New technology is a competitive edge for any manufacturing company. OEMs and suppliers alike need new technology to keep them in the race for better productivity, higher quality products, and reining in prices. No industry knows that better than the automotive industry. In the latest IHS SupplierBusiness editorial, the editor of that publication talks about Ford and one of its suppliers, Magna, collaborating with a number of other companies in a new program to foster innovative transportation-related start-ups in Detroit.
"As part of the program, ten start-up companies will be selected from across the United States to move to Detroit and take part in a three-month evaluation. Each of the 10 companies will receive $120,000 in funding, intensive training and mentoring in business development, and help with customer acquisition and effective executive recruiting. The program is set to run over a three-year period, with a total of 30 participating start-up companies," said IHS SupplierBusiness.