YBI partnership wins fed grant
YOUNGSTOWN — The Youngstown Business Incubator is part of a northeast Ohio regional partnership awarded $703,378 to improve the recovery and resiliency of the local economy hurt by the viral pandemic.
Resilient NEO — a partnership that also includes the Manufacturing Advocacy and Growth Network (MAGNET), JumpStart and Team NEO — is among 44 organizations sharing $29 million from the U.S. Economic Development Administration and its Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge.
The money will be spent over the next 18 months to enhance innovation capacity in seven counties in northeast Ohio, including Trumbull and Mahoning counties, by facilitating connection between industries, “thereby promoting innovation, and advancing ‘smart’ manufacturing, creating the conditions to produce these new innovations at scale,” according to a project description.
It’s targeted toward smart manufacturing technologies and promoting cross-sector collaboration, according to EDA.
Once the companies are identified, they will be given services to accelerate development, technical help and business-model support. The group has pledged a $175,844 local match.
The winners were picked from 238 applicants, are located in 25 states and Puerto Rico and will leverage approximately $9 million in additional matching funds from various private and public sector sources, according to EDA.