Chattanooga’s CO.LAB is one of 52 organizations from 36 states receiving grants totaling $35 million to support entrepreneurship, acceleration of company growth, and increased access to risk capital across regional economies.
The awards are made under the “Build to Scale” initiative of the U.S. Economic Development Administration. Many readers may know it by the former name – “Regional Innovation Strategies.”
In the case of CO.LAB, the funding amounts to $299,651. The awards, announced yesterday by Commerce Secretary Wilbur Ross, fall into one of three categories – venture, capital or industry challenges. The funding for CO.LAB will be used to launch the “Chattanooga Regional Catalyst Fund” (CRCF), a regional evergreen fund focused on directly addressing the early stage funding gap in southeast Tennessee. More details are available here.
Recipients include nonprofits, institutions of higher education, and entrepreneurship-focused organizations. Within our general region, the largest awards went to the New Orleans BioInnovation Center Inc. ($1.5 million) and First Flight Venture Center Inc. in Research Triangle Park ($1.3 million). Other area awards include: (1) University of Kentucky Research Foundation ($600,000); (2) Access Ventures Inc. in Louisville, KY ($300,000); (3) Opportunity Alabama Inc. in Birmingham ($300,000); and (4) Emory University in Atlanta ($292,023).
Click here for the full news release.