Initiative to Encourage Investment Strategies that Align with the Tech Hubs Program

Call to Action

The Tech Hubs Program aims to strengthen U.S. economic and national security with investments in regions across the country with assets and resources with the potential to become globally competitive in the technologies and industries of the future—and for those industries, companies, and the good jobs they create, to start, grow, and remain in the United States. The Department of Commerce and the Economic Development Administration are committed to enabling the long-term, sustainable success of all Tech Hubs Designees and broader Tech Hubs ecosystems. This commitment includes building support for Tech Hubs Designees and ecosystems in driving additional capital to finance the growth of innovation centers. The Department of Commerce and the Economic Development Administration call on public and private capital to join the Federal Government in supporting Tech Hubs Designees and ecosystems in order to create jobs and strengthen the United States’ competitiveness, economic security, and national security.

About the Initiative to Encourage Investment Strategies that Align with the Tech Hubs Program

The 31 Tech Hubs Designees were designated in October 2023 after a robust review and selection process. The program invests directly in burgeoning, high-potential U.S. regions and aims to transform them into globally competitive innovation centers so that those industries, companies, and the good jobs they create will grow and remain in the United States.

As part of the Phase 2 Notice of Funding Opportunity (NOFO) for the Tech Hubs competition, applicants were required to submit Letters of Commitment to substantiate investment, policy, or other concrete commitments. Commitments were required to be new, timely, targeted, measurable, and meaningful. With the close of the Phase 2 NOFO period, Letters of Commitment are no longer being submitted on behalf of Tech Hubs applications.

The Economic Development Administration recognizes there is broad interest in the Tech Hubs program, and that additional capital remains crucial for Tech Hubs Designees and the broader Tech Hubs ecosystems. Durable success will depend in part on attracting capital from concessional capital and private markets, including other federal government programs, state governments, philanthropy and venture capital, private equity, and infrastructure investors, to name several.

As part of the Department of Commerce and Economic Development Administration’s efforts to support these critical innovation hubs, we are inviting broad input on barriers to entry as well as insights into opportunities for capital participation with Tech Hubs Designees and ecosystems.

Please reach out to [email protected] to connect with a member of the team.