The Importance of Innovation and Growth for DOD Suppliers

In today’s global economy, NJ manufacturers have to do more than just “tread water” to succeed – they need to focus onon growth. This can be particularly challenging for DOD suppliers, as sequestration has led to declining sales to the U.S. military and defense contractors. However, NJ manufacturers can look to prioritize growth and combat these challenges through two key ways:

1)     Develop new products / product enhancements through innovation.
2)     Strategically enter foreign markets through exporting.

Why aren’t more manufacturers embracing these initiatives? Adding new ideas to the pipeline and bringing products to market through innovation is critical, but many manufacturers sometimes avoid doing so due to risk. While exporting can enable companies to increase sales and diversify their customer base, many are unsure how to approach entering foreign markets and managing international inquiries.

Enter MarketShift

NJMEP has worked with NJIT to introduce the MarketShift Program to assist Department of Defense suppliers. Market Shift incorporates conferences on innovation and exporting so that manufacturers can systemically and strategically learn to grow.

Scholarships and discounts are even available for a limited time for eligible NJ manufacturers so that they can attend growth conferences at no cost!

Destination Innovation Jumpstart

Two 2-Day Seminars:

• May 20-21 at Burlington Community College
• July 22-23 (Venue TBA)

Destination Innovation Jumpstart: A focused, 2-day event designed to help small and mid-sized manufacturers accelerate profitable growth through hands-on experience. Manufacturers that participate will learn to grow profit with:

• Identifying and quantifying new market opportunities.
• Exploring new applications for your current offering and capabilities.
• Learning to spot and address hurdles to concept success.
• Strategies for sustainable and creative ideation.
• Methods for promoting company-wide innovation cultural transformation.
• Creating a structure and pipeline for meaningful innovations.

ExporTech™ Intensive

Two 2-Day Seminars:

• June 3-4 at Burlington Community College
• Sept 23-24 (Venue TBA)

95% of the world’s customers live outside the U.S. If you aren’t exporting, you are missing out on a critical opportunity to grow sales.

What is the ExporTech^™ Intensive Program?

• A two-day, education and planning process designed to help you diversify your customer base through global sales.
• Accelerated version of the national ExporTech^™ program.
• A unique combination of expert speakers, planning tools, individual coaching and small group discussions that allows each company to respond to its own unique challenges.
• A way to jumpstart the development of an actionable, strategic-export-growth plan for each participating company.

Click here for more information about MarketShift or contact NJMEP at 973-998-9801 or info@njmep.org today.