U.S Economic Development Administration
As the only federal government agency focused exclusively on economic development, The U.S. Department of Commerce’s Economic Development Administration (EDA) plays a critical role in facilitating regional economic development efforts in communities across the nation. The U.S. Economic Development Administration's investment policy is designed to establish a foundation for sustainable job growth and the building of durable regional economies throughout the United States. This foundation builds upon two key economic drivers - innovation and regional collaboration. Innovation is key to global competitiveness, new and better jobs, a resilient economy, and the attainment of national economic goals. Regional collaboration is essential for economic recovery because regions are the centers of competition in the new global economy and those that work together to leverage resources and use their strengths to overcome weaknesses will fare better than those that do not. EDA encourages its partners around the country to develop initiatives that advance new ideas and creative approaches to address rapidly evolving economic conditions. EDA’s regional innovation programs include Regional Technology and Innovation Hubs, Build to Scale, and Build Back Better Regional Challenge.
EDA Programs
Regional Technology and Innovation Hubs
(Tech Hubs) Program
The U.S. Economic Development Administration, a bureau of the U.S. Department of Commerce established the Regional Technology and Innovation Hubs (Tech Hubs) Program to invest directly in regions with the assets, resources, capacity, and potential to transform into globally competitive innovation centers in approximately 10 years, while catalyzing the creation of good jobs for American workers at all skill levels, equitably and inclusively.
The Tech Hubs program brings together diverse public, private, and academic partners into collaborative consortia focused on driving inclusive regional growth. With their existing innovation assets as a foundation, these Tech Hubs will build the workforce of the future; enable businesses to start and scale; and deploy and deliver critical and emerging technologies. On October 23, 2023, President Biden announced the designation of the inaugural 31 Tech Hubs, as well as recipients of 29 Tech Hubs Strategy Development Grants.
Learn more about the Regional Technology and Innovation Hubs (Tech Hubs) Program
Build To Scale (B2S)
The Build to Scale Program strengthens regional economies by enabling startups to start and grow through the Venture Challenge and Capital Challenge.
EDA’s Office of Innovation and Entrepreneurship (OIE) leads the Build to Scale (B2S) program, which is authorized under Section 27 of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. § 3722). Under the B2S program, EDA awards and manages a portfolio of grants designed to increase regional capacity to strengthen ecosystems that equitably and inclusively support diverse technology innovators, entrepreneurs, and startups. These regions are growing technology-driven businesses, creating high-skill, high-wage jobs, and building the industries of the future.
The Build to Scale program aims to facilitate access to knowledge, capital, and networks for entrepreneurial innovators to develop products and services using emerging technologies, test and amplify new approaches for entrepreneur support organizations to create inroads for underrepresented innovators to join and create successful startup teams, and accelerate the growth of regional economies that are focused on industries of the future. In November 2023, the U.S. Department of Commerce announced the 10th cohort of “Build to Scale” grant awardees. The cohort consists of 60 organizations across the country — located in 36 states, the District of Columbia, and Puerto Rico — totaling $53 million for programs that support technology entrepreneurs, catalyze innovation, and fuel economic growth.
Learn more about Build to Scale (B2S)
Build Back Better Regional Challenge
The $1 billion Build Back Better Regional Challenge is the marquee of EDA’s American Rescue Plan programs that aims to boost economic recovery from the pandemic and rebuild American communities, including those grappling with decades of disinvestment.
The Challenge provides transformational investments to develop and strengthen regional industry clusters across the country, all while embracing equitable economic growth, creating good-paying jobs, and enhancing U.S. global competitiveness. The competition empowered each coalition to articulate its own vision for the region, which was developed with local public, private, and social sector partners at the table.
As part of the $300 million Coal Communities Commitment, EDA allocates at least $100 million of the Build Back Better Regional Challenge funding to support coal communities.
In September 2022, the Biden-Harris Administration announced awards for 21 regional coalitions that were finalists in the Build Back Better Regional Challenge (BBBRC). This $1 billion grant competition, created through the American Rescue Plan Act, challenged communities to identify a set of interconnected investments that, together, could transform their local economy, expand economic opportunity and competitiveness, and create thousands of good jobs.
Learn more about the Build Back Better Regional Challenge
