October 3 - 5, 2022

EDA announced 51 Build to Scale investments from October 3-5, 2022, totaling $47,236,248.65, which is matched by $48,444,678.53 in local investments. These investments support advanced manufacturing, bioscience, clean energy, and blue economy clusters that will catalyze innovation and fuel economic growth in regions throughout the United States.

• $47,236,248.65 in 51 Build to Scale Projects, matched by $48,444,678.53 in local investments, as follows:
  • Thirty-Three (33) Venture Challenge Projects for 37,786,722.65, matched by $38,376,882.53 in local investments, as follows:
    • $2,000,000, matched by $2,137,320 in local investment, to Tampa Bay Wave, Inc., Tampa/Hillsborough County, Florida, to fund the Tampa Bay Cybersecurity/Fintech and HealthTech Accelerator + Innovation Network (TB CfHAIN) project. Tampa Bay WAVE has partnered with the University of South Florida and other private and public sector entities to launch this project with a goal to create industry-driven innovation clusters in cybersecurity, finance, and healthcare. TB CfHAIN will expand WAVE's programming by running nine (9) 90-day accelerator cohorts specifically tailored for these industry verticals, supporting 180 new high-growth potential startups and fostering the creation and retention of 2,730 jobs. The project will also utilize WAVE's 150+mentor and 400+ investor networks to support both accelerator alumni and local tech startups. TB CfHAIN will also greatly expand investor outreach, launch an investor portal, and increase the region's capacity for SBIR/STTR support. Once completed, the project will foster a stronger innovation ecosystem with increased startup density, greater global competitiveness, and local high-wage job creation. By addressing the region's lack of industry-focused innovation clusters and early-stage capital gaps, the program will help Tampa Bay develop a more diversified and more resilient regional economy and become a major hub for technology talent and innovation.
    • $2,000,000, matched by $2,000,000 in local investment, to the Regents of the University of California Riverside, Riverside/Riverside County, California, to fund the OASIS Accelerator: Inland Empire Entrepreneurship Ecosystem Development project, to help scale and grow sustainability-focused technology start-ups in the coastal Southern California region. The OASIS Accelerator, based at the University of California Riverside, will create an interconnected network of test beds and domain experts to administer research and demonstration projects, as well as invest in Startup Advocates to serve as business and technical experts to start-up companies. The OASIS Accelerator will also convene a "green team" focused on connecting clean/smart start-ups with business attraction packages and plans to build a diverse skilled talent pool in the technology-enabled sustainability sector. Once implemented, new research projects and business activity administered by the OASIS Accelerator will accelerate the establish of a sustainability-focused innovation ecosystem in the coastal Southern California region.
    • $2,000,000, matched by $2,000,000 in local investment, to Innovation Works, Pittsburgh/Allegheny County, Pennsylvania, to fund the Scaling Networks in Southwestern Pennsylvania project, to help deepen, strengthen, and cross-pollinate networks of mentors, corporate partners, investors, and supply chain partners for more scalable delivery of entrepreneurial services to startups, while also adding specific expertise in-house to address the above-mentioned challenges. The project work includes making networks of mentors, investors, corporate partners, manufacturing suppliers, and technical support personnel from the respective networks of IW and CMU collectively accessible to companies in the regional ecosystem; expanding the networks and entrepreneurial support programs to add diversity in skills and backgrounds, with greater sector-specificity, digital community support, and a platform approach to bring mentor networks together; broadening entrepreneurial training programming, specifically supporting more businesses led by diverse founders (women, people of color, and entrepreneurs from rural communities), while adding workshops on key areas of commercialization; and creating stronger on-ramps for students from diverse backgrounds and other individuals interested in entering the entrepreneurial workforce, with STEM-related internships, entrepreneurial education sessions, and human resources support that helps startups create a diverse staff and inclusive work environment. Once implemented, these activities will work to address significantly increased startup demand, a need of startups for more specialized support, and the lack of diversity in the technology ecosystem.
    • $1,997,157, matched by $2,030,977 in local investment, to the Marquette Tech District Foundation, Inc., Cape Girardeau/Cape Girardeau County, Missouri, to fund the Southern Missouri Innovation Network project, which aims to accelerate technology-based economic development across a 47-county area that is 71% rural and historically distressed. The project will combine efforts from Missouri State University and the Codefi Foundation. The Codefi Foundation was originally started as the Marquette Tech District Foundation in 2016 as part of a downtown revitalization effort in Cape Girardeau, but has now expanded its mission to support underserved populations in rural communities throughout the region. The project will help increase the supply, demand, and network impacts of technology-based economic development across the Southern Missouri area. Once completed, the project is expected to create and scale 75 new technology companies, create 150 high-wage jobs, and attract $20 million in follow-on capital.
