Tech News Summary:
- The U.S. Department of Commerce awarded $53 million in “Build to Scale” grants to 60 organizations across the country to support technology entrepreneurs and promote innovation in industries such as agtech, bioscience, advanced manufacturing, the blue economy, and healthcare technology.
- The grants are part of the Biden-Harris administration’s efforts to create entrepreneurial ecosystems and bring job opportunities to local communities, with the goal of accelerating economic growth and fostering innovation.
- The “Build at Scale” program consists of two competitions: Venture Challenge and Capital Challenge, and the recipients include a diverse range of organizations leveraging an additional $55 million in matching funds from various public and private sector sources.
The US Department of Commerce has announced its support for innovators and entrepreneurs through the ‘Build to Scale’ program, aiming to provide critical funding and resources to spur the growth of small businesses and startups.
The program will provide a total of $38 million in grant funding to enable organizations to grow their operations, access new markets, and expand their customer base. This initiative is part of the Department of Commerce’s commitment to promoting economic development and fostering entrepreneurship across the country.
Through the ‘Build to Scale’ program, the Department of Commerce aims to support a wide range of innovative projects, including technology commercialization, manufacturing support, and regional innovation clusters. The funding will also be used to provide technical assistance, mentorship, and networking opportunities to help entrepreneurs and small business owners succeed in today’s competitive market.
In a statement, Secretary of Commerce Gina Raimondo emphasized the importance of supporting small businesses and startups, stating that they are the backbone of the American economy and key drivers of job creation and economic growth.
The ‘Build to Scale’ program will be administered by the Economic Development Administration (EDA), a bureau within the Department of Commerce. The EDA will work with a diverse range of organizations, including non-profits, academic institutions, and economic development agencies, to distribute the funding and support to eligible projects.
The announcement of the ‘Build to Scale’ program has been met with enthusiasm from the entrepreneurial community, with many expressing their appreciation for the Department of Commerce’s commitment to fostering innovation and economic development.
The application period for the ‘Build to Scale’ program is now open, and interested organizations are encouraged to apply for funding to support their innovative projects and help drive economic growth in their communities.