Manufacturing Innovation Pitch Competition 2024

Ohio's Premier Manufacturing Pitch Competition, sponsored by MAGNET, is a grant program designed to foster manufacturing innovation and support startups in Ohio. The program aligns with a mission to advance the manufacturing sector by providing crucial resources, including financial awards and expert consulting services, to promising entrepreneurs. This initiative aims to bridge the gap between innovative ideas and market-ready products, thereby strengthening Ohio's industrial landscape. The primary beneficiaries of this program are Ohio-based entrepreneurs who possess a physical product, an innovative idea, or a manufacturing innovation. The competition specifically targets startups that are poised for growth and can benefit from strategic support to reach their next milestone. The impact goals include stimulating economic development within Ohio, creating new job opportunities, and enhancing the state's reputation as a hub for advanced manufacturing. The program prioritizes a multi-faceted approach to support, focusing on engineering design assistance, operational services, lean operations, and sales and marketing. A notable focus is the Innovation Award, sponsored by Huntington, which provides up to $10,000 specifically for diverse founders, underscoring a commitment to inclusive growth and equitable access to opportunities within the manufacturing sector. Additionally, the competition offers exposure to The Advanced Manufacturing Fund and visibility to a judging panel of local service providers and investors, providing invaluable networking and funding opportunities. Expected outcomes include the successful development and commercialization of new manufacturing innovations, leading to increased revenue for participating startups and a stronger, more diversified manufacturing base in Ohio. Measurable results include the total amount of prizes awarded, which exceeds $75,000, and the provision of MAGNET’s manufacturing consulting services tailored to the specific needs of the companies. The program also aims to foster a collaborative ecosystem where entrepreneurs receive guidance from MAGNET's team of manufacturing experts, contributing to a robust pipeline of talent and innovation.