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51 recipients share $47 million in EDA Build to Scale awards

October 06, 2022
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A total of $47 million has been awarded to 51 organizations by the U.S. Economic Development Administration to support programs that accelerate innovation and tech-based economic development as part of the Build to Scale program,  U.S. Secretary of Commerce Gina Raimondo announced yesterday. The 2022 awardees will leverage an additional $48 million in matching funds from private and public sector sources. SSTI has been an advocate of the Build to Scale program, which did not receive federal appropriations prior to the creation of the SSTI Innovation Advocacy Council.

The 51 organizations are from 31 different states and include venture development organizations, state agencies, nonprofits, academic institutions, and other entrepreneurship-focused organizations. The FY 2022 Build to Scale program was comprised of two competitions –– the Venture Challenge, which “supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models,” and the Capital Challenge, which “increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.”

The full list of recipients is available here. SSTI is proud to recognize our members among the winners, including:

2022 Venture Challenge Grant Recipients:

  • AgLaunch, Memphis, TN ($1.5 million)
  • Innovate Mississippi, Jackson, MS ($375,000)
  • Innovation Works, Pittsburgh, PA ($2 million)
  • Launch Tennessee, Nashville, TN ($2 million)
  • New Mexico State University, Las Cruces, NM ($1.2 million)
  • Shawnee State University, Portsmouth, OH ($749,356)

2022 Capital Challenge Grant Recipients:

  • Innovate Mississippi, Jackson, MS ($263,617)
  • Launch NY, Buffalo, NY ($750,000)
  • Louisville Healthcare CEO Council, Louisville, KY ($299,970)
  • University of Nebraska Medical Center, Omaha, NE ($300,000)
b2s, innovation, awards, eda