Manufacturers everywhere are under increasing pressure to modernize.
Those in Indiana are getting a helping hand in doing so through the Manufacturing Readiness Grant program.
Launched last year by the Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, the Manufacturing Readiness Grant program was established to stimulate private sector investment in an effort to modernize the state’s manufacturing industry.
The grant program is already having a big impact on Indiana. And it’s getting bigger.
So far, 169 grants have been awarded totaling $13.4 million. Recipients are required to match the grants at least dollar-for-dollar. While any manufacturer can apply, IEDC officials said special consideration is being given to small- and mid-sized companies.
Between 2020 and 2021, the IEDC reported seeing budgeting for technology adoption among participating companies nearly double. Grant recipients almost universally attribute the grant to either enabling, expanding or accelerating technology investment. The money so far has gone to companies in 54 counties and has driven $93 million in tech investments.
“Hoosier manufacturers are preparing now for the industries of tomorrow,” states Governor Eric Holcomb. “Through the Manufacturing Readiness Grants program, these forward-thinking companies are modernizing their operations to set themselves up for a successful future, creating high-skill, high-wage jobs for Hoosiers in all parts of the state and propelling the long-term growth of Indiana’s strong manufacturing sector.”
Based on the program’s success, the Indiana General Assembly appropriated $20 million in additional funding to the two-year state budget that runs through June 30, 2023, to help position Hoosier manufacturers for future growth and prosperity.
According to the IEDC, projects should directly affect manufacturing processes and focus on investments in commercial-ready equipment. Projects should be more technologically intensive and broadly innovative than mere upgrades via standard automation, increased capacity, improved fabrication techniques or other incremental improvements that are common for the applicant’s sector.
Upgrade initiatives, says the IEDC, should be transformative beyond the status quo for the company and competitors. The equipment should leverage technologies such as industrial internet of things, sensor technology, COBOTS (robots that work alongside humans), additive manufacturing (3D printing), big data and analytics, cybersecurity, machine learning, artificial intelligence, digital twin, advanced modeling, blockchain, autonomous robotics or vehicles, augmented or virtual reality, cloud computing and advanced communications such as 5G.
“We continue to be impressed with the applications that demonstrate more and more Indiana manufacturers are embracing and implementing smart technologies to succeed in an increasingly tech-focused environment,” says Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. “As a partner with the IEDC on these grants, Conexus Indiana and its panel of Smart Manufacturing Fellows review all applications, and we are excited to see technologies … being implemented and impacting both job and business growth.”
Anthony Schoettle is the director of communications for the Indiana Chamber. He started with the Chamber in 2021 after a long career in journalism. He’s won multiple awards for his storytelling ability on a wide range of business topics.
