NJMEP and NJIT Launch Market-Shift, Offer $2,000 Scholarships for NJ Manufacturers on Growth Programs

On Nov 21, 2014

The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announces the launch of Market-Shift, a program dedicated to helping New Jersey manufacturers grow and become more profitable. The program is sponsored by the U.S. government and developed by NJIT to provide firms that currently work on Department of Defense (DOD) contracts with additional tools and support to bring their products into new markets.

As part of the program, eligible New Jersey manufacturers can receive $2,000 corporate scholarships for two of NJMEP’s proprietary programs: Innovation ‘Jump Starts’ and ExporTech™.

Innovation ‘Jump Starts’ are fast and focused projects helping companies develop or enhance products, accelerate ideas and improve marketing and sales innovations. The program additionally decreases the risk associated with introducing new innovations and is completed in 13 weeks.

ExporTech™ workshops feature nationally recognized exporting experts and help manufacturers create a strategic and robust exporting plan to enter foreign markets. Manufacturers develop an exporting plan in just 10 weeks or less and the average participant generates $770,000 on average in new export sales.

“This is an excellent opportunity for New Jersey’s manufacturers to take advantage of programs that foster innovation and growth. The scholarships will offer a financial incentive for Garden State manufacturers looking to become more globally competitive and profitable,” says Matt Paknis, NJMEP’s Chief Development Officer.

Eligible companies can receive $2,000 for either program, while selected companies might be approved for both scholarships. Criteria for eligibility include a Department of Defense (DOD) work history and a manufacturing NAICS code per a company’s DUNS#.

NJMEP is a not-for-profit that helps New Jersey’s manufacturers become more profitable. NJMEP’s services are geared towards assisting state manufacturers increase sales, reduce costs, improve efficiencies and spur job creation.

Related Articles: