According to Tim Franklin, principal investigator for the NJ MarketShift program, “This process of strategic collaboration is exactly how industry clusters form. Participants connect with a mix of business and state policy leaders, share market intelligence and form teams to compete more effectively for applications thereby strengthening their supply chain. In fact, a study conducted by the Small Business Administration has shown that companies that participate in an industry cluster earn twice the revenue as those that don’t and create four times as many jobs. It’s gratifying to those of us who work on the NJ MarketShift program to see the beginnings of cluster formation.”
In addition to the reports from the NJ MarketShift Design Teams, participants engaged in a workshop to learn how world famous Fraunhofer Innovation strategies could help them find new applications for their products in adjacent market segments. The NJ MarketShift.com web platform was also introduced at the event.
NJ MarketShift Design Forum 3.0 is scheduled to be held at a variety of locations throughout New Jersey in early September 2015.