On July 23, the Biden-Harris Administration announced a series of actions and commitments from the U.S. Department of Commerce’s Economic Development Administration (EDA), the National Science Foundation (NSF), and the private sector to support the long-term success of all designated Regional Technology and Innovation Hubs (Tech Hubs) and NSF Regional Innovation Engines (NSF Engines).
These announcements were made at the inaugural Innovative Capital Summit, hosted by the U.S. Department of Commerce and the Special Competitive Studies Project in partnership with EDA, NSF, and the Milken Institute. The event took place in Washington, D.C., bringing together stakeholders from industry, philanthropy, government, and academia to foster collaboration in regional technological development.
“If we want a truly national innovation ecosystem, we need to tap into the full potential of our country and expand beyond the typical metropolitan locations that have become overconcentrated. That was the driving idea behind our Tech Hubs program - to meet people where they are,” said U.S. Secretary of Commerce Gina Raimondo. “We are investing in regional consortiums that will accelerate American competitiveness in the 21st century and ensure our leadership in industries of the future, including biotech, quantum, autonomous systems, clean energy, and advanced manufacturing. But we can’t do it alone, which is why convenings like this are so critical to institutionalize the work we’re doing and continue investments in the Tech Hubs Program.”
“The NSF Engines and EDA's Tech Hubs constitute significant and transformational place-based science and technology investments by the federal government,” said NSF Director Sethuraman Panchanathan. "NSF was thrilled to collaborate with the U.S. Department of Commerce and Economic Development Administration to connect capital providers to teams leading these innovation ecosystems."
The first Innovative Capital Summit gathered some of America’s largest capital providers along with designated Tech Hubs and NSF Engines to elevate investment opportunities as part of a series of engagements between communities and capital providers.
The summit resulted in several major announcements aimed at spurring continued investments in regions designated as Regional Tech Hubs under landmark federal programs.
A Tech Hubs Designation endorses a region’s plans to enhance their technological industry for job creation while strengthening U.S. economic security. The program partners with various federal departments to offer benefits that drive additional capital toward growing innovation centers.
The NSF also announced its second competition for NSF Engines with nearly 300 teams indicating their intent to apply.
In addition to Phase 1 commitments attracting more than $4 billion in investment commitments for identified Tech Hubs across diverse regions, new follow-on activities aim at connecting capital with innovation ecosystems further.
The Federation of American Scientists (FAS) will host an upcoming convening for philanthropic organizations exploring co-investment opportunities within NSF Engine communities.
