eda

Have you ever wondered whether there is a federal program that supports tech-based economic development (TBED) strategies and initiatives--even if it doesn’t explicitly state that science, technology, innovation, or entrepreneurship are priority uses of funds? Actually, a wide variety of federal programs can support these programs. To help organizations identify sources of funding that could be useful, SSTI interviewed representatives from the Economic Development Administration (EDA) to understand better how they can use specific funding opportunities to support TBED activities.

Earlier today, the Economic Development Administration (EDA) announced the 2023 notice of funding opportunity (NOFO) for the Build to Scale program. State and local governments, nonprofits, higher education institutions, National Labs, and others can compete for $50 million to support new and expanded initiatives supporting regional commercialization, entrepreneurship, and capital formation efforts.

When Dan Berglund, SSTI’s president and CEO, testified in a hearing before the House on an early draft of the U.S. Innovation and Competition Act, he noted that funding from the federal government that addresses the whole innovation system rather than individual elements of the system would be critical to building a regional innovation economy and different than any other federal program. With last Friday’s release of the first notice of funding opportunity for the Regional Technology and Innovation Hubs (Tech Hubs) program that approach is becoming a reality. The program is intended to make investments that will help transform regional clusters in specific and critical technologies into globally competitive economies.

Late last week, the Economic Development Administration (EDA) released “Tech Hubs Program Fact Sheet,” which provides some information on where the Tech Hubs program is headed. However, the sheet leaves many questions unanswered and raises new questions about how the program will be administered. The program, authorized in the CHIPS and Science Act at $10 billion, received $500 million in funding to date. EDA indicates it will use $15 million for strategy development grants and the remaining funding for at least five implementation awards. Questions about the sequencing of applications, rural eligibility and timeline were not addressed in the information EDA put out, and SSTI’s request for clarification on these points went unanswered as of press time.

EDA is now accepting applications for its $4.5 million FY 2023 STEM Talent Challenge to support programs to train science, technology, engineering, and math (STEM) talent and help fuel regional innovation economies. The competition will provide funding for programs that help build a robust STEM workforce in emerging and transformative sectors such as aerospace, aeronautics, biotechnology, advanced manufacturing, cybersecurity, among others. 

This week the Economic Development Administration (EDA) announced it had completed awarding $27.9 million in cooperative agreements to establish eight economic development Communities of Practice, including the Technology-Based Economic Development (TBED) Community of Practice led by SSTI to help build the capacity and disseminate effective technology-based economic development practices across the innovation industry and the Building Better Regions Community of Practice where SSTI has partnered with RTI. Each EDA award will build a Community of Practice designed to connect participants to capture and disseminate practical knowledge and bring together thematically related groups of economic development practitioners who are working to develop economic ecosystems conducive to the creation of quality jobs for American workers.

Expanding U.S. innovation capacity sits at the heart of SSTI’s mission, and it was that driving force that guided our response to the Economic Development Administration’s request for information to inform the planning and design of the regional Technology and Innovation Hub (Tech Hubs) program last week. With $10 billion authorized for the program, and $500 million appropriated, the opportunity for growth in the nation demands a thoughtful and actionable plan. SSTI argues that where the country is now has been decades in the making; therefore, a deliberate, well-considered plan providing ample opportunity for regions to both comment on proposed program guidelines and develop local partnerships is needed. In short, EDA should resist the temptation to get the money out the door as fast as possible.

The Economic Development Administration (EDA) recently issued a Request for Information (RFI) on the Regional Technology and Innovation Hub (Tech Hubs) program. The RFI will help the agency gather information from stakeholders to inform the design and administration of Tech Hubs designation, planning, and implementation awards.

SSTI is pleased to announce a new project with the Economic Development Administration (EDA) to build a Community of Practice focused on EDA’s important technology-based economic development (TBED) investment priority area. This new partnership will help regions across the entire country become more resilient, more equitable, and more competitive in the global innovation-centered economy.

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.