Good news for manufacturers: President Obama recently introduced his Strategy for American Innovation, which details the future plans to strengthen and grow America’s economy and global competitiveness. Within this strategy, the president recognizes the manufacturing industry as a vital tool in securing future prosperity by emphasizing innovation and advanced manufacturing technology development.

The strategy includes a comprehensive approach that promotes research and development in new technologies, spurs innovation in both the private and public sectors and improves education programs in the science, technology, engineering and mathematics fields. These initiatives would be supported by loans and grants for high-risk research projects that could lead to groundbreaking technologies and funds for local education programs to train and develop a high-tech work force. The president has also called on a review of the patent system to expedite the process for entrepreneurs and inventors to receive the necessary patents to commercialize their technologies.

The president’s dedication to promoting the manufacturing industry is most evident in his budget proposal. In a time when drastic cuts are being made throughout the entire federal government, President Obama has asked for increased funding for the Manufacturing Extension Partnership which assists small and mid-sized U.S. manufacturers in developing new products and technologies. The National Science Foundation, the Department of Energy, the Advanced Research Projects Agency of Energy, and the Defense Advanced Research Projects Agency see an increase in funding as well in the proposed budget, providing new opportunities for manufacturers and inventors.

As the budget debate roars on in Washington, AMT – The Association For Manufacturing Technology will keep a watchful eye and keep the pressure on so the necessary programs are funded adequately to enhance the manufacturing industry.