“The President was thoroughly engaged with all of the companies’ CEOs he talked with, and expressed multiple times how what MAGNET was doing was very important and interesting,” said Karp.
“Each CEO talked about their exciting technology, and how MAGNET has assisted them in bringing their products to market. He was excited about the past, present, and future of manufacturing in Northeast Ohio.”
During his tour of Cleveland Whiskey, the President stated, “This is a great example of how public-private partnership has created American business, employed Americans, and started to export – and we want to see if we can duplicate this across the board.”
Afterwards, during his speech for The City Club of Cleveland, the President joked that he didn’t sample the whiskey before his public appearance – although he was taking some home to try.
Much of his speech for The City Club, and his answers to the audience’s questions, focused on linking community college education to employment. This paralleled earlier discussions at MAGNET in which the President also learned about MAGNET’s efforts in workforce and talent development, including efforts to help employers find, recruit, and train the employees they need to grow, both through direct work with companies and through partnerships developed with community colleges, high schools and others.
MAGNET, a Cleveland-based nonprofit founded in 1984, ensures that small and medium-sized manufacturers have the resources they need to innovate and grow their businesses. The organization receives both funding from the federal government and state funding through the Ohio Manufacturing Extension Partnership. MAGNET covers an 18-county area of Northeast Ohio, and is one of six affiliates through the Ohio MEP program. The President toured the organization’s Manufacturing Innovation Center, a workshop with a wide variety of equipment and machines devoted. To date, hundreds of small- and medium-sized manufacturers in Northeast Ohio have utilized MAGNET’s engineers, growth advisors, and equipment to create, design, and launch innovative products.
The nonprofit organization also helps employers find, recruit, and train the employees they need to grow. At the same time, these entry-level and middle-skilled jobs are on-ramps to the middle class; with an average salary of $55,000, manufacturing jobs have a 31 percent premium over their counterparts in other sectors of the economy. Manufacturing employs roughly 19 percent of Northeast Ohio’s workforce, and indirectly drives nearly half the region’s economy. MAGNET counts over 50,000 new manufacturing jobs in the past three years, with over 10,000 currently open throughout the region. Through working with community colleges, universities, and even local school districts, MAGNET aspires to expand the pipeline and connect more Northeast Ohioans to local manufacturing jobs.
According to Ethan Karp, “The President’s visit validates the importance and centrality of small manufacturers to Northeast Ohio.”
In addition to MAGNET appreciating the President’s personal visit, the organization also applauds his continued commitment to ensuring the strength of manufacturing throughout the nation. His announcements in Cleveland – including new investments in manufacturing nationally – will continue to drive economic growth, vitality, and new jobs in Cleveland and around the country.
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
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