U.S. Department of Commerce announced $47 million in 51 build to scale grants to support programs that accelerate innovation and tech-based economic development.
The money will be awarded through Commerce's Department's Economic Development Administration and this year's awardees will leverage an additional $48 million in matching funds from the private and public sector, according to an Oct. 5 EDA news release.
"Strengthening technology ecosystems are a critical key to the Biden administration's efforts to build a stronger America," Secretary of Commerce Gina Raimondo said in the news release. "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's build to scale program awards provide awardees with entrepreneurial support and startup capital, investments intended to support support advanced manufacturing, clean energy, bioscience and blue economy clusters in U.S. regions, according to the release.
"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," Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo said in the news release. "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 recipients of the 2022 awards will use a total of $48 million in matching money from both public and private sources, according to the release. The advanced manufacturing, bioscience, clean energy and blue economy clusters are supported by these EDA investments in different parts of the U.S.
