EDA issues long-awaited funding opportunity for “Regional Technology and Innovation Hubs”
Under the Phase 1 solicitation, the federal agency will designate at least 20 Tech Hubs across the country and will separately award approximately $15 million in strategy development grants to accelerate the development of future Tech Hubs.
We know there is a great deal of interest across the Volunteer State in the news release announcing the Notice of Funding Opportunity (NOFO) issued on Friday by the U.S. Department of Commerce’s Economic Development Administration (EDA).
It is the long-awaited “Regional Technology and Innovation Hubs” initiative designed to create tech hubs in regions across the country by bringing together industry, higher education institutions, state and local governments, economic development organizations, and labor and workforce partners to supercharge ecosystems of innovation for technologies that are essential to our economic and national security. The program was authorized by the “CHIPS and Science Act.”
Under the NOFO issued Friday, EDA has opened applications for planning grants and Tech Hubs Designations. The federal agency will designate at least 20 Tech Hubs across the country and will separately award approximately $15 million in strategy development grants to accelerate the development of future Tech Hubs. The Tech Hubs designation will be a widely recognized indicator of a region’s potential for rapid technology-led economic growth. Applications are due August 15.
Later this year, the Department of Commerce will launch a second NOFO for applicants designated as a Tech Hub to apply for implementation funding. In Phase 2, EDA will make at least 5five implementation awards to designated EDA Tech Hubs, but applications for Phase 2 funding are limited to those that are successful in the Phase 1 application process.
Only consortia are eligible to apply for the initial grants, and there are specific requirements for those entities that must be included. Geographically, EDA defines a Tech Hub’s geography as “a Metropolitan Statistical Area or a similar area (including Micropolitan Statistical Areas {μSAs}) or tightly interconnected combinations of MSAs and/or μSAs) with a concentration of assets, capital, R&D, labor market, and infrastructure strongly relevant to the Hub’s selected core technology area, the Hub’s identified market opportunity, and its potential to become globally competitive in that given sector, industry, and/or area within a decade.”
