BAIAblog

Event Recap: International Relocation, Banking Tools and Practical Suggestions

Last Thursday, BAIA, in collaboration with Bank of the West, BNP Paribas Group, brought together a panel of experts to address common questions on personal finance, real estate, taxes, and immigration law that many European residents face when moving to the US.

With guest speakers Elizabeth Shwiff, Randy Delima, Grazia Bennett, James Mayock, and Karen Mayfield, and moderated by Thierry Gabadou, Head of International Clientele at Bank of the West, the event was a big success with more than 100 attendees, all of whom got to try authentic gelato bites from Bacetti, our event’s in-kind sponsor (photo: guest speakers and moderator in order of left to right).

Photo courtesy of Aurora Meneghello Productions

For our international audience in Europe, we have chosen to report on a few select questions and answers which provide a general overview and practical advice on the first steps of the international relocation process to the US.

What’s the best way to transfer funds from Europe to the US?

For this question most of us know the simple, straightforward answer: to send an international wire transfer in US Dollars from a European bank account to a newly opened US account. As Randy Delima, AVP and FX Advisor at Bank of the West, pointed out, a more efficient way of transferring funds is to open a Euro account at a US bank. This means that the currency denomination will remain in Euros and the advantage is that you can decide when to convert Euros into US Dollars.

How do I establish a credit history in the US?

In the US, every time you ask for a loan, be it a bank loan, car loan, or mortgage, the lender will ask you for your credit history and more specifically your FICO score. As Karen Mayfield, SVP and National Sales Manager at Bank of the West, advised us, nowadays lenders and banks have established different methods to establish the credit worthiness of foreign residents who have no prior credit history in the US. In most cases, the bank will ask to see your monthly expenses and evaluate if you pay your bills regularly and on time. As Ms. Mayfield informed us, the best practical advice before leaving Europe is to ask your bank for a letter of credit in English that you can later show to a bank/lender in the US.

How do I choose a realtor and decide when to buy a home in the US?

According to Grazia Bennett, Realtor at Sotheby’s International Realty, the real estate market in San Francisco improved for 2011 and the market accelerated in Q1 2012, soon to become a seller’s market. For a European resident moving to the US, Ms. Bennett advised us that the best solution is to rent since it takes time to assess the “when, where, and why” questions of buying real estate. As Ms. Bennett explained, the next step is in choosing a real estate broker, who should be from a reputable agency, is someone you can trust, is compatible with your communication style, and is willing to do the work for you and go beyond the standard MLS listings.

What’s the difference between a non-immigrant resident and a tax resident?

Yes, there is a difference! The USCIS and the IRS have different definitions for ‘resident.’ In simple terms, for tax purposes one can become a tax resident and still be considered a nonresident in terms of immigration status. On the matter, a follow-up conversation with Elizabeth Shwiff, Managing Partner at Shwiff, Levy & Polo, and with James Mayock, Managing Partner at Elliot & Mayock, is recommended since both taxes and immigration law require specific depth of knowledge. For more information, check out this IRS webpage.

How long does the green card process take?

According to the USCIS, “the steps to becoming a Green Card holder (permanent resident) vary by category and depend on whether you currently live inside or outside the United States.” As Mr. Mayock informed us, the average wait for a European with an undergraduate degree who applies through employment is about 10 years. To put this in perspective and with all else constant, for an Indian resident the process would take an average of 70 years, and for a Chinese resident more than 80 years. However, this is only a narrow example with given inputs. The wait time can be reduced, for example, by obtaining a Master’s degree.

For more information, check out this USCIS webpage.

Moving from Europe to the US has its added complexities. We, therefore, have to make well thought-out decisions and plan accordingly. A special thanks to our speakers and to Bank of the West for organizing this event with us.

If you have any additional questions on this topic, write us a tweet on Twitter at @baianetwork or add a discussion on BAIA Link.

Sergio Mandrone

Links and Resources:

• Official Event Photos on Facebook
• BAIA Upcoming Events
• Bank of the West, BNP Paribas Group Website

BAIA Benefits: Exclusive Offers to the BAIA Community

With a global reach of more than 6,000 business professionals and more than 1,600 active users from our social networks, BAIA is an important international business network connecting professionals and entrepreneurs from Italy and the US. Year after year, our business network has consistently grown with more people joining our business community.

Today, being part of our open business network has one more advantage. Our supporters have now access to BAIA Benefits: exclusive discount offers from our corporate sponsors and from companies that want to reach you, the BAIA community. We are working closely with our sponsors and many other companies to offer our community the most relevant and exciting offers, from discounts on software packages to entrepreneurial training, to name just a few.

