funding

$60M investment from DOE to increase energy efficiency in manufacturing goes to 32 Industrial Assessment Centers

The U.S. Department of Energy (DOE) announced $60 million in funding for its largest-ever cohort of university-based Industrial Assessment Centers (IACs) to assist small- and medium-sized manufacturers in reducing their carbon emissions and lowering energy costs. The new cohort of IACs at 32 universities will focus on improving productivity, enhancing cybersecurity, promoting resiliency planning, and providing trainings to entities located in disadvantaged communities. As part of a new pilot project, some of the IACs will expand to the commercial building market and partner with community colleges and technical programs to train diverse students and professionals to conduct energy-efficiency assessments of small to medium-sized buildings, including those located in disadvantaged communities.  

DOE awards over $65M to commercialize promising energy technologies

The U.S. Department of Energy (DOE) has announced over $30 million in federal funding, matched by over $35 million in private sector funds, for 68 projects that will accelerate the commercialization of promising energy technologies. The awards are expected to help transfer solutions from the National Labs to the marketplace and work toward the president’s goal of net-zero carbon emissions by 2050.

SBA launches more than $100M in new funding programs to support equitable and inclusive entrepreneurship

This week the Small Business Administration (SBA) released several funding opportunities to support and promote equitable and inclusive economic recovery for entrepreneurs and small businesses. The new Community Navigator Pilot Program will award $100 million to support regional “hub and spoke” networks in providing technical assistance, training, direct financial assistance, and other services to underserved small businesses. The Growth Accelerator Fund Competition (GAFC) and the SBIR Catalyst Prize Competition (SBIR Catalyst) will provide a total of $5.25 million in funding for impactful and inclusive approaches for supporting entrepreneurs in conducting R&D.

JPMorgan Chase relaunches AdvancingCities Challenge with commitment to tackle economic disparities for Black women and Latinas

Recognizing the systemic barriers to economic opportunity faced by women of color, JPMorgan Chase (JPMC) has relaunched its AdvancingCities Challenge in 2021 with a new focus on directly supporting projects designed, led, and implemented by Black women and Latinas. Building on its experience investing in projects focused on supporting inclusive economies, and as part of the larger AdvancingCities strategy, JPMC is seeking collaborative solutions to challenge and disrupt the policies, programs, and institutional practices that have continued to thwart the equitable access to economic opportunities for Black women and Latinas.

European Union to invest billions in innovation

As the most ambitious innovation initiative that Europe has ever undertaken, the European Union (EU) recently launched the European Innovation Council (EIC) with a €10 billion (about $11.7 billion USD) fund that will provide both non-dilutive grants to and direct equity investments in innovative startups within the union. After a successful three-year pilot, the EIC is merging with the current Executive Agency for Small and Medium-sized Enterprises, and has already launched its first official program with a call for proposals worth €1.5 billion (approximately $1.8 billion USD).

$38 million Build to Scale program open for applications

This week, the U.S. Economic Development Administration announced that the Build to Scale program has opened for applications. The Build to Scale program provides operating funding for tech-based economic development initiatives in regional economies. This program has long been a top priority for SSTI’s Innovation Advocacy Council, and we are happy that our continued success in raising the program’s appropriation means this year’s funding opportunity will award $38 million in grants.

Research makes case for larger publicly-backed pre-seed/innovation funds as pandemic persists

Key findings from two independent research projects reveal the pandemic’s corrosive effect on the nation’s innovation commercialization capacity. The projects separately explored how two related innovation financing components — angel investment and venture capital — were reacting to the coronavirus-caused slowdown. Individually, the results might appear simply as yet more interesting curiosities about the pandemic. Considered together, however, and one begins to see the potential unraveling of the broader U.S. innovation tapestry required to support long-term economic prosperity. The impact is likely to be felt most strongly in those states and metropolitan areas with fragile regional innovation systems.

Data indicates decreased funding for higher ed points to worsening outcomes for students

In addition to decreasing enrollment numbers at both two- and four-year institutions of higher education, detailed in an earlier SSTI Digest story, higher ed is facing other threats from looming state budget cuts. While enrollment numbers are still in flux, many universities are already making drastic budget reductions, and that pain will ultimately land on students, which could impact educational attainment and student debt for years.

Key insights from this year’s Angel Funders Report finds increasing investor optimism, concentration in follow-on deals

The Angel Capital Association has recently released its Angel Funders Report 2020, examining the angel investor landscape through a survey of 76 angel groups and investments made during 2019. While the survey results represent only a portion of the larger angel investment community, the ACA report does provide useful insights into the current trends within the angel funder sphere. The report also provides an in depth look at the current trends and methodology of the participating angel investors while also exploring the changes in investment strategy throughout recent years.

Fed broadens terms of Main Street lending program, more help for small businesses

Amid dwindling hope for a second stimulus package from Congress, the Federal Reserve has widened the terms of its Main Street lending program to better target support for small businesses. According to the new guidelines, the minimum loan size for three Main Street vehicles available to for-profit and non-profit borrowers has been reduced from $250,000 to $100,000. Corresponding fees have also been adjusted to encourage loan dispersal. A new FAQ has also been added clarifying that Paycheck Protection Program (PPP) loans of up to $2 million may be excluded for purposes of determining the maximum loan size under the Main Street lending program.

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