The 2024 Research F
ellows Summer Program, in partnership with MAGNET's Executive Education and Leadership initiatives, offered Northeast Ohio businesses an exceptional opportunity to explore new business avenues while simultaneously nurturing the next generation of industry leaders. This summer, local companies were matched with talented students from Ohio universities who worked diligently to provide fresh insights, innovative strategies, and actionable recommendations. Openings are available for companies to begin new projects with research fellows starting in September.
Companies Reap the Benefits
The companies that participated in the Research Fellows Program have praised the initiative for its tangible impact on their business strategies. Among the satisfied participants was FEMC (Food Equipment Manufacturing Co.), where General Manager James Wearly shared his positive experience working with two Fellows on aligning their marketing strategy. “They went and looked at different marketing channels, [had] different conversations with customers and competitors, and they were able to bring back to us some things that were very simple, very actionable, and ultimately will align our company for our next steps."
Ted Mailey, CEO of APO Pumps and Compressors, also highlighted the program's benefits: "As people who have been in the industry [for a long time], we look at things with certain set of blinders on, and they [the students] went in and asked questions that we wouldn't normally do and found out information that was really helpful for us in expanding our strategy in this market."
This sentiment was echoed across several companies that hosted Fellows this summer. Buckeye Innovation, Point to Point, PorchLight Rental and Destination Services, and Progressive Insurance all reported high levels of satisfaction with the program. These businesses appreciated the research and insights provided by the Fellows, with many indicating they are likely to implement the recommendations in the coming year.
James Wearly of FEMC also strongly endorsed the program for other businesses: “If you're looking to grow your company and want to gain a better understanding of things you're missing, I highly recommend working with EDGE and MAGNET to help you grow."
The Student Experience: A Secondary Focus, Yet Invaluable
While the primary focus of the Research Fellows Program is delivering value to the host companies, the program also provides an invaluable experience for the students involved. This summer, twelve students from various Ohio universities were selected to participate in cross-functional teams. These teams were paired with business mentors and tasked with solving real-world business challenges, from developing pay-for-usage models for manufacturers to strategizing new markets for insurance coverage.
The Fellows expressed great appreciation for the mentorship and hands-on experience they gained throughout the program. One Fellow reflected, “I really enjoyed getting to intimately explore a small business… Gaining so much experience in such a short time and learning from experienced mentors was undoubtedly a highlight of the summer.”
A Legacy of Success
Since its inception, the Research Fellows Program has played a crucial role in accelerating the growth plans of Northeast Ohio companies. The program has facilitated 114 projects, with a significant focus on manufacturing-related opportunities. The success of these projects is a testament to the program's ability to deliver results that not only benefit the host companies but also inspire the students to keep their expertise within the region.
As we celebrate the success of the 2024 Research Fellows Program, we look forward to continuing this tradition of excellence. By connecting students with businesses, mentors, and real-world challenges, the Research Fellows Program, in partnership with MAGNET's Executive Education and Leadership programs, is shaping the future of both the students and the companies they serve.
For more information about the Research Fellows Program and how your company can get involved, contact Chris Keller at CKeller@ManufacturingSuccess.org. Let’s keep the momentum going and continue to grow our region’s entrepreneurial spirit!
Ted Mailey of APO Pumps and Compressors and James Wearley of FEMC discuss their experiences with the Research Fellows program at MAGNET. Research Fellows Brady Aneshansel and Michelle Clever share their perspective working with Buckeye Innovation.
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