BAIA Benefits: Benefits for Everyone and Benefits for Supporters

Depending on the offer we have established with a company, some BAIA Benefits are available to the entire BAIA community while other Benefits are only available to BAIA supporters.

A growing number of business professionals in the BAIA community decide to support BAIA's mission by becoming paying BAIA Supporters (or by becoming Corporate Supporters through their companies). BAIA offers Supporters free access to our 20+ year-round events and, now, a selection of exclusive BAIA Benefits.

Becoming a supporter is simple and also great value with the addition of BAIA Benefits. Your supporting donation is just one click away: to register please go to our BAIA supporter webpage and start taking advantage of the benefits!

Your Company, Your Offer on BAIA Benefits

Time and time again, companies contact us to promote their product or service to the BAIA community. Today, through BAIA Benefits, we can help your company achieve its marketing objective, be it to establish brand awareness or to increase sales.

As a one-of-a-kind marketing channel, our business network represents a sophisticated and very attractive market for your company, especially if your company operates bilaterally between Europe and the US. BAIA Benefits is a great marketing tool, as it requires no upfront investment and is never annoys customers with unsolicited advertising.

Send us an email at info@baia-network.org with subject line “BAIA Benefits” to describe the exclusive discount you would like to offer to our community and to our supporters, or if you have any questions. In addition to marketing your offer on BAIA Benefits and depending on your marketing strategy, becoming a BAIA corporate sponsor may be worth considering. For more information, please view our corporate sponsorship options and our full list of sponsors.

 

We are excited to introduce BAIA Benefits. It is one more way we show our commitment to the BAIA business community. Check in often for new exclusive benefits on our dedicated webpage: http://www.baia-network.org/membership/baia-benefits/

Sergio Mandrone & The BAIA Marketing Team

 

BAIA introduces new supporter packages and benefits

If it wasn't for our volunteers and supporters, BAIA couldn't exist.  Volunteers offer the time required to make things happen, and supporters provide the financial resources which allow us to guarantee the quality of our events and build tools such as BAIAbase.

 With the new year, we set out to review the benefits and rewards we offer to our supporters. We focused on maximizing the value we provide, and on making sure that our supporters are in the best position to leverage the community and thrive. Today we are glad to officially launch a revamped array of supporter packages, which you can check out here.  

There's a lot under the hood and we will talk more about what's new for supporters and sponsors in following posts (but don't miss the brand new BAIA Benefits!). In the meantime, please send any questions or feedback to sponsorship@baia-network.org.  

 

BAIA Trainee Internships 2012: Call for applications

BAIA is pleased to announce its next round of BAIA Trainee Internships for 2012. As Elisabetta Ghisini, BAIA Executive Director said: 

For many recent graduates, an internship can be an extraordinary opportunity. Real-world exposure, new contacts, new skills, job apprenticeship. Add some international experience to the mix, and you get an exciting picture. That’s what BAIA aims to offer.

We are currently looking for four highly motivated trainee volunteer interns – read the internship description to find out all the details.

The BAIA Trainee Internship program's success means we are receving a large number of applications. We are rolling out today a new application process. All candidates who intend to apply are requested to use the following online form:

http://www.baia-network.org/baia-jobs/baia-application/

Thank you for your interest in being part of BAIA!

Italian Consulate in San Francisco launches Business Event Contest

We are pleased today to host a special guest writer: Mr. Stefano Mancini, Commercial Attaché of the Consulate General of Italy in San Francisco.

Dear fellow Italians and American friends,

I have recently been appointed as the new Commercial Attaché in San Francisco, with responsibility for an area of primary importance for the US economy and the business relationships between Italy and the USA.

I am committed to help, in my role, the Italian business community in my jurisdiction. I would be happy to welcome event proposals from the scientific and business associations that traditionally cooperate with the Consulate. I would also be happy to consider advertising messages of Italian companies and events within our district. More specifically, I would like to take this opportunity to inform you about our latest initiative: Business Event Contest.

Beginning in February 2012, the General Consulate of Italy will launch a new initiative. The Italian companies and professionals that operate within its district will be able to send proposals of economic-commercial-related events (as well as scientific events with a business component) to be held at the Consulate to the email address of the Commercial department, commerciale.sanfrancisco@esteri.it).  The General Consulate will select the best proposal and will host the event at its office at no charge, cooperating in order to achieve the success of the initiative. (Please note that insurance expenses, as well as cleaning and possible catering expenses are borne by the proposer).

We also have launched a commercial newsletter of the Consulate General of Italy in San Francisco. If you are interested in being added to the list of recipients please send a request via email to commerciale.sanfrancisco@esteri.it.

