Telkonet Awarded International Development Grant From Milwaukee 7
February 10, 2016 8:00 AM
Grant Funds to Be Used for Expanding Telkonet's EcoSmart Platform Internationally
MILWAUKEE, WI / ACCESSWIRE / February 10, 2016 / Telkonet, Inc. (TKOI), creator of the EcoSmart platform of intelligent room automation solutions supporting the emerging Internet of Things (IoT) has been awarded funds for international business development under Milwaukee 7's Export Development Grant Program presented by JP Morgan Chase. These funds match additional investments provided by Telkonet to drive its International growth strategy, which is one of the three key initiatives for 2016. While fueling a small part of Telkonet's overall international activities, this grant demonstrates the dedication of Milwaukee, and Wisconsin, towards growing the state's revenue through all available channels, and has opened the door to numerous additional state funding opportunities.
Telkonet has experienced dramatic growth domestically with its EcoSmart Internet-of-Things (IoT) platform driving more than a 40% increase in EcoSmart sales through the third quarter of 2015. Telkonet has identified significant growth opportunities internationally and intends to devote significant resources to develop channel partners and build out its EcoSmart sales by expanding internationally with customers in specific global markets. IDC estimates the IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020. Telkonet's strategic plan calls for international market development to capitalize on this forecast and strengthen its position at the forefront of this explosive industry. This investment qualified Telkonet for the Milwaukee 7 grant program in addition to several others offered in the state through resources such as the Wisconsin Economic Development Corporation.
The goal of the Export Development Grant Program is to assist Wisconsin companies achieve their full exporting potential and enter into new markets. Milwaukee 7 partnered with JPMorgan Chase and the Brookings Institute on the program through their Global Cities Initiative project. This project selects best practices from other Global Cities to create the most efficient and helpful program possible to Milwaukee's exporters.
"Increasing the number of companies in the region that export is a huge opportunity for southeast Wisconsin," said Gale Klappa, chairman, president and chief executive officer of WEC Energy Group and a Milwaukee 7 co-chair. "We know that the majority of economic growth comes from campaigns already located in the region and through exporting, businesses can grow faster and sustain that growth."
AI
