Iowa manufacturers who invest in new technology to become more competitive now can have up to $75,000 of that investment matched by the state of Iowa.
Iowa legislators approved a new “Manufacturing 4.0. Technology Investment Program” in May. The measure creates a program at the Iowa Economic Development Authority (IEDA) to help manufacturers ease the cost of new technology intended to boost “productivity, efficiency, and competitiveness.”
While the official state rules are still being written, grants will be available to any manufacturer with 3 to 75 employees. Applicants first must take part in a brief CIRAS Industry 4.0 assessment to help companies make informed decisions on technology.
Mike O’Donnell, associate director of CIRAS, said the new program will aid a longstanding CIRAS mission of helping de-risk technology investments.
“This is another way Iowa is making it easier for companies to take the leaps they need to take to remain competitive,” O’Donnell said.
Jill Lippincott, Innovation team lead at the IEDA, said CIRAS will play a key role in helping the authority place money where it will do the most good. The Industry 4.0 Needs Assessment involves CIRAS experts evaluating company processes and working with business leaders to identify key opportunities and risks associated with technology implementation.
“This isn’t about purchasing equipment or technology; it’s about really thinking through what can help your company grow in a strategic way,” Lippincott said. “We’re depending on CIRAS to help companies decide.”
For more information, contact Shankar Srinivasan at srigshan@iastate.edu or 515-290-6702.