Thank you for your support and look forward to working with you.

Stefano Mancini
Commercial Attaché
Consulate General of Italy in San Francisco 

Event Recap: Beyond Borders, The Age of Global Biotech

Last Thursday, BAIA held the much awaited panel event discussion with Pitch Johnson, as moderator, in conversation with David Low, Douglas Crawford, Roberto Crea, and Napoleone Ferrara at Squire Sanders law firm in downtown San Francisco.

Sponsored by Grazia Bennett of Sotheby’s International Realty, the event was a great way to network with industry experts and learn about biotechnology: an exciting, difficult, and life-changing area of science and research. It is no surprise to us that we had a sold-out event and every guest showed us their eagerness to attend.

Left to right: Dr. Crawford, Mr. Low, Mr. Johnson, Dr. Ferrara, Dr. Crea (photo courtesy of Aurora Meneghello Productions)

In synopsis, Dr. Crea and Dr. Ferrara shared their stories at Genentech (now a member of the Roche Group), in the biotech industry, and their decision to leave Italy to come to the US. Pitch Johnson, Mr. Low and Dr. Crawford explained how funding cycles and innovation capital requirements are affecting the biotech industry, and finally, how biotech companies will have to overcome both scientific challenges and compete in the international arena.

The Stories of Two Italian Scientists: Dr. Crea and Dr. Ferrara

In 1974, Dr. Crea earned a Ph.D in Biological Chemistry at the University of Pavia, Italy. In 1981, Dr. Ferrara earned a Doctor of Medicine (M.D.) from the University of Catania Medical School, Italy. In the 80s, if you asked both Dr. Crea and Dr. Ferrara what biotechnology was, they would have not been able to give you an answer: the biotech industry was just beginning, and both independently saw an opportunity to continue their passion for scientific research in the San Francisco Bay Area.

With the “right skills at the right time,” in 1978 Dr. Crea became Genentech’s first Director of the Nucleic Acid Department, and one of the four members of Genentech’s initial scientific team. In 1989 and also with the right skills, Dr. Ferrara and his team of scientists at Genentech made a groundbreaking discovery that opened doors to our understanding and treatment of cancer. Most notably, Dr. Ferrara’s research led to the successful development of Avastin (for the treatment of certain cancers) and Lucentis (for the treatment of macular degeneration disease of the eye) drugs.

The Biotech Entrepreneur: Success, Failure, and Funding

To Pitch Johnson’s surprise, the scientific panel argued that 90% of projects in Phase III fail. For industry outsiders, Phase III is the last stage of product development before registration and marketability of a product/drug. This means that research is increasingly complex, resource-intensive, and success is very hard to predict.

On the business side, entrepreneurs also face similar challenges. Mr. Low, Managing Director at Lazard and an expert in Biotech M&A, told us that, as cost of capital is high and access to capital is low, biotech start-ups are in a very difficult position to compete with mature, profitable companies. In fact, according to a recent Ernst & Young biotech report, the “20% of US companies that were most successful in raising funds garnered 82.6% of capital in 2010 — up from 78.5% the previous year. Conversely, the bottom 20% of companies raised only 0.4% of funds — down from 0.6% in 2009.”

The Future: International Partnerships and Translational Medicine

The future is exciting. Both Dr. Crea and Dr. Ferrara told us that scientific research of the past years is only “the tip of the iceberg, and many more advancements are possible.”

As Dr. Crawford pointed out, we are seeing that biotech research is becoming less vertically orientated and biotech companies are relying more on outside partners to conduct research and testing. In turn, this reliance helps lower the cost of capital for biotech firms and increasingly cooperation is on an international level.

In addition to international partnerships, the panel concluded that biotechnology will become more of a patient-centric industry with the pursuit of translational medicine (i.e. the conversion of scientific discovery into health improvement) and gene therapy.

The Future: Creative Scientists

The panel pointed out that “creative scientists” are what the biotech industry needs to innovate and create core technology for the future. BAIA readers, do you see “creative scientists” will keep coming to the Bay Area or will clusters of innovation be established abroad? In Italy?

A special thanks to our speakers: Pitch Johnson, David Low, Douglas Crawford, Roberto Crea, and Napoleone Ferrara.

Like our event recap on LinkedIn, and follow our conversation on Twitter @baianetwork.

Sergio Mandrone

Links and Resources:

• Official Event Photos
• BAIA Upcoming Events
• Dr. Crea’s Profile
• Dr. Ferrara’s Profile
• Ernst & Young 2011 Biotech Industry Report

The Hatchery offers $100 discount to BAIA Members

As you may have heard, BAIA has recently joined a host of entrepreneurial companies at The Hatchery in San Francisco. A great SOMA location just steps away from the ball park, excellent facilities and amenities, meeting rooms to accomodate groups from 3 to 20 people.  

