“We tremendously appreciate how Dan has positioned MAGNET for increased social and economic impact over the last five years. Built on new investments in staff as well as a wealth of deep partnerships like those with WIRE-Net and Jumpstart, we fully believe that Ethan will take MAGNET to new heights,” said Felix Brueck, Chairman of the MAGNET Board and former McKinsey Director. “Since Dan announced his retirement in February, the Board has actively interviewed potential candidates for his replacement. While there were many qualified candidates, none had the business acumen, technical know-how, ability to build partnerships and teams, and clear vision for MAGNET that Ethan brings.” Dan has been given the title of President Emeritus and will join MAGNET’s Board of Directors while continuing to consult with MAGNET.
“We are fully confident that Ethan will continue to lead MAGNET by increasing the organization’s impact on Northeast Ohio’s manufacturing community. Our constituents – manufacturers large and small, local philanthropic organizations, and government agencies – understand the critical role that MAGNET has played for over 30 years in growing manufacturing companies and employment in our region. Just as importantly, they are all excited about, and deeply engaged in, ensuring a strong future for manufacturing in Northeast Ohio,” said Chris Mapes, CEO of Lincoln Electric and Vice-Chair of MAGNET’s Board of Directors.
“I am incredibly excited and humbled that our board has entrusted me with the responsibility to serve Northeast Ohio’s manufacturing community through MAGNET,” said Dr. Karp. “As demonstrated by President Obama’s visit to MAGNET in March, and based on the regional economic data, manufacturing is the beating heart of Northeast Ohio yesterday, today, and for decades to come. If we successfully help small manufacturers grow, our local towns and cities will be stronger with more middle-class, well-paying jobs. The potential to help hundreds of Northeast Ohio manufacturers capture opportunities to make new products, improve processes, find new customers in new markets, and find skilled employees is higher than it’s ever been, and MAGNET will continue to find new ways to help companies do all of this. One huge pillar of this work will be pioneering the first true European-style, business-led apprenticeship program in the United States right here in Ohio.”
Since joining MAGNET from McKinsey & Co. in December 2013, Ethan Karp has led an organization-wide transformation from traditional economic development nonprofit into a growth-focused manufacturing consultancy with deep expertise in engineering, product development, sales and marketing, and more. As Vice President of Client Services and Marketing, Ethan led the integration of MAGNET’s services into the PRISM (Partnership for Regional Innovation Services to Manufacturers) program. Through PRISM, Ethan’s team has impacted well-known Northeast Ohio companies like Vitamix, as well as entrepreneurial ventures like Cleveland Whiskey. “We approach companies completely differently than we did even 3 years ago. Today, it’s about the whole business and what a CEO’s goals truly are; we start with small projects and quickly move to company-wide transformation.” Under Ethan’s leadership, MAGNET has doubled the number of clients engaged in deep growth work and grown revenue by 150%, an important indicator that MAGNET is providing value to its clients. Ethan’s education background began with Chemistry and Physics at Miami University of Ohio and continued with a Masters and Ph.D. in Chemistry from Harvard.
In Northeast Ohio, MAGNET plays a critical role by strengthening manufacturing, a central pillar of the regional economy. According to the most recent data compiled by Cleveland State University’s Maxine Goodman Levin College of Urban Affairs, manufacturing companies make up 19.5 percent of the Northeast Ohio economy, directly employs over 19 percent of Northeast Ohio’s workforce – second only to healthcare with 263,516 total jobs – and makes up the vast majority of the region’s exported products. Moreover, according to a recent study by Team NEO, manufacturing’s share of the Gross Regional Product will grow to 22 percent over the next decade.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
HEADLINE The survey definitively shows that product innovation leads to more growth, while “grow your own workforce” strategies will be needed to fill the major labor shortages hampering small manufacturer growth. Emerging technologies like the Internet of Things (IoT), 3D printing, and digital manufacturing are beginning to enhance innovation and productivity, but still have significant room for adoption amongst Ohio’s small manufacturing businesses. ABOUT THE SURVEY Under the direction of the Ohio Manufacturing Extension Partnership (Ohio MEP), MAGNET: The Manufacturing Advocacy and Growth Network conducted a thorough survey of Ohio’s manufacturing base. Contributing approximately 20% of Ohio’s jobs (and driving in some regions up to 50% of Ohio’s economy), and generating a disproportionate amount of export revenues and Gross Regional Product, manufacturing is critical to Ohio. Greater than 95% of Ohio’s manufacturers are small (under 500 employees), and these manufacturers need to remain competitive both nationally and internationally to ensure our economy’s health. Ohio’s Development Services Agency and the National Institute of Standards and Technology, which runs the MEP, recognizes the importance of this sector and fuels MAGNET and the Ohio MEP program to directly serve and support innovation, efficiency, and growth in small and medium manufacturers. What manufacturers need
How Virtual Reality and Augmented Reality Can Help Keep Our Engineers Safe and Our Manufacturing Strong Recall how difficult it was to put together complex LEGO creations when you were a child or helping a child. Now, picture assembling a fighter plane from a room full of parts. Even highly trained engineers can benefit from technology to help improve consistency and quality. Virtual reality (VR) and augmented reality (AR) are making near-perfect assembly a possibility in the manufacturing space. By wearing AR glasses that use cameras, depth sensors and motion sensors to overlay images onto the real working environment, engineers and factory workers can visualize the exact bolts, parts, part numbers and instructions on how to assemble a particular component correctly. Lockheed Martin began using AR goggles and improved F-35 assembly time by 30 percent, in addition to increasing accuracy to 96 percent. In order to remain competitive, businesses should consider the ways VR and AR can improve efficiency and supply chain productivity. According to a recent BofA Merrill Lynch Global Research report, AR platforms can provide companies up to 25 percent in cost savings on installation of equipment. Here are four ways VR/AR is disrupting the mid-market manufacturing space: