Regional Economic Development: "Greater Than the Sum of Our Parts"
By Michael R. Morgenstern, Chief Development Officer, MAGNET
The next time you stop by MAGNET’s Manufacturing Innovation Center (MIC), I hope you will take a minute to linger in our lobby and view our new Donor Wall acknowledging the many partners and supporters that make MAGNET’s work possible.
This floor-to-ceiling display recognizes the dozens of organizations and individuals who have helped bring manufacturing success to Northeast Ohio by supporting MAGNET in many ways over the years. See the complete list on MAGNET’s web site.
The new Donor Wall in MAGNET’s Manufacturing Innovation Center lobby recognizes the dozens of organizations and individuals who have contributed to fulfilling the vision of Manufacturing Success for our region.
“Greater than the sum of its parts,” perfectly describes the way MAGNET and its economic development partners work together. Our joint innovation efforts advance the mutual goals of growing jobs and transforming the region’s economy. Put simply, no one organization can do it alone. Together, we are so much greater than just the basic impact of our individual programs.
In fact, the successful collaboration among the economic development partners in Northeast Ohio–including MAGNET and its partners–has garnered significant media attention and major funding from state and federal agencies. The most recent examples include:
We at MAGNET are very encouraged to see this support from our philanthropic and government partners. It’s clear we all share a common vision to make Northeast Ohio a leader in manufacturing innovation and education.
The whole will always be much greater, and stronger, than the sum of the parts which comprise it.
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:
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