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X-WR-CALNAME:IEDC Invests Nearly $23 Million in Manufacturing Readiness Gra
 nts to Hoosier Businesses in 2022
X-WR-TIMEZONE:Indiana (East)
BEGIN:VEVENT
DTSTAMP:20261013T123801Z
UID:tag:localist.com\,2008:EventInstance_42412079978784
DTSTART;VALUE=DATE:20230202
DESCRIPTION:The Indiana Economic Development Corporation (IEDC)\, in partne
 rship with Conexus Indiana\, announced today that 186 Manufacturing Readin
 ess Grants totaling $22.7 million were awarded in 2022\, supporting $352.7
  million in technology-enabled capital investment among manufacturers. The
  innovative program\, structured to allow Indiana based manufacturers to i
 ncrease production efficiency\, invested in 60 counties across Indiana in 
 2022.\n\nLaunched in 2020\, the Manufacturing Readiness Grants program was
  created to stimulate private sector investments to modernize Indiana’s 
 manufacturing industry. Since then\, a total of 384 awards totaling $39 mi
 llion have been awarded to companies in 69 counties\, prompting proposed p
 rojects with combined budgets of $484 million.  \n\n\n“Indiana’s rich 
 manufacturing history paired with these new investments will ensure that I
 ndiana continues to lead as the world transitions into Industry 4.0\,” s
 aid Indiana Secretary of Commerce Brad Chambers. The Manufacturing Readine
 ss Grants program is propelling Indiana’s innovative economy with strong
  returns on each dollar spent and is creating high-quality career opportun
 ities throughout the state”\n\n \n\nIn the 2022 Manufacturing Readiness 
 Grants Impact Report\, Conexus Indiana and the Purdue University Dauch Cen
 ter for the Management of Manufacturing Enterprises provided an in-depth l
 ook into the impacts achieved via grant recipients through June 30\, 2022.
  Key findings from the impact report\, in addition to a revenue impact sur
 vey conducted in collaboration with the IEDC\, include: \n\nCompanies that
  adopted a smart manufacturing technology on average added five new positi
 ons\; they also anticipated payroll to grow on average $196\,000 per proje
 ct.\n\nThe average revenue impact to companies was $2.5 million\, with 37%
  of those companies reporting that they anticipated revenue growth of more
  than 10%.\n\nThe capital investment coupled with projected increases in b
 oth revenue and wages equate to a significant internal rate of return for 
 the state’s investment in the Manufacturing Readiness Grants program.  \
 n\n“Conexus Indiana data show that the percentage of companies budgeting
  for Industry 4.0 technology\, such as advanced robotics\, cobots\, machin
 e vision and additive manufacturing\, has doubled from 2020 to 2022\,” s
 aid Mitch Landess\, vice president of innovation and digital transformatio
 n at Conexus Indiana. "Manufacturing Readiness Grants have served as a cat
 alyst to accelerate digital adoption projects for hundreds of companies\, 
 and recent findings support that this is leading to significant economic g
 rowth.” \n\nManufacturing Readiness Grants award recipients through Dece
 mber 31\, 2022\, can be found on the Conexus Indiana website.
LOCATION:
SUMMARY:IEDC Invests Nearly $23 Million in Manufacturing Readiness Grants t
 o Hoosier Businesses in 2022
URL;VALUE=URI:https://events.in.gov/event/iedc_invests_nearly_23_million_in
 _manufacturing_readiness_grants_to_hoosier_businesses_in_2022_3280
CATEGORIES:Press Releases
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