is no better way than to look to grow your product internationally, and with the help of the U.S. Commercial Service, no challenge will be too big to overcome.