A $3.5 million grant was awarded to SSTI to coordinate and lead a Community of Practice that builds the capacity of U.S. Economic Development Administration grants for technology-based economic development.
This is part of the EDA's ongoing commitment to support the entrepreneurs and startups responsible for creating the high-skilled, well-paying jobs of the future, according to an Oct. 13 Department of Commerce news release. The new Technology-Based Economic Development Community of Practice will "develop interorganizational knowledge ecosystems connecting EDA grantees working in the areas of risk capital, technology development and entrepreneurial support."
“Technology is changing the face of the global economy and technology-based economic development is among EDA’s key investment priorities,” Assistant Secretary of Commerce for Economic Development Alejandra Castillo said, according to the release. “The TBED CoP will advance an ideal synthesis of vision and practice to foster entrepreneurship and catalyze innovation.”
The American Recovery and Reinvestment Act confirmed the fact the United States is built on innovation through “investments needed to boost economic efficiency by fostering technical advances,” the release reported.
The pandemic, inequality, climate change and global competition put an array of economic challenges before America, SSTI President and CEO Dan Berglund said, according to the release. EDA grantees will identify and disseminate effective practices, develop staff knowledge and skills, build inter-organizational networks to improve their impacts and expand their capacities through the new Technology-Based Economic Development.
