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.