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What is the Waste to Profit Network?
In a nutshell, the Waste to Profit Network facilitates the transformation of one company's waste, or by-product, into an industrial input for another company. This process is known as by-product synergy. Synergies formed between participants turn costly waste streams into productive revenue streams while reducing the impact on the environment.
There are two types of networks. One is a Community Network. In this model, company leaders attend an information meeting on waste reduction topics and strategies. They break into sub-groups to identify waste matches.
Innovation Networks are member-based. Companies meet frequently in highly facilitated sessions to generate waste and synergy matches. IMEC will coach companies to explore, identify and test potentially valuable synergies. Each subnetwork is designed for 10-25 organizations and the participating organizations will have an agreement that spells out deliverables, confidentiality, intellectual property and other important elements needed to create a safe zone for interaction and collaboration.
Proven successful, Waste to Profit is modeled after the program developed by the Chicago Manufacturing Center (CMC). To date, companies that are part of the Chicago network and have identified more than 100 potential synergies. As a result of its successs, IMEC has received a grant from the Department of Commerce and Economic Opportunity (DCEO) to help support administration of the program outside of the Chicago area.
What Networks will IMEC be creating?
IMEC will create community and innovation networks targeting four areas of the state – Rockford, Peoria, Metro East St. Louis and Champaign – to each have their own networks.
For more information, contact IMEC's Waste to Profit program manager, Mary Hallock at 815-721-4474.
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