KOKOMO, IN – The Greater Kokomo Economic Development Alliance will use a $10,000 Duke Energy grant to provide additional research to determine if the Kokomo area is a market for medical device development and manufacturing.
Through the Department of Labor’s Workforce Innovation in Regional Economic Development Asset and Workforce mapping completed last year by Purdue University, the Kokomo region was identified as having the potential for attracting and growing the medical device industry.
“Prior to GKEDA dedicating time and resources to the development of the medical-device industry, we need to know if this industry sector is truly one that we have the opportunity to penetrate for business development,” Jeb Conrad, Alliance President and CEO, said. “Thanks to the Duke Energy grant, we will secure research that provides a clear picture as to the detailed industry assets and specific targets that may or may not be well suited for our market.”
According to Conrad, GKEDA plans to hire CREO Quality, a life science consulting firm from Martinsville, IN. CREO Quality will identify the current situation and potential life science market opportunities for greater Kokomo, and if GKEDA and the Kokomo region should invest additional resources into life science opportunities.
"CREO Quality is excited to work with GKEDA on the life science strategic assessment. We have long believed that the strategic principles and approach that we have applied in the business community could be employed in the economic development space. I'm glad Jeb Conrad and GKEDA is willing to be a pioneer in this venture," stated Jon D. Speer, managing partner of CREO Quality.
Last year, GKEDA used Duke Energy and Wal Mart Foundation grants to develop the Supply Chain Transformation program in partnership with Purdue University Krannert School’s Global Supply Chain Management Institute. The program assessed local manufacturing capability, which traditionally has been tied to the automotive industry, and how it can be matched and/or easily adapted to emerging industries such as wind and solar energy, medical and medical devices, and the next generation of advanced automotive manufacturing.
“Duke Energy is committed to helping the communities we serve grow and prosper,” stated Laura Sheets, North Area Manager for Duke Energy. “With the expertise identified in this community along with the state’s focus on growing the life sciences industry base, this project makes sense as a chance for Kokomo to diversify its economy, assist existing business expansion, as well as attract new industry players to the area. We are glad to offer assistance to help get the ball rolling.”