US$50 Million Build To Scale Programme Funding Opportunity Launches To Enable Innovators, Entrepreneurs, And Tech-Driven Startups Fuel Regional Economic Growth
By Godson Umejiego, Bureau Chief, The Americas
The Economic Development Administration(EDA) is now accepting applications for its US$50 million Build to Scale (B2S) programme to support projects that strengthen equitable ecosystems and increase access to capital for innovators, entrepreneurs, and startups. The program builds regional economies by supporting scalable startup ecosystems through entrepreneurial support organizations, as well as helps communities and regions grow technology-driven businesses; create high-skill, high-wage jobs; and build the industries of the future.
The FY23 B2S Notice of Funding Opportunity (NOFO) has just been published. The deadline to apply is July 28, 2023.
The FY 2023 Build to Scale programme comprised two competitions – the Venture Challenge and the Capital Challenge. The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programmes that focus on both traditional and hybrid equity-based financing.
Each challenge has multiple funding tiers. This year, EDA added the “Ignite” tier to the Venture Challenge to provide an entry-level opportunity for organizations that are building more nascent technology innovation ecosystems. For more details, see the graphic on the right and visit the NOFO.
Eligibility is open to cities, counties, states, other political subdivisions of states, and Indian tribes; or entities supported by a state or political subdivision of a state that is one of the following: a nonprofit organization, institution of higher education, public-private partnership, science or research park, federal lab, venture development organization, economic development organization, or a consortium of any of the aforementioned.
