MBN USA

October 13, 2022

UnFollow View Profile Send Message Copy Link

UnFollow View Profile Send Message Copy Link

EDA grants $47M to accelerate technology entrepreneurship

U.S. Secretary of Commerce Gina Raimondo recently announced that the Department’s Economic Development Administration (EDA) is awarding 51 “Build to Scale” grants – totaling $47 million – to organizations that support technology entrepreneurs, catalyze innovation and fuel economic growth.

EDA’s “Build to Scale” program provides annual grants that aim to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial support and startup capital. The 2022 awardees will leverage an additional $48 million in matching funds from a variety of private and public sector sources. These EDA investments support advanced manufacturing, bioscience, clean energy and blue economy clusters in regions throughout the United States.

“Strengthening technology ecosystems are a critical key to the Biden Administration’s efforts to build a stronger America,” said Secretary of Commerce Gina Raimondo. “Innovation and entrepreneurship have long been keys to American success and will continue to strengthen our collective economic and national security, as well as individual prosperity and well-being.”

“EDA is proud to partner with this year’s ‘Build to Scale’ grantees as they invest in entrepreneurs and create equitable access to capital in their communities,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “These projects will give the next generation of industry-leading companies a seminal boost that will result in job creation and private investment – potentially transforming a regional economy and creating economic opportunity beyond what we can foresee.”

The 2022 Build to Scale program was comprised of two competitions––the Venture Challenge and the Capital Challenge. The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.

2022 Venture Challenge Grant Recipients

• AgLaunch, Memphis, TN ($1.5 million)
• Battle Creek Unlimited, Battle Creek, MI ($375,000)
• Benedict College, Columbia, SC ($525,000)
• Black River Innovation Campus, Springfield, VT ($1.5 million)
• Chicostart, Chico, CA ($549,999)
• City and County of Denver, Denver, CO ($1.5 million)
• Codefi Foundation on Rural Innovation, Cape Girardeau, MO ($2 million)
• Colorado State University Research Foundation, Fort Collins, CO ($749,117)
• Current, Chicago, IL ($516,639)
• Eastern Shore Entrepreneurship Center and Frederick Innovative Technology Center, MD ($1.8 million)
• Fearless Solutions, Baltimore, MD ($661,725)
• Georgia Southern University, Statesboro, GA ($600,000)
• Greater Green Bay Chamber, Green Bay, WI ($467,500)
• Innovate Mississippi, Jackson, MS ($375,000)
• Innovation Park, Tallahassee, FL ($724,911)
• Innovation Works, Pittsburgh, PA ($2 million)
• Launch Tennessee, Nashville, TN ($2 million)
• Lawrence Technological University, Southfield, MI ($813,330)
• New Energy Nexus, Brooklyn, NY ($2 million)
• New Mexico State University, Las Cruces, NM ($1.2 million)
• New Orleans Startup Fund, New Orleans, LA ($1.2 million)
• Northern State University, Aberdeen, SD ($748,036)
• Penn State University, University Park, PA ($1.8 million)
• Red Wing Ignite, Red Wing, MN ($2 million)
• Rutland Economic Development Corporation, Rutland, VT ($732,919)
• Seattle Metropolitan Chamber of Commerce, Seattle, WA ($674,874)
• Shawnee State University, Portsmouth, OH ($749,356)
• Southwestern Community College, Chula Vista, CA ($1.5 million)
• StartUpNV, Las Vegas, NV ($1.8 million)
• Tampa Bay Wave, Tampa Bay, FL ($2 million)
• University of California, Riverside, CA ($2 million)
• University of New Mexico – Taos, Ranchos De Taos, NM ($700,944)

2022 Capital Challenge Grant Recipients

• Alliance for SoCal Innovation, Pasadena, CA ($300,000)
• Battle Creek Unlimited, Battle Creek, MI ($147,750)
• Cleveland Water Alliance, Cleveland, OH ($299,302)
• Excell Partners, Rochester, NY ($750,000)
• Innovate Mississippi, Jackson, MS ($263,617)
• Launch NY, Buffalo, NY ($750,000)
• Louisville Healthcare CEO Council, Louisville, KY ($299,970)
• Minneapolis Saint Paul Regional Economic Development Partnership, St. Paul, MN ($300,000)
• New England Aquarium Corporation, Boston, MA ($750,000)
• Next Foundation, Tucson, AZ ($519,999)
• Propeller, New Orleans, LA ($750,000)
• Regional Accelerator & Innovation Network, Vancouver, WA ($750,000)
• StitchCrew, Edmond, OK ($713,201)
• University of Memphis, Memphis, TN ($700,196)
• University of Nebraska Medical Center, Omaha, NE ($300,000)
• University of North Carolina at Charlotte, Charlotte, NC ($299,987)
• University of Utah, Salt Lake City, UT ($750,000)
• Venture Central, Charlottesville, VA ($299,871)
• Village Capital, Washington, D.C. ($541,700)

EDA’s Office of Innovation and Entrepreneurship administers the Build to Scale program, which is authorized under Section 27 of the Stevenson-Wydler Technology Innovation Act of 1980.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.