    • $1,989,339, matched by $1,989,339 in local investment, to the Tennessee Technology Development Corporation, Nashville/Davidson County, Tennessee, to fund the LaunchTN Industry Networks Expansion project, to implement an expansion of the recipient's Industry Networks model. The project will help (1) further Tennessee's technology assets and previous work with the advanced energy, agricultural technology, automotive/mobility, and life science industry sectors, and add new industry sectors of consumer products/advanced manufacturing and financial technology, bolstering the recipient's proven Industry Networks model; (2) expand a statewide implementation of entrepreneurs-in-residence (EIR) programs, leading to further connectivity in targeted regions; and (3) ensure founders and companies in key industries have support accessing early-stage capital. Once implemented, Tennessee's commercialization programs will increase job creation in the region and help ensure that founders and companies in key industries, as well as traditionally underrepresented founders, have support in accessing early-stage capital.
    • $1,988,464, matched by $2,008,360 in local investment, to the New Energy Nexus New York, LLC, Brooklyn/Kings County, New York, to fund the Clean Fight NY: Scaling Adoption of Clean Energy Solutions in New York project, to help strengthen the economic competitiveness of the State of New York's clean energy sector. The project will help mitigate the structural barriers to success for growth stage clean energy companies in New York by formalizing an ecosystem of adoption that maximizes and connects regional clean energy, customer, and capital assets. The Clean Fight NY will accomplish this through scaling its core accelerator program to include three new cohorts for a total of 25 new clean energy technology companies comprised of underserved and emerging sub-sectors of the climate technology industry, including but not limited to: transportation solutions, grid innovation, renewable generation, green hydrogen, and financial innovation solutions. The Clean Fight NY will also expand program offerings by partnering with SecondMuse, an impact, and innovation company that runs Scale for ClimateTech, a successful manufacturing readiness program in New York, to provide manufacturing deployment support to five cohort companies per year (15 total over three years) of the grant award period. Once implemented, this program is designed to meet the State of New York's key policy, regulatory, economic, and business development goals by: attracting best-in-class growth-stage clean energy companies to New York; attracting best-in-class customer and capital partners that can help participating companies accelerate their market adoption and growth in New York; and demonstrating progress towards New York's ambitious clean energy plan and economic development goals through empowering growth-stage companies to scale.
    • $1,960,592,42, matched by $1,960,601.30 in local investment, to Red Wing Ignite, Red Wing/Goodhue County, Minnesota, to fund the Accelerating Rural Entrepreneurs in SE Minnesota project, to fund the expansion of Red Wing Ignite (RWI) start-up and entrepreneurship support program. Red Wing Ignite will focus on three main activities: prioritizing regional coordination and expanding access to startup programs for rural and diverse founders; launching an accelerator to expedite growth of scalable tech startups; and building a robust and diverse network of supporters. The goal of this program is to advance the trajectory of more than 400 entrepreneurs, of which 25% will be from the targeted demographic groups over the grant term. While programs and services will be open to any entrepreneurs interested in developing ideas into a business, targeted outreach will be made to Black, Indigenous and People of Color (BIPOC) communities, including tribal members affiliated with the Prairie Island Indian Community and students enrolled in the eight higher education institutions in the region.
    • $1,848,061, matched by $1,848,061 in local investment, to the Pennsylvania State University, University Park/Centre County, Pennsylvania, to fund the Proof-of-Concept and Startup Services Initiative project, to further grow the entrepreneurial ecosystem in Central Pennsylvania, a rural region in the geographic center of Pennsylvania. The project also proposes to restart the Pennsylvania State University's (Penn State) successful Proof-of-Concept program to enhance research commercialization and focuses on three crucial no-cost services that have proven success filling essential resource gaps and de-risking new ventures in the regional ecosystem: 1) Pro bono legal assistance and intellectual property support for startups; 2) A matchmaking and mentorship program pairing early-stage tech startups with experienced management talent and mentors; and 3) Project management for a refreshed proof-of-concept program to support research commercialization. Once implemented, Penn State will build upon three established programs: Penn State Law Entrepreneurship Assistance and IP Clinics, Penn State Startup Leadership Network, and Penn State Fund for Innovation Proof-of-Concept Program.
