Special to Iredell Free News
Iredell County Economic Development Corporation will launch a technical assistance program, called ReVamp, in an effort to help local motorsports teams and component manufacturers diversify to serve new markets.
The program was made possible through partnership and funding from the Town of Mooresville and Industry Expansion Solutions (IES) at North Carolina State University.
Nearly half of North Carolina’s 70 motorsports manufacturers are located within the Town of Mooresville, alongside over half of the state’s NASCAR teams. The concentration of component manufacturers and teams has yielded a network of highly-skilled manufacturers and engineers in Iredell County. This advanced manufacturing ecosystem that supports the racing industry also supports other manufacturing sectors, including defense and aerospace.
The ReVamp program will support companies with matching funds, up to $10,000 per a company for technical support assistance. The Town of Mooresville has provided $100,000 to Iredell EDC to support the ReVamp program.
The program was launched in response to the changes resulting from the impact of both NASCAR’s Next Gen car and the impact of COVID-19 on the racing industry.
This diversification initiative is modeled on a successful program previously deployed by IES to help Department of Defense contractors diversify. Two local companies—Roush Yates Engines and MSI Defense—successfully participated in that earlier program.
“Diversification strategies help companies achieve new client growth, strengthen revenues sources, and ensure a company’s vitality in the marketplace,” said Iredell EDC President & CEO Jenn Bosser. “By focusing on the strengths and unique attributes of our existing industry, we will be successful in growing opportunities, investment, and talent in our community.”
“Investing in ReVamp is a win for small businesses and the local economy,” said Mooresville Mayor Miles Aktins. “With the concentration of our motorsports cluster, there is tremendous opportunity and supporting them will result in growth and job creation in our community.”
ReVamp is one of three programs developed by Iredell EDC to respond to the changes happening in the motorsports industry.
On May 19, Iredell EDC will jointly kick off ReGen, the first in a series of “lunch and learns” to provide local manufacturers basic tools for diversification and to invite them to the “deeper dive” of ReVamp. Scheduled from noon to 1 p.m., the “lunch and learn” will feature lessons learned amidst diversification from the leadership of MSI Defense and Roush Yates Engines. ReGen is a partnership between Iredell EDC, IES, Cabarrus County Economic Development Corporation, and the Small Business & Technology Development Center at UNC-Charlotte. To register for the event, go to https://bit.ly/33egQSO.
Stream 2021, hosted earlier this year, brought together local manufacturers in the greater Charlotte region to facilitate supplier and procurement opportunities for companies. Iredell County Economic Development Corporation was a lead organizer on the event in partnership with the Economic Development Partnership of NC and member counties of the Charlotte Regional Business Alliance. The success of Stream 2021 yielded a $150,000 grant for a second regional supply chain event in 2022.
To learn more or apply to participate in ReVamp, visit here www.iredelledc.com/revamp. Questions may be addressed to Matthew Lawrence Pierce by email at Matthew@Iredelledc.com or 704-663-1898.
Iredell County Economic Development Corporation is a public-private partnership that promotes economic growth and stability in our community by supporting the creation of new jobs and encouraging investment. We accomplish this through new business attraction, support of existing industry, building a world-class workforce, and collaboration with our community to build prosperity for all. For more information, visit www.Iredelledc.com.