Today, we are very pleased to announce that The Hatchery SF has decided to extend to all BAIA Members a great deal on its shared office space offering:

BAIA Members who join The Hatchery as tenants will be able to rent individual desks at the discounted monthly price of $500 instead of the regular price of $600!

If you want to take advantage of this deal or just want to learn more about the details, please write to membership@baia-network.org. Hurry up, The Hatchery is filling up quickly!

BAIAbase questions? We have answers!

Back in July, BAIA launched BAIAbase: the first business database mapping Italy-US trade that is public, open to all users, editable, and therefore designed to remain always up-to-date.

If you have questions about what BAIAbase is, how it works and how you can use it, you should check out a new BAIA Frequently Asked Questions section on the BAIA website:

http://www.baia-network.org/baiabase-faq/

Also, you may want to check out how to the ways you can use BAIAbase with Advanced Search to to search for companies based on your specific requests, focused on which industry category, geographic location, language spoken, company stage of development, and keywords to include in your search.

If you do not find what you are looking for or you have other questions, please send us an email at base@baia-network.org.

BAIA Has a New Address

We at BAIA are pleased to announce our new office location: 625 2^nd Street, San Francisco 94107 in SOMA’s newest co-working space the Hatchery.

Along with several start-ups, established firms, and non-profits, BAIA has chosen the Hatchery due to its great amenities. We are grateful to the Hatchery for graciously making this space available to us as a sign of their commitment to the Italian-American and international professional community in the Bay Area.

BAIA Events & Membership for 2012

As you can see on twitter, the BAIA Team is at the Hatchery meeting rooms at work planning the 2012 event calendar! For starters, mark your calendars for:

• BAIA Aperitivo on January 4
• Beyond Borders: The Age of Global Biotech on January 26

As 2012 is soon approaching, don’t forget to take advantage of our limited offer on our BAIA membership. With a BAIA membership, you will have guaranteed free or discounted access to all BAIA Events including industry panels and special events. Check it out: 2012 Supporting Membership 25% off (discount ends 12/31/2011).

If you have any questions, send us an email at membership@baia-network.org. For any other questions on events, sponsorship, or press, feel free to view our contact page.

Sergio Mandrone

 

Increasing the Visibility of Italian Business: IB&II, PanoramaEconomy and BAIAbase

In recent news Italy has been on the spotlight for its debt restructuring challenge. If we look beyond the urgent and immediate issues, Italy faces more a problem of liquidity than one of solvency. In simpler terms, this means that Italy has a primary surplus and a strong working economy, dependent in large part on the small to medium firms (SMEs), especially in the high-end manufacturing sectors, as an example.

It is precisely the strong base of SMEs, which have established the “Made in Italy” premium recognized globally, that drive the Italian economy. Despite this, Italian firms and the SME sector in particular are sometimes only locally known and generally lack a visibility that other European companies have established across borders. In the efforts to solve this issue and build greater visibility to Italian firms, a few notable initiatives have taken place in the last few months:

• The Italian Business & Investment Initiative: The Italian Business & Investment Initiative (IB&II) seeks to promote Italy’s innovative small to medium size enterprise (SME) sector to the U.S. venture capital and private equity investment communities.
• Panorama Economy: IB&II collaborated with leading Italian publisher Mondadori to launch Panorama Economy’s "Why Italy Matters to the World", the first online information source on the Italian economy in English, written by Italians.
• BAIAbase: The first business database mapping Italy-US trade. A useful data bank for company executives and entrepreneurs interested in searching for strategic business partners and equally relevant for business professionals and managers interested in finding new job opportunities in Italy or the US.

Along with the American Chamber of Commerce in Italy and others, BAIA is a partner of the Italian Business & Investment Initiative. Just a couple of weeks ago, a BAIA Partner Event: Italian Business & Investment Initiative Fall Symposium, organized by IB&II, was held at Bloomberg in New York, which included high profile speakers and a roster of selected Italian privately-held SMEs.

Panorama Economy: The First Italian Business Periodical Fully Published in English

Fully published in English! It is now possible for the English-speaking audience to read about the Italian economy, case studies and opinions from one of Italy’s most influential weekly business magazine. Equally important, the Italian community has a great resource available in English. I recommend checking it out at http://www.panoramaeconomy.com/.

Also, I recommend reading the Panorama Economy article Let me show you the America that counts in which Fernando Napolitano, Founder, CEO and President of IB&II, describes how he has developed the initiative.

Sergio Mandrone