Foreign Tech Center Incubated by Virginia EDO

Here is a story that just might surprise you.

The Republic of Hungary has chosen the headquarters of the Fairfax County Economic Development Authority (FCEDA) for its first Hungarian Technology Center in the United States.

The Hungarian Technology Center is Hungary’s first effort to expand its technology industry into the U.S. market. Selected companies will use the center as an incubator to develop contacts in the U.S. Six companies will inhabit the technology center for its first year. The government also will use the center to raise Hungary’s profile for U.S. companies interested in investing in central Europe.

Why Fairfax County? Hungary chose the Fairfax County location because of Virginia’s reputation as a technology powerhouse and because of its proximity to Washington, D.C., and east coast markets. “This is an excellent opportunity for Hungarian technology companies to expand,” said Hungary's U.S. Ambassador Simonyi.

Back in March, Invest·UK, the Government’s worldwide economic development agency, joined with the Fairfax County Economic Development Authority (FCEDA) in a competition that encourages technology companies to cross the Atlantic and expand into each other’s marketplaces. A number of companies are now seriously looking in both directions.

This is "innovative" economic development strategy from where I sit. I like the concept of EDO's from the U.S and those abroad working together. The idea is very consistent with my earlier call for industry clusters worldwide to form ties and work together on "win-win" deals. The key is "how" you do it, and making sure that the payoff on this side of the deal is sufficient to justify what you give to get.

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