Innovation has become the key to improved global competitiveness for many industry sectors. The new reality for business is that local companies must continually innovate, adapt and create new products, processes and services to compete beyond regional borders. This requires a comprehensive approach to our economic development efforts that focuses on developing a skilled workforce, promoting job and wealth creation, creating a world class quality of life, and promoting entrepreneurialism. The department commission the Battelle Institute to analyze the targeted industries and develop a cluster strategy for each industry and entrepreneurial development. The are found at http://www.iowalifechanging.com/studies.aspx
The Innovation and Commercialization Division coordinates efforts in the bioscience, information technology, and advanced manufacturing industries. The mission is to grow Iowa’s economy by fostering entrepreneurship and supporting the workforce, commercialization, and marketing activities of these industries.
The division's financial assistance programs are listed below.
Information Technology Training Program — With the increasing difficulties in finding workers with the right skills, it is important for information technology firms to develop, retool, refine, and broaden the skills of their existing workers. The rapidly changing and evolving nature of the industry requires a more flexible response than is currently provided under traditional job training programs. This program provides funds for IT firms in Iowa to upgrade the technical skills of existing high-level employees.
Information Technology Joint Venture Fund — Provides up to $100,000 in financial assistance to encourage Iowa companies to work together to develop IT innovations.The primary purpose of this program is to encourage Iowa IT-user companies and IT producer companies to work on joint R&D programs to develop the next generation of IT products and services.
Iowa Demonstration Fund — Provides pre-seed capital awards of up to $150,000 to encourage prototype and concept development activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences, and information technology industries. The fund is designed to encourage commercialization of innovation to foster competitive, profitable companies that create high paying jobs and wealth in Iowa.
Networking Fund — The targeted industries networking fund establishes a program to provide financial assistance to support sponsorships of networking events for the creation of new deal flow within the targeted industries. Sponsors of networking events will bring together entrepreneurial businesses, established companies and members of the university research community to discuss new technologies and the innovations which the technologies support.
Iowa Student Internship Program — The Iowa Student Internship Program links college students from Iowa schools to internship opportunities in small and medium sized firms in the biosciences, advanced manufacturing and information technology industries with the goal of transitioning the interns to full-time employment in the state upon graduation.
Management Talent Recruitment — The purpose of the Management Talent Recruitment Program is to develop activities for the recruitment of executive and operations management personnel. New and expanding targeted industries will be provided technical assistance to identify a network of potential human resources appropriate for the targeted industries business life cycle. The goal is to identify a pool of management talent that is available to work with biosciences, information technology, and advanced manufacturing businesses in Iowa. Based on a business consulting model, engagements can be short term, discrete projects, or potentially continue as career employment opportunities. These business "consultants" should have extensive experience working with one or more of these industry groups.
Supply Chain Development — Global competitiveness requires Iowa original equipment manufacturers (OEM) and their suppliers to adopt best practices to effectively and efficiently meet the requirements of their existing customers and to identify new customers. Targeted industries of biosciences, information technology, and advanced manufacturing now have access to financial assistance designed to identify and adopt performance improvement programs, create improved linkages to Iowa suppliers, their production capabilities and capacities, and technology commercialization services for supply chain development.