We have seen innovation making a real impact on our society as a whole during this unique time. While there are still people worried about the economy and their businesses, it’s been wonderful to see the Manufacturing industry shift their processes and product lines to fill the urgent need for consumers, healthcare providers, and emergency responders during the Coronavirus crisis. I see these folks as heroes.
Here are a few examples of companies and industries that have pivoted over the last couple months.
- A custom manufacturer that specializes in network and communication solutions repurposed their facility to design and manufacture ventilators.
- A wide variety of companies are now making hand sanitizers, from distilleries to pharmaceutical compounding companies.
- Many companies are now manufacturing masks; from aircraft manufactures to printing companies.
- A company that designs and manufactures sensors is now designing a contactless thermometer.
- Marketing and technology companies are partnering to develop software to collect data to help with decision making and recovery across many industries.
Those amazing innovators qualify for research & development tax credits.
How do companies know they are eligible for the research and development tax credit? Some questions to get your wheels spinning:
- Have you designed and produced products you haven’t in the past?
- Have you altered the design of your facility to manufacture new products?
- Has that required you to change, improve, or create new processes?
- Maybe even developed new software applications?
These product changes and process implementations have allowed these business to reinvent themselves out of the necessity to meet differing demands and keep their employees working. Many companies are finding ways to bring much of the manufacturing back to America. This crisis has shown, it’s more important than ever to be independent and we will come out of the current situation stronger, more creative, self-reliant and powerful than before.