February 23, 2005

Idaho Business Receives Boost

Idaho manufacturers will get new products to consumers faster thanks to a grant from the Economic Development Administration

Washington, DC â?? Idaho Senator Mike Crapo announced that the Economic Development Administration is awarding a grant of $472,334 to help Idaho companies become more competitive and innovative in getting new products to market. The grant will be administered through Boise State University and TechHelp, a group that does consulting and development for local manufacturers. Through BSU and TechHelp, small companies that do not typically have the capital and resources to pay for expansive research and development, will have access to these services. â??Idaho is home to many innovative companies,â?? Crapo said. â??This grant will reduce the costs and time associated with developing and introducing new products, and in turn, keep Idaho firms on the cutting edge in various fields. As Idaho businesses take advantage of the resources available through TechHelp and BSU, they can become more competitive both nationally and internationally. This can make Idaho firms successful, which translates into more jobs and revenue in Idaho.â?? BSU and TechHelpâ??s services to Idaho companies are available to firms and individuals who are in the concept or development stages of just about any new product. The goal of the program and the grant is to introduce new products to consumers and boost manufacturing in Idaho.â??The grant is a major step forward for new product development in Idaho,â?? said TechHelp Director Gary Thompson. â??New product development is key to increasing wealth and creating jobs. The EDA grant will enable TechHelp to expand operations and take new processes and technologies to manufacturers and processors to throughout the stateâ??.Prior activity in the type of product development this grant will fund has resulted in manufacturers from Hayden Lake, Hailey, and Blackfoot going into new production. This production has brought an economic benefit to Idaho of $4.6 million and a projected 35 to 40 jobs.# # #