The Economic Development Administration is now offering more details about the applications submitted in February by the 31 Tech Hub Designees for phase 2 of the Regional Technology and Innovation Hubs, or Tech Hubs, program.
EDA said Tuesday that for phase 2, it plans to award five to 10 Tech Hubs $40 million and $70 million each to finance three to eight projects per Hub. Winners will be announced this summer.
Enacted via the CHIPS and Science Act of 2022, the Tech Hubs Program aims to invest in regions that show potential for transformation within 10 years into competitive innovation centers. The program aims to promote U.S. economic growth and bolster national security.
EDA selected 31 out of 400 applicants as Tech Hub Designees in October last year. Designees are given the opportunity to apply for funds via Tech Hub funding opportunities.
So far, Designees have proposed a total of 182 projects worth $2 billion in all. These proposals include technology commercialization, workforce development and entrepreneur support.