The PiE group also worked to answer these questions:
“How do production capabilities here and abroad contribute to sustaining innovation and realizing its benefits within our own society?”
“How did this new global economy of fragmented research, development, production and distribution come into being? And what does this mean for the future of the U.S. economy?”
The group analyzed these questions in relationship to large U.S. corporations, start-ups companies that had achieved commercialization, and small- and mid-sized U.S. manufacturers (referred to as “Main Street Manufacturers”).
“What’s held manufacturing in the United States…was the advantage firms gain from proximity to innovation and proximity to users. Even in a world linked by big data and instant messaging, the gains from co-location have not disappeared.”
Since the U.S. share of the world market has declined from 34 percent in 1998 to 28 percent in 2010, the PiE group identifies a key danger point to be the declining weight of the U.S. in the global econonmy, even though the output of U.S. high-tech manufacturing is still the largest in the world.
The group also reports it’s fear that “the loss of companies that can make things will end up in the loss of research that can invent them.”
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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