RICHMOND - The Virginia Economic Development Partnership (VEDP) Division of International Trade announced today that SynaptiCAD of Blacksburg was accepted into the September 2007 class of the Accessing International Markets (AIM) program. The year-long export development program helps Virginia companies pursue new business opportunities overseas. The September 2007 class will target countries in the America’s, Europe and Asia.
SynaptiCAD, a timing diagram editor company, was founded in 1992 to develop software tools that let engineers design, analyze, and test the digital integrated circuits found inside nearly every modern electronic device; including computers, cars and cell phones, as well as the Internet infrastructure. These electronic designs are essential to the communications market and other high growth segments of the electronics industry. SynaptiCAD's products automate the process of detecting flaws in these designs at an early stage, enabling its customers to deliver higher quality products, accelerate time to market, and reduce overall development costs. SynaptiCAD is based in Blacksburg, Virginia, and has more than 3,000 customers worldwide.
“Electronic design is being performed by multi-national corporations with engineering teams located globally, and international sales are a necessary requirement to meet the needs of those teams,” said Dan Notestein, president of SynaptiCAD. “AIM will help us explore exporting strategy, provide valuable capital funding and export counseling.”
AIM jump-starts exports by encouraging a proactive, systematic approach to exporting in order to minimize risks and maximize returns. Participants learn the basics of export while they simultaneously explore sales in a new market overseas. Companies do not need prior export experience, but must agree to visit their target export market prior to graduation, and must attend quarterly seminars covering the basic steps of exporting.
“To support their efforts, AIM connects participants to the tools and resources needed for successful export sales” said Elizabeth Morgan-Brown, AIM Program Manager. “The VEDP looks forward to supporting SynaptiCAD as they develop and implement their international business strategy.”
Participants have access to $5,000 that will be refunded to offset approved export-related expenses. They also receive pro-bono counseling from six private-sector export specialists including an attorney, a Web designer, a banker, a translator, a freight forwarder and a U.S. export compliance specialist.
AIM draws upon public and private sector resources to help participants develop and implement a custom Market Access Plan (MAP) for their target market that incorporates the ten basic steps of export. The AIM “MAP” approach can be replicated to target new markets in the future. Participants are also encouraged to initiate projects to support their overall exports such as conducting a compliance audit, translating marketing materials, updating Web sites or purchasing export software.
Based on a competitive quarterly application process, 20 companies will be accepted into the AIM program each year. To learn more about the AIM program or to access an application, go to http://www.exportvirginia.org/services/programs_aim.asp.
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 21-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, Belgium, Hong Kong, Mexico, Brazil, Korea and Japan.