Introduction
Here at EcoMap, we know how critical sources of funding are to the longevity of ecosystem building initiatives.
From providing physical infrastructure such as spaces to digital infrastructure like ecosystem mapping tools (hint hint), these endeavors require time, resources, and stakeholder commitment to reach their full potential. This is where government and foundation funding sources play a vital role in backing ecosystem builders. In this blog post, we will showcase some exciting funding opportunities for ecosystem builders for the month of July.
Summer is heating up and the EDA is turning up the heat with two HUGE funding opportunities for ecosystem builders: Tech Hubs and Recompete. There are fairly important distinctions between the two opportunities so read the cliff notes below to get an idea of the eligibility/opportunity for each. It’s not all EDA though – we have a bonus opportunity coming to us from the Trust Foundation & MIT Solve teams.
And if one of these opportunities doesn’t apply to your work, please be sure to share it with a friend in need!
Without further ado, let’s dive in.
The Grants
Regional Technology and Innovation Hub Program (Tech Hubs for short)
Agency Hosting: Economic Development Administration (EDA)
Headline: Millions of dollars up for grabs in initial funding for 20 newly designated Tech Hubs across the country along with hundreds of millions more available in a Phase 2.
Brief Description: The primary goals of this program are to build capacity and infrastructure for translational research at U.S. Institutions of Higher Education (IHEs) and to enhance their role in regional innovation ecosystems. In addition, this program seeks to effectively train graduate students and postdoctoral researchers in translational research, benefiting them across a range of career options.
Eligibility: No solo applicants allowed – this is a team game. Only consortia, comprising various entities within a Metropolitan Statistical Area (MSA), are eligible to apply for the Tech Hubs Program. It must include at least one (1) of:: Institutions of Higher Education (IHE), state/local/tribal govts, industry groups/firms in relevant technology sector, economic development organizations focused on science/tech/entrepreneurship, and labor/workforce training organizations.
Award Amount: The EDA is giving Strategy Development Grants of between $400,000 – $500,000 for organizations who request it. Otherwise you can just apply for Tech Hub Designation and be eligible for Phase II funding that is estimated to be between $50,000,000 – $75,000,000 per org (will require a successful Phase I application now and a separate application down the road)
Deadline: August 15th, 2023
Submission Requirements: Here are the solicitation details
Distressed Area Recompete Pilot Program (Recompete Pilot Program for short)
Agency Hosting: Economic Development Administration (EDA)
Headline: $200 Million Funding Opportunity to Spark Economic Transformation Across Distressed Communities in America
Brief Description: The Recompete Pilot Program, authorized by the CHIPS and Science Act, is investing $200 million to revitalize distressed communities and bridge the employment gap. This program focuses on geographically diverse areas where prime-age employment lags behind the national average. It offers two phases of funding, with Phase 1 supporting strategy development and Phase 2 supporting implementation activities.
Eligibility: Non-profits, universities, and city/regional/state govt or economic development agencies in certain designated “Distressed Areas”. In order to see if you are eligible, please use the government’s Recompete Eligibility Mapping Tool.
Award Amount: Strategy Development Grants for Phase I are expected to be between $250,000 – $500,000. Phase II funding is expected to average $20,000,000 per awardee (must win a Phase I to be eligible to apply for Phase II)
Deadline: October 5th, 2023
Submission Requirements: Here are the solicitation details
Truist Foundation Inspire Awards
Host: The Truist Foundation & MIT SOLVE
Headline: Truist Foundation wants to fund innovative and transformative solutions creating and/or leveraging technology that changes the game for small businesses in the United States!
Brief Description: Truist Foundation and MIT Solve are launching the Truist Foundation Inspire Awards for the second year, with a focus on technology-driven solutions for small businesses. Technologies such as platforms, apps, software, and management tools play a crucial role in addressing challenges related to financial readiness, business development, scaling, internal financial health, employee advancement, and data and impact. Nonprofit organizations with innovative tech-enabled solutions are invited to apply.
Eligibility: All 501(c)3 non-profits based in the U.S. that are deploying technology-based solutions
Award Amount: 15 semi-finalists will receive $10K and programming throughout the rest of the year, culminating in a April 2024 pitch event. First prize is $250,000, second prize is $150,000, and five additional finalists will get $25,000.
Deadline: August 4th, 2023
Submission Requirements: Here are the solicitation details