A partnership between Bradley University's Peoria Next Innovation Center and the Illinois Manufacturing Excellence Center aims to help new businesses get off the ground by offsetting some operating expenses.
Through the collaboration announced Wednesday, IMEC will cover the first three months of a one-year lease at one of Peoria Next’s lab spaces for four eligible manufacturing start-ups. That will save the emerging businesses up to $4,800 that they can apply to other costs.
“The manufacturers need ways in which they can remove the ‘fumes’ or different things out of the process that they're doing,” said Peoria Next Director Mike Stubbs. “They need updated electrical. They need a space that they can bring clients in, so we have conference rooms.
“We have support services for businesses, for people that are new to the idea of starting a manufacturing startup. These research laboratories are the only research laboratories in a 90-mile radius, and so providing that asset here has allowed companies to start and grow here.”
Stubbs noted the start-up owners will have the opportunity to grow in a collaborative environment in a community of fellow entrepreneurs and researchers.
IMEC will also co-sponsor a series of events, workshops and training sessions at Peoria Next, beginning with an Aug. 2 open house to showcase the services offered by the two organizations.
IMEC president Dave Boulay said the partnership will help early-stage businesses gain their footing in an evolving marketplace where workforce changes, automation and supply chain issues are dramatically impacting the shape of manufacturing.
“So much of the way supply chains are changing are a desire to have things made in America. That’s going to start with places like Peoria Next,” said Boulay. “It's going to start with those innovative companies that are building the products of our future that will lead to the future of manufacturing.”
Peoria Mayor Rita Ali said the partnership between Peoria Next and IMEC enhances the goal of making Peoria a center of innovation.
“This is really about building up our new businesses to make sure that they are sustainable, to make sure that they're built right and given the right support at the very beginning,” said Ali. “Not when they're struggling to survive but right up front, supporting these new businesses to make sure that they thrive as new manufacturers within Peoria. It's going to boost our economy.”
