$50 Million Funding Opportunity for Technology Entrepreneurs to Scale and Boost Ecosystems Nationwide

The U.S. Economic Development Administration (EDA) has announced that it is currently accepting applications for its FY24 $50 million Build to Scale program. This program is designed to support organizations that strengthen entrepreneurial ecosystems to help entrepreneurs build and scale technology-driven businesses. By providing support to these entrepreneurs, the program aims to create new, high-quality jobs and deliver innovative technology products and services to the market.

The Build to Scale program focuses on funding programs that support innovators, entrepreneurs, and startups in transforming their ideas into the critical, emerging technologies of the future. The ultimate goal of the program is to build capacity for entrepreneurs and innovators to invent, improve, and bring to market new technology products and services that will drive economic growth and innovation.

EDA expects to make 40 to 50 awards through the Build to Scale program, with award amounts ranging from the low hundreds of thousands of dollars up to $5 million. Eligible applicants include states, Indian Tribes, cities, and other political subdivisions, as well as economic development organizations focused on improving science, technology, innovation, or entrepreneurship. Additionally, applicants aligned with a Tech Hub’s or National Science Foundation (NSF) Engine’s strategy may receive additional consideration for their proposals.

Unlike in past years, the FY24 Build to Scale program will not have separate Venture and Capital challenges. However, the core goals of the program remain the same: to enable high-growth technology entrepreneurship and increase access to capital in communities where risk capital is limited. This includes providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.

For those interested in applying for the Build to Scale program, the deadline is 4:59 p.m. Eastern Time on October 28, 2024. To apply, visit the EDA’s website and follow the application instructions provided. For more information on past Build to Scale winners and the program’s guidelines, you can visit the EDA’s Build to Scale program website.

If you have any questions about the program or the application process, you can reach out to the EDA at [email protected] Take advantage of this opportunity to support and grow the entrepreneurial ecosystem in the U.S. and help drive innovation and economic development in your community.