Michigan LIFT Aims to Boost Manufacturing Suppliers
A new initiative in Michigan aims to help manufacturing suppliers overcome two major barriers to scaling production: finding customers and securing financing. The Michigan Launchpad for Industrial Innovation & Transformation, or Michigan LIFT, was launched this week in Detroit by Ford, JPMorganChase, the State of Michigan, Michigan Central, and Newlab.
The program will connect suppliers developing manufacturing technologies with industrial buyers that have specific production needs, while providing access to financing and state support. Unlike other programs, Michigan LIFT starts with manufacturing challenges identified by participating industrial companies, rather than identifying technologies seeking applications.
'Ford is America's automaker, and we believe American manufacturing's best days are ahead,' said Jim Farley, president and CEO of Ford Motor Co. 'Michigan LIFT is about helping solve real manufacturing challenges faster. It connects innovators, suppliers, and manufacturers with the support they need to scale.'