Ohio program pushes innovation success for smaller manufacturers
The University of Cincinnati and TechSolve, the Ohio Edison Technology Center, have been awarded a grant from the Ohio Department of Development to improve product development for Ohio’s small and mid-sized manufacturers.
The $1.88 million grant will incorporate Lean Manufacturing methods and tools to create new products and innovative ideas in less time, and with greater chance for success in the market. The program will assist Ohio’s small and mid-sized manufacturers and areas including packing machinery, titanium jet engine components, and industrial valves for water treatment plants.
“The lifeblood of small manufacturers is their ability to introduce new, innovative products and be first to market with them,” said TechSolve president Gary N. Conley. “We’re talking about significant benefits to Ohio companies in increased revenue and profit, enhanced brand equity, long-term growth, and vitality.”
“Innovation requires an ability to effectively integrate the product development process.”
The Fortune 500 companies know how to do this. Our goal is to bring this approach to small and medium size businesses in Ohio,” said Craig M. Vogel, director of UC’s Center for Design, Research and Innovation (CDRI). Vogel is spearheading the University’s role in the partnership.
Research by TechSolve and UC showed that manufacturers in the pilot program expect to achieve a 25% increase in product success in the marketplace, a 20% increase in first-to-market innovation, a 25% reduction in time-to-market, and a 50% increase in revenue from new products.
The pilot program begins this month working with a variety of Ohio manufacturers.