Regional Innovation Strategies Funding Available
August 12th, 2015 by Rebecca Norman
The U.S. Economic Development Administration Office of Innovation and Entrepreneurship has announced its 2015 Regional Innovation Strategies Program Competition.
This competition is intended to spur innovation capacity-building activities in regions across the nation. The two grant opportunities supported through the 2015 RIS program competition include the i6 Challenge and Seed Fund Support.
EDA will be investing $10 million in support of these two programs.
i6 Challenge: Through this program, the EDA anticipates making 16 or more awards of up to $500,000 each to projects that provide services to rural areas and applicants with specific outreach plans to serve populations currently underrepresented in innovation and entrepreneurship. Applicants are encouraged to propose specific and quantitative metrics for measuring the effectiveness of their project plans.
Seed Fund Support: The EDA will make eight or more awards up to $250,000 to fund technical assistance for cluster grants that promote feasibility, planning, formation, or launch of cluster-based seed capital funds that are offered for innovation-based startup companies in exchange for equity. Applicants are encouraged to include 1) job creation as a consideration for issuing capital and 2) funds directed to underrepresented communities and populations that connect with measures to determine effectiveness of that outreach.