This website has been created to provide information about ITAC’s Technology Grant Program for potential funders. We appreciate your interest in this opportunity to help NYC manufacturers become more resilient and competitive through the implementation of new technologies. We look forward to discussing this opportunity with you further and thank you in advance for your time and consideration.
Click on each tab below to learn more about:
- The opportunity – why a technology grant program is needed
- The solution – what types of projects the grant program will support
- Why ITAC is the right organization to lead this grant program
- Why contributing to this tech grant program makes sense
Manufacturers are increasingly using new technologies to improve operational efficiency and reduce costs. In order to remain competitive and retain/create important jobs, it is critical for NYC manufacturers to receive assistance to purchase and implement relevant technology. In addition, in the post-pandemic environment, many manufacturers are looking for ways to onshore more of their work, and technology often helps make this transition a reality. While funding is readily available around such areas as training and workforce development, funds dedicated to helping manufacturers purchase new technology are few and far between.
The lack of technology funding is compounded by the fact that many smaller manufacturers do not have separate technology budgets; though they are interested in new technologies, they often end up spending their available funds on more pressing short-term needs. They lack the upfront capital to learn about and then invest in those new technologies that result in transformative change, and that would make them more competitive and resilient.
There are more than 8,000 small- and medium-sized manufacturers and industrial companies in NYC. These smaller companies generate $7.75 billion in revenue annually and employ more than 60,000. About 85% of companies employ less than 10 people. Similarly, about 85% generate less than $1 million in revenue annually; the median is $193,000.*
Solution – Technology Grants for NYC Manufacturers
Recognizing the need outlined on the Opportunity tab, ITAC is building a technology grant program through which it will provide grants to NYC manufacturers for new technologies. This grant program will focus primarily on the follow technology areas:
- Industry 4.0 technologies (e.g. software, hardware, sensors, system integrations, augmented reality/virtual reality, analytics, etc.)
- Robotics and automation
- Additive manufacturing (3D printing)
We will also consider other technologies beyond the ones above, if they are transformative for the manufacturer. In addition, where the need exists, we will consider funding the initial technology evaluation – the process of identifying and selecting relevant technologies.*
* ITAC has found through a prior effort that often NYC manufacturers do not feel they need support with technology evaluation, but we do see a benefit for some companies to fund these activities, if they do not have the resources to complete on their own.
Why ITAC is the Right Organization to Manage the Technology Grant Program for NYC Manufacturers:
ITAC has seen first-hand the benefits of technology grants to NYC manufacturers, having successfully developed and managed Ops21, a very similar grant program to this Technology Grant Program that we are now building.
For the Ops21 grant program, ITAC designed, built and ran all aspects of the execution of the program, from the outreach phase and project selection phase through to the grant award, monitoring, and final impact report phases. To learn more about ITAC’s responsibilities managing the Ops21 grant program, please see the “Experience Running a Similar Grant Program” button to the right.
As a result of ~$150K of funding provided to 10 NYC manufacturers and industrial companies for technology implementation projects – via the Ops21 grant program – the following is a consolidated summary of key impacts:
- $1.5M in new sales
- Nearly 10 jobs created (9.5 FTEs)
- Substantial cost reductions – examples include a 19-37% decrease in inventory at one manufacturer, and $145K cost savings at another
- Increased efficiencies – examples include a 300% increase in data storage and a 125% increase in data processing speed across one manufacturer’s operations; as well as reductions in production and testing times for given operations varying from 20 to 80% for several manufacturers
For more details on how successful the program was, please see the “Case Studies” button to the right to read about each project and its associated impacts.
In addition, ITAC is the NYC chapter of the Manufacturing Extension Partnership (MEP) – the largest consulting network in the US – which is funded federally through the National Institute of Science and Technology (NIST). For more details, please see the “About ITAC” button above to the right.
Why Contribute to ITAC’s Technology Grant Program?
- You believe in the importance of manufacturing as a key component of the NYC ecosystem;
- You are looking for ways to invest in the NYC community to support the success and growth of NYC companies and the jobs they create;
- You understand the importance of technology implementation to increase a manufacturer’s competitiveness; and
- You prefer to fund opportunities that are not otherwise adequately funded so that you are an integral part of the solution.