What Happened?
The U.S. Department of Commerce recently launched a $15 million 2014 Regional Innovation Strategies Program grant competition through the Economic Development Administration (EDA). The competition is designed to incite capacity-building activities nationwide and offers funding opportunities in three separate categories: the i6 Challenge, Science and Research Park Development grants, and cluster grants to support Seed Capital Funds.
The Details
The goal of these grants is to address economic needs of regions across the country and provide the necessary resources to spur local business development and sustainability. The Economic Development Administration aims to specifically help regions:
- Develop innovation strategies
- Establish proof of concept and commercialization centers
- Conduct feasibility studies for science and research parks
- Identify opportunities to fund entrepreneurs and small businesses
The Administration is focused on establishing “globally competitive regions” within the U.S.
The Programs
The EDA’s 2014 Regional Innovation Strategies Program will divide $15 million in grants among three categories:
- I6 Challenge ($8 million) National competition based on national models for startup creation, innovation, commercialization, growing existing centers and funding for later-stage commercial centers.
- Science and Research Park Development Grants ($5 million) Program providing funding for feasibility and planning for construction of new or expanded science parks, or renovating existing facilities.
- Cluster Grants for Seed Capital Funds ($2 million) Grants providing funding for technical assistance to support feasibility, planning, formation or launch of cluster-based seed capital funds offered to startup companies in exchange for equity.
The competition offers special consideration for programs focused on innovation manufacturing and exporting in all regions.
For more information on eligibility and application details, click here.