While The RIS program managed by EDA’s Office of Innovation and Entrepreneurship is no longer active (https://www.ebhoward.com/i6-challenge-seed-fund-support/(opens in a new tab), the EDA has created The Build to Scale Program to build regional economies through scalable startups 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 Build to Scale Program, EDA manages a portfolio of grant competitions that further technology-based economic development initiatives that accelerate high-quality job growth, create more economic opportunities, and support the future of the next generation of industry-leading companies. Under the Build to Scale Program, EDA is soliciting applications for two separate competitions:
- the 2021 Venture Challenge and
- the 2021 Capital Challenge
The deadline to apply for the EDA Build to Scale Program is April 29th, 2021. Applicants must provide a matching share equal to at least 50 percent of the total project cost; i.e., applicants must match each dollar requested with at least one dollar of applicant match.
The Build to Scale Program proposals will outline how the project will strengthen economic competitiveness through new product innovation or new technology adoption, enhancing research commercialization processes and outcomes, remediating structural barriers that inhibit regional innovation capacity and resilience, and/or leveraging regional competitive strengths to stimulate innovation and job creation. Companies served by the applicant organization should be challenging the status quo of established markets, commercializing technologies, and furthering job creation within their businesses. Applicants should provide evidence that illustrates how funds leveraged through this competition will not only launch new programming and/or scale. Venture Challenge Build will fund 3 years of programming at a 1:1 match. Costs may not exceed $750,000. Venture Challenge Scale applicants must request an amount greater than $750,000 and less than $1,500,000 over a 3-year project period and provide a 1:1 match.
Worried about this deadline that is fast approaching? Take note that this funding line typically cycles around every year near this same time. Now is the time to start planning for next year’s solicitation. We can help.
We help high-growth startups find and apply for non-dilutive funding. Schedule a consult call with us HERE.