Economic Development Administration Award Will Help Local Manufacturers Compete With Global Competitors
Program Links Smaller Regional Suppliers With Large Companies
WASHINGTON, DC – Today U.S. Senator Bob Casey (D-PA) announced that the Greater Philadelphia Accelerator is set to receive $1,892,000 in federal funds to boost the region’s emerging advanced manufacturing sector.
These funds will connect innovative small suppliers in the region with large companies, linking research with the start-ups that can commercialize new ideas, and training workers with skills that firms need to capitalize on business opportunities. These public-private partnerships consist of small and large businesses, colleges, nonprofits, and other local stakeholders that “cluster” in a particular area.
“This grant will give Southeastern Pennsylvania manufacturers the tools they need to compete with global competitors and stay on the cutting edge of advanced manufacturing,” Casey said. “Commercializing a new product is a significant challenge for small businesses. These funds will make it easier for small businesses to commercialize their products, resulting in economic growth and job creation.”
The Greater Philadelphia Accelerator will work with small businesses in the region by providing technical assistance to smaller manufacturers and help to link them up with large companies who could potentially purchase their products. By reducing the risks associated with commercialization, these companies can more aggressively compete with global competitors.
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