The U.S. Economic Development Administration (EDA) has released the 2022 notice of funding opportunity for its “Build to Scale” program.
State and local governments, nonprofits, institutions of higher education, and national laboratories are among those eligible to compete for a total of $45 million in funds to support new and expanded initiatives in regional commercialization, entrepreneurship and capital formation efforts.
According to an article in the SSTI Weekly Digest, EDA has slightly restructured the program for this year’s competition, with two funding streams and two levels of awards for each.
- The “Venture Challenge,” which focuses on innovation and entrepreneurship, includes a “Build” tier for demonstration projects up to $750,000 and a “Scale” tier for proven initiatives at up to $2 million.
- The “Capital Challenge,” which focuses on forming and supporting innovation finance, includes a “Form” tier up to $300,000 and a “Deploy” tier of up to $750,000.
EDA has posted the formal notice and explanatory materials on its website. Applications are due June 13.