Akron's Polymer Revolution: $40 Million Boost to Ignite Innovation!

In an exciting development for the Greater Akron area, more than $40 million in state and local funding has been earmarked to propel the region's polymer innovation sector. This latest grant, just the second in three months, signifies a robust commitment to establishing Akron as a national hub for polymer research and development. With nearly $100 million flowing into the area in recent months, the momentum for investment in polymer innovation is stronger than ever.

The Breakdown of Funding

The latest announcement includes:

• $31.25 million in state funds
• $10.4 million in local contributions
• A previous $51 million federal grant received in July

According to Steve Millard, the president and CEO of the Greater Akron Chamber, this initiative is a "really big deal" and serves as validation for Akron's potential in polymer research.

What Will the Funds Be Used For?

The majority of the latest funding—specifically $25 million—is designated for constructing a polymer pilot plant. This facility will provide small companies and researchers with essential lab space to test and scale their innovative ideas. Other funding allocations include:

1. $8 million for research and development focused on sustainability in various sectors like mobility and healthcare.
2. $5 million to foster polymer startup programming aimed at nurturing high-potential startups.
3. $2 million dedicated to workforce development, helping to recruit underrepresented residents into training programs.
4. $2 million for staffing to support ongoing activities of the consortium.

Millard emphasized that the workforce development funding will facilitate swift access to high-paying jobs that do not necessarily require college degrees, making opportunities accessible for a broader range of residents.

Future Prospects

The investment is projected to generate nearly 2,400 jobs, along with 500 new credentials in related educational fields and an additional $68 million in investments over the next seven years. This development is expected to significantly enhance Akron's capacity for innovation.

In a recent speech, R.J. Nemer, president of the University of Akron, expressed optimism, stating that this funding represents an "exciting promise" for both the university and the region as a whole.

Collaboration and Innovation

Experts believe that the funding will not only bolster Akron's polymer capabilities but also encourage collaboration among companies, which has historically been a challenge in the industry. Mark Smale, executive director for Core Polymer Science at Bridgestone Americas, stated that this initiative will help in transforming inventions into tangible innovations.

Millard also noted ongoing discussions with companies from Houston, Florida, and even Germany about potential investments in the Akron area, showcasing the growing interest in Akron as a center for polymer innovation.

Conclusion

With a strategic focus on polymers and advanced materials, this funding initiative is set to place Greater Akron firmly on the map as a leader in innovation. The ripple effects of these investments are expected to resonate across multiple sectors, propelling the region into a bright future.

What do you think?

• Will Akron truly become a national leader in polymer innovation?
• How will this funding impact the job market in the region?
• Are there risks associated with such heavy investment in a single industry?
• What other industries should Akron focus on for future growth?
• Is it sustainable to rely on government funding for innovation?

Your thoughts and insights are welcome! Join the conversation and let us know what you think about Akron's polymer revolution.