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MIOs gain funding as you research stuff and produce stuff with the MIO brand.
You then spend that funding to increase the benefits the MIO gives you towards that design.
Then you can use conversion to upgrade stuff for the new MIO benefits.
If I had to guess, beakers represent the total number of stat increases to the equipment, wrenches the total number of changes to production costs (increases or decreases), and factory icons being increases to production cap.