ATLANTA – Hydro Dynamics, Inc. (HDI) is a recipient of a $5,000 grant and a semi-finalist in the inaugural Atlanta Metro Export Challenge, a grant competition powered by Chase which boosts support for small and medium-sized businesses looking to begin exporting or to increase their export programs.
Thirty-five companies from metro Atlanta were selected as semi-finalists and will each receive a reimbursement grant of up to $5,000 to apply toward expenses related to building export capacity and activities.
”We are very honored and excited to receive this grant that we intend to use to promote our cavitation technology to the international market for hop extraction in beer and for biodiesel transesterification in renewable energy,” said Doug Mancosky, Vice President of HDI.
Nearly 70 companies, ranging in size from pre-revenue startups to small and established medium-sized businesses, applied for the 35 available grants. The semi-finalists represent a wide array of industries, including traditional and advanced manufacturing, professional services, food and beverage, apparel and technology companies. Women-owned and minority-owned businesses are among the semi-finalists. Also, grant awardees represent 12 different counties, eight of which are within the metro Atlanta 29-county region.
To see the full list of grant awardees, click here.
HDI will have a chance to win additional prize money later this summer. Each of the 35 semi-finalists must utilize the grant funds during the first half of 2016 and show export success to be invited back for the second round of competition this summer at Pitch Day – a Shark Tank-style pitch session before a panel of judges. The semi-finalists must share their export success and future plans for export development for a chance to win additional prize money. At Pitch Day, companies will present their exportable product or service, their export success with the initial grant, and a business plan detailing how they will use additional grant funds to increase exports. The top three companies will receive $20,000 (1st Place), $10,000 (2nd Place), and $5,000 (3rd Place).
The Atlanta Metro Export Challenge will distribute a total of $210,000 over the course of the competition. This competition is one of the key components of the Atlanta Metro Export Plan (MEP), an initiative launched in June 2015 to stimulate economic growth in the region and create quality jobs through exports. The grants competition aims to encourage area companies to export and drive business growth by increasing international sales of local products and services.
The program was created through a grant from JPMorgan Chase as part of the firm’s ongoing work to promote global competitiveness in metros around the country.
”The more we support small businesses efforts to broaden their opportunity, the stronger our economy becomes, and exports are key to meaningful, sustainable growth,” said David Balos, market leader for JPMorgan Chase in Georgia.
Promoting participation from small businesses will help boost Metro Atlanta’s exports—right now, the region ranks 64th among the nation’s largest metros in export intensity, despite being the 14th largest exporter in the U.S. Exports are shown to add jobs to regional economies. The International Trade Administration reports that for every $1 billion generated in exports, an additional 5,800 new jobs are created.
Exports are shown to add jobs to regional economies. The International Trade Administration reports that for every $1 billion generated in exports, an additional 5,800 new jobs are created. With 95 percent of the world’s consumers located outside the U.S., the potential for growing exports is tremendous.
The Atlanta MEP is being implemented by multiple organizations, including the Metro Atlanta Chamber, the Georgia Department of Economic Development and the City of Atlanta working in partnership with several other regional and local economic development agencies, public and private organizations. The MEP is the first phase of Atlanta’s participation in the Global Cities Initiative (“GCI”), a joint project of the Brookings Institution and JPMorgan Chase that aims to help leaders in U.S. metropolitan areas reorient their economics toward greater engagement in world markets.
About Hydro Dynamics
Hydro Dynamics, Inc. is located in Rome, Georgia and is the developer and manufacturer of the cavitation based ShockWave Power™ Reactor (SPR™). The SPR™ equipment uses the physical phenomenon of cavitation, normally known as destructive force, and harnesses it to solve critical industrial mixing, extraction and heating problems. The technology The SPR™ can now be found on four continents in applications ranging from biodiesel production to hops extraction for beer. Learn more at: www.hydrodynamics.com.