A lot of manufacturers can only dream of projects that add $2.5 million in revenue and nearly $200,000 in wages. For Indiana manufacturers participating in a program that helps them purchase smart manufacturing technologies, those dreams have come true.
Recognizing that manufacturers need to modernize if the state is going to continue to be a manufacturing powerhouse, Indiana, which is national leader in terms of per capita manufacturing jobs, is providing matching grants to encourage employers to adopt digital technologies, such as cobots, next-gen CNC machines, advanced robotics and machine vision.
Launched in the midst of the pandemic, Indiana's Manufacturing Readiness Grants (MRG) program was quickly embraced by industry. By the end of 2022, the Manufacturing Readiness Grants program had made a total of 384 awards totaling $39 million, prompting proposed projects with combined budgets of $484 million.
Few states come close to matching the scope and volume of our grant program, and there is far more to its success than just giving out free money. We have analyzed and documented technology investments trends at more than 165 companies in our 2022 Impact Report. No U.S. state has such profound and precise insights on how small- to mid-sized companies are navigating the fourth industrial revolution.
And there is quantitative data that show not just tech trends, but the effectiveness of the matching grants program on company competitiveness. Data collected from 75 companies that implemented digital technologies showed that technology adoption projects are adding jobs and increasing wages, not eliminating them, and are contributing to revenue growth.
Conexus Indiana, which administers the program, enlisted a top research institution, Purdue University Dauch Center for the Management of Manufacturing Enterprises, to measure and visualize the results. Among the highlights of its finding:
- Firms receiving MRG funds since 2020 have projected an average of: $2.5 million in revenue growth related to the investment; $196,000 in wage growth; and five new positions.
- 36% of the participating firms anticipate a 10% revenue boost as a result of the project
- Many of the firms said without the grant program, they might not have pursued the tech upgrades at all.
Authored by Conexus Indiana
For more information contact:
Conexus Indiana
1210 Waterway Blvd., Ste. 5000
Indianapolis, IN 46202
307-638-2107
www.conexusindiana.com