Local manufacturers included in state's business growth planEnterprise Minnesota recently launched “Pathways to Business Growth” – a program to help Minnesota-based manufacturers develop and implement innovative strategies that lead to growth.
Enterprise Minnesota recently launched “Pathways to Business Growth” – a program to help Minnesota-based manufacturers develop and implement innovative strategies that lead to growth.
Ten Minnesota manufacturing companies are poised to work with Enterprise Minnesota, including The Aagard Group, Absolute Quality Manufacturing, Alexandria Pro-Fab Company, Akkerman Inc., Automated Equipment, Fiserv Solutions Inc., Ideal Aerosmith Inc., Innovance Inc., Pequot Tool and Manufacturing and Ultra Machining Company.
More than 70 representatives from partnering organizations, manufacturing companies and the National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership (MEP) attended a celebration in Minneapolis to hear an overview of the program and join in the ceremonial grant signing.
Pathways to Business Growth is one of 22 projects nationwide to receive funding from a $9.1 million program through NIST/MEP. Enterprise Minnesota received a $515,000 grant award to help make Minnesota a leader in manufacturing.
In total, Pathways to Business Growth will help 25 Minnesota manufacturing companies implement a series of integrated solutions that ignite innovation and growth.
Enterprise Minnesota will work with 10 companies in year one, 10 companies in year two, and five companies in year three. The project goal is to deliver a 20:1 return on investment for participating companies.
“Pathways to Business Growth will give participating manufacturers the tools to find new markets, customers, ideas, and products,” said Bob Kill, Enterprise Minnesota president and CEO. “We are eager to start the journey with our first 10 companies and help them achieve long-term, sustainable growth.”
Manufacturers will take part in business assessment, strategic planning, innovation and idea mining services, organizational and leadership development and marketing strategy. Enterprise Minnesota will establish industry-wide best-practices for working with manufacturing companies, which will be shared throughout the rest of the country via NIST/MEP.
Several local partnerships will help Enterprise Minnesota kick-off the project. These include the State of Minnesota Department of Employment and Economic Development, the University of Minnesota’s College of Continuing Education, the University of Minnesota’s Carlson School of Management, Clear Intent Strategy and Norman Development.
Enterprise Minnesota helps Minnesota manufacturing enterprises grow profitably. Chartered by the Minnesota State Legislature in 1987, Enterprise Minnesota is an affiliate of the Department of Commerce, National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership (MEP).