by Ben Worrell, MBAJuly 3, 2024

Diverse Businesses Converge at 2024 SelectUSA Investment Summit

An entrepreneur from Israel promoting their medical industry software product; an investor from Africa looking at opportunities to improve their country’s agricultural production and trade; a Canadian research and development firm who developed a cleaner wastewater treatment product; a Saudi Arabian metal 3-D printing company looking to connect with business contacts from Europe and the United States; and an Asian company looking to purchase a U.S.-based manufacturer in the automotive sector to launch their first U.S.-based operations — these are just a few examples of the diversity of companies, countries, and people attending the 2024 SelectUSA Investment Summit.

SelectUSA promotes the United States to the world, inviting companies from all countries to come to the U.S. and interact with key stakeholders, including federal, state, and local governments and economic development organizations. U.S.-based companies and service providers also seek to connect with foreign companies to assist with the set-up and ongoing operations once a company settles in the States.

It is easy to focus on our own backyard and not worry about what the rest of the world is up to. However, the 2024 SelectUSA Investment Summit was a good wake-up call to the innovation, creativity, and collective movement of companies from around the world.  Many different languages, clothing styles, and traditions are honored at SelectUSA.  Breakout sessions and dinners with emissaries and delegates of specific countries allowed for targeted conversations. Meal breaks and cocktail mixers allowed for spontaneous conversations, information sharing and resourceful collaboration. “Everyone is ready to help and connect others to the people and resources they need at this event,” one fellow attendee noted.

One consistent area of questions and opportunity is regarding economic credits and incentives. Many foreign entities seek to invest capital and create new job opportunities, both of which are required for economic incentives. With so many different states and locations available, navigating the best fit for a new company can be challenging and intimidating for many. Most U.S. states attended the Summit, with grandiose booths and digital advertisements promoting their geographic region as “the best!” With so many “bests” present, how does one navigate it all?

As a location advisory expert, it was nice to connect with companies, even for a brief time, and help educate them on the diversity of locations and incentive programs across the U.S. It was a good reminder that having a trusted expert in the field of location advisory is critical for new or established companies. Valuable incentives can help a potential project move forward and mitigate the risk of any new venture.

SelectUSA truly is the United States’ opportunity to showcase the best of the U.S. and connect the world to the country’s diverse business ecosystem. For companies looking to grow and expand here, be sure to connect with a location advisory expert early in your planning process in order to maximize your potential benefits from tax incentives.

As a Principal for McGuire Sponsel’s Location Advisory practice, Ben Worrell fosters client relationships by guiding clients through the intricate compliance requirements associated with credits and incentives benefits.

Ben builds confidence in the McGuire Sponsel client relationship by working with clients throughout the duration of their project – not just in a one-off transaction.

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