Stories of Technology, Innovation, & Entrepreneurship in the Southeast

No Tennessee entities were among the 50 recipients from 26 states in the latest “Build to Scale” awards announced last week by the U.S. Economic Development Administration.

A total of 36.5 million was given out under one of two categories to support programs that fuel innovation and tech-based economic development. The two groups are:

• The “Venture Challenge” which seeks to leverage regional competitive strengths to accelerate innovation and job creation through high-growth technology entrepreneurship and fostering inclusive access to proven entrepreneurship support models; and
• The “Capital Challenge” that is designed to increase access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, angel capital networks, or investor training programs that focus on both traditional and hybrid equity-based models.

“Venture Challenge” winners from surrounding states included:

• Auburn University, Auburn, AL, $657,622;
• Cincinnati (OH) USA Regional Chamber of Commerce, $1.5 million;
• Georgia Tech Research Corporation, Atlanta, $1.3 million;
• Louisville (KY) Healthcare CEO Council, $750,000;
• Rev1 Ventures, Columbus, OH, $1.4 million; and
• Shenandoah Community Capital Fund, Staunton, VA, $750,000

There were only two nearby recipients of “Challenge Grants”:

• NOLA Business Alliance, New Orleans, LA, $400,000; and
• University of South Carolina in Columbia, $400,000.

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