Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Sixty organizations located in 36 states, the District of Columbia, and Puerto Rico are sharing $53 million for programs that support technology entrepreneurs, catalyze innovation, and fuel economic growth. There were no recipients from Tennessee.

The 60 are the latest recipients of funding in the 10^th cohort of grantees under the U.S. Economic Development Administration’s “Build to Scale” program that is comprised of two competitions – the Venture Challenge and the Capital Challenge. Each has multiple funding tiers that are designed to support organizations at different levels based on their needs, capacity, and vision.

• The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. This competition has three tiers: Ignite (to plan and launch new tech-based economic development strategies); Build (to pilot or adapt new programs); and Scale (to scale a proven program).
• The Capital Challenge increases access to capital in communities where risk capital is in short supply. Operational support is provided for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing. This competition has two tiers: Form (to educate, connect investors and create new funds); and Deploy (to scale and operate equity-based investment funds). These grant funds cannot be used as investment capital.

Recipients from neighboring states in the Venture Challenge category include:

• 757 ScaleUp Alliance (Norfolk, VA) – $1.2 million;
• BRF (Shreveport, LA) – $1.3 million;
• Guilford College (Greensboro, NC) – $218,583;
• Louisiana State University (Baton Rouge, LA) – $600,000;
• Rock Hill Economic Development Corporation (Rock Hill, SC) – $50,000;
• Southern Research (Birmingham, AL) – $748,469;
• Spelman College (Atlanta, GA) – $749,896;
• The Idea Village (New Orleans, LA) – $2 million; and
• University of Arkansas (Fayetteville, AR) – $1.2 million.

Recipients from neighboring states in the Capital Challenge include:

• BRF (Shreveport, LA) – $655,436;
• Tampa Bay Wave (Tampa, FL) – $396,000; and
• University of Kentucky (Lexington, KY) – $749,795.

The 2023 awardees – which include nonprofits, universities, government agencies, and other entrepreneurship-focused organizations – will leverage an additional $55 million in matching funds from an array of private and public sector sources.

 

 

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