CLEVELAND — Team NEO was awarded a $150,000 grant from the Burton D. Morgan Foundation to support its work in developing open innovation networks, the economic development agency announced.
“We are grateful to Burton D. Morgan Foundation for their support,” said Tim Fahey, Team NEO vice president of industry and innovation. “This grant builds upon our work to grow innovative clusters in the region that will help fuel job creation efforts in advanced manufacturing.”
Team NEO is building regional innovation clusters in the areas of energy storage, smart devices and systems, and additive manufacturing. Through the networks, the organization says it matches large companies to supply chain partners made up of smaller, early stage and growth oriented companies as well as research and academic institutions.
Team NEO describes the benefits of the these networks as improved time to market, research and development cost savings, development of expanded value chain partnerships and access to specialized technologies and products.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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