Biden-Harris Administration announced the designation of 31 communities across the country as Regional Innovation and Technology Hubs (Tech Hubs) through the Department of Commerce Economic Development Administration (EDA). The Tech Hubs program is an economic development initiative that is designed to stimulate regional innovation and job creation by making direct investments in high-potential regions. The goal is to heighten their global competitiveness as innovation centers.
This announcement only marks the first phase of the Tech Hubs program. In this stage, chosen winners prevailed from nearly 400 applications, each detailing their strategic plans to enhance local capacity for critical technology manufacturing, commercialization, and deployment. In the next phase, the EDA will award implementation grants to 5-10 Designated Tech Hubs. Each Hub will receive approximately $40-$70 million funding for about 3-8 projects. Additionally, EDA also awarded 29 strategy development grants to regional consortia to further develop their innovation-based economic development plans.
The program aims to foster collaboration between a wide range of public, private, and academic partners, focusing on driving inclusive regional growth. While currently only 31 Tech Hubs are designated, it is anticipated that the program’s benefits will significantly influence economic growth nationwide.
Source : Research FDI
