U.S. Department of Commerce Invests $23M to Fuel High-Growth Entrepreneurship

U.S. Department of Commerce Invests $23M to Fuel High-Growth Entrepreneurship

Agency: 
Dept. of Commerce

U.S. Secretary of Commerce Wilbur Ross today announced that 44 organizations—including nonprofits, institutions of higher education, and entrepreneurship-focused organizations—from 28 states and two territories will receive grants totaling $23 million to create and expand high-growth entrepreneurship and increase access to capital for communities across America. The grants are made annually under the Economic Development Administration’s (EDA) Regional Innovation Strategies (RIS) program competition. The 2019 awardees will leverage an additional $26 million in matching funds from a variety of private- and public-sector sources.

Selected from a pool of 183 applicants, this year’s awardees include a new impact investing effort managed by The Halcyon in Washington, D.C, that will increase access to capital for social entrepreneurs in the D.C. region, a space technology commercialization project led by Hawaii’s Maui Economic Development Board that will expand entrepreneurship training and a STEM-focused career pathway curriculum, and a biomedical healthcare and bioscience initiative led by the Cincinnati Children’s Impact Investment Fund in Ohio that will increase access to early-stage capital for emerging biomedical companies in the Greater Cincinnati Region. In addition, projects in federally designated Opportunity Zones will bring capital and opportunity to communities bypassed by recent economic growth.

“Innovation and entrepreneurship are an indispensable part of the American economic success story, and the Trump Administration is pursuing an agenda that will ensure the U.S. remains a leader in both areas,” said Secretary Ross. “These projects will spark innovation across the country and will build on the beneficial environment the Trump Administration is creating for American businesses.”

The full list of 2019 i6 grantees can be found here.

The 2019 Seed Fund Support Program grantees can be found here.

For more information, please also see the 2019 i6 Challenge blog post and 2019 Seed Fund Support Program blog post.

The Office of Innovation and Entrepreneurship (OIE), housed within EDA, leads the RIS Program to spur innovation capacity-building activities in regions across the nation. The program is authorized through the America COMPETES Reauthorization Act of 2010.

To view the original press release on the EDA website, visit https://www.eda.gov/news/press-releases/2019/07/23/ris.htm.

Category: 
T2 News