Revamped $50M Build to Scale program launches; webinar on Sept 17

The Economic Development Administration has released the 2024 Notice of Funding Opportunity (NOFO) for its Build to Scale program. With $50 million in available funding, the program continues to support regional commercialization, entrepreneurship, and capital formation efforts. This year’s competition, however, comes with a restructured application process and updated evaluation criteria.

Key changes for 2024

The most significant change for 2024 is the consolidation of the Venture, Capital, and Ignite challenges into a single “Implementation Challenge.” This new format streamlines the application process by allowing organizations to submit one comprehensive proposal that includes related activities instead of separate applications for each challenge.

Additionally, the maximum award has increased to $5 million. However, with EDA planning to make 40-50 awards, applicants should expect an average award amount below the $5 million cap. This year’s NOFO also features updated scoring criteria. While core themes like leveraging ecosystem resources and growing innovation economies remain central, repeat applicants should note the multiple changes to scoring categories and weights. Scoring now includes points for proposed projects that can demonstrate affiliation with designated Tech Hubs or NSF Engines.

Unchanged elements

Those eligible to apply is the same as in previous years. State, local, and tribal governments, nonprofit organizations, higher education institutions, national labs, and other organizations focused on technology-based economic development are still eligible to apply. A 1:1 match of requested funds is still required.

Organizations with ongoing Build to Scale awards that extend past December 1 may also apply, provided their proposed project includes different but complementary activities to their current project(s).

How to learn more

SSTI will host an informational webinar featuring EDA representatives about the competition on Tuesday, September 17 at 1:30 P.M. ET. Register here to join us.

The application deadline is October 28. For more information and to access the full NOFO, visit EDA’s Build to Scale program page at https://www.eda.gov/funding/programs/build-to-scale.

This article was prepared by SSTI using Federal funds under award ED22HDQ3070129 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.