About:
Since 1984, MAGNET, the Manufacturing Advocacy & Growth Network, has assisted thousands of manufacturers through its Edison Technology Center programs, Manufacturing Extension Partnership services and business incubation programs. Recently, MAGNET has expanded its mission to assist manufacturers through programs that address manufacturing-related education, competitiveness, innovation, global development and regulatory affairs. MAGNET is a "one-stop shop" for manufacturers seeking resources to become or remain globally competitive.
Fund Support:
$3.53 million
Performance:
Based on federal reviews of its operations, MAGNET generates more than $150 million in economic impact on an annual basis by assisting with new product innovation, plant expansions and productivity initiatives. It is working with BioEnterprise to assist more of the region’s manufacturers to serve the growing medical manufacturing sector. And in 2009 it launched a program to assist automotive manufacturers to diversify into growing markets and an Eco-Smart manufacturing program aimed to help manufacturers with environmental, conservation, and safety concerns.
2010 Update:
- MAGNET announced the 12 recipients of loans from the Cuyahoga County New Product Development and Entrepreneurship Loan Fund. Read more.
- John Schober, a former executive with Delphi Corp. and GrafTech International, was named as MAGNET’s director of innovation. He will be responsible for developing MAGNET’s Growth by Design program as part of the Brookings Metropolitan Summit project. Read more.
- In April, MAGNET announced that Dan Berry was named the permanent CEO and president of the organization. Read more.
- MAGNET is developing an advanced manufacturing plan for the region as part of a joint project with the Fund and Brookings Institution.
- MAGNET is hosting manufacturing diversification workshops across region. Read more.
- MAGNET’s incubator companies generated revenue of nearly $8.8 million in 2009 and attracted $1.6 million in outside investments.