    • $1,814,050, matched by $1,917,310 in local investment, to the Eastern Shore Entrepreneurship Center, Inc., Easton/Talbot County, Maryland, to fund the Ag and Bio Technology Commercialization Coalition (ABTC) project, to scale the foundational programs of many of Maryland's predominant incubator/accelerators to further enhance the economic success of burgeoning biotech and AgBiotech entrepreneurs from the most distant rural locations to the urban corridor of Maryland. The project will create a scaled (agri-focused) biotech equipment and technology-driven facility and program that enables commercialization of biotech and agritech companies. In addition, the program will actively leverage outreach to rural and underserved communities and includes educational resources, which will help increase high-wage job opportunities. Once completed, the project will scale up incubator/accelerator programs to the Eastern Shore, and commercialization programs and expertise to the western part of the state of Maryland.
    • $1,795,947, matched by $1,795,947 in local investment, to StartUpNV, Las Vegas/Clark County, Nevada, to fund the Nevada Innovation Ecosystem Entrepreneurial Technical Assistance Project, to scale an online incubator program and create a new startup education program for both rural Nevada and Las Vegas-area founders. StartUpNV, Nevada's statewide business incubator and accelerator, will administer three new programs: IncubateNV, Founder University Nevada, and Ecosystem Las Vegas. IncubateNV will bring rural founders the opportunity to progress their startups to a funding stage. Founder University Nevada will establish a structured training program for founders, covering problematic areas that have been discovered over five years of operations. Ecosystem Las Vegas will bring ecosystem building programs to the Las Vegas area. Once completed, StartUpNV expects the project to provide equitable access and opportunity for scalable startups. StartUpNV anticipates that the programs will yield a minimum of 1,329 new jobs and $720,837,921 in economic output over three years, and 4,430 jobs and $2,406,126,405 in output in ten years. Together, the new programs will help Nevada's recovery from the COVID-19 pandemic and enhance the state's future resilience by diversifying investment into sustainable industries.
    • $1,545,130, matched by $1545,130 in local investment, to the City and County of Denver, Denver/Denver County, Colorado, to fund the Denver's TechUp project, to support a new program, TechUp, offered through Denver Economic Development and Opportunity (DEDO) and primarily focused on supporting technology entrepreneurs in the Denver area who are Black, Indigenous, or people of color (BIPOC). The project will provide a multi-tiered program for entrepreneurs, focused on technology entrepreneurship, mentorship groups, ideation technical assistance (TA), business incubation services, and sales pipeline generation opportunities. DEDO will deliver these services in partnership with the local BIPOC-led tech accelerator Access Mode, the University of Colorado (CU) Denver and the Blackstone Entrepreneurs Network (BEN). The project will also support the delivery of TechUp’s programming. This includes pre-accelerator, mid-point, and post-accelerator programming at the new hub and at the CU Denver campus. TechUp will build on Denver’s assets as the center of a growing technology innovation region, while also working to make entrepreneurial support for underserved and non-traditional minority tech entrepreneurs more equitable. Once implemented, the program aims to serve 75% (stretch, 100%) BIPOC individuals during the three-year grant period, and deliver at least 100 total hours per year of training, mentorship and technical assistance to each entrepreneur who completes all three tiers of the program. TechUp also plans for at least 80% of those completing all three tiers to indicate on post-participation surveys increased confidence, aptitude, and knowledge in tech entrepreneurship.
    • $1,500,000, matched by $1,550,000 in local investment, to the AgLaunch Initiative, Memphis/Shelby County, Tennessee, to fund the AgriX3 project, to expand AgLaunch's accelerator platform across additional key agricultural regions and leverage and attract additional investment into those regions. AgLaunch builds national networks of diverse farmers to envision, enable, and accelerate the farms of the future through incubating new startups, pioneering new methodologies, and commercializing value-added projects. The project will grow technology and infrastructure previously created by: scaling the Data Commons, a framework for collecting and housing farm-level and trial-specific data for the use of startups and farmers; scaling the Open Market Consortium smart contract system; and creating an entity for workforce and entrepreneurial spinoffs for coding/computer science. Once completed, AgLaunch's programs will re-imagine, re-invigorate, and scale key segments of the agrifood supply chain by: connecting a diverse group of urban and rural farmers to each other and to a portfolio of unique value-creation tools leveraging farm data, startup engagement, market transparency, and investment network; prove and scale robotic solutions to lower labor-related barriers to specialty crop introductions; and instigate a focused process of crop identification, field trials, and scaling a diverse regional cropping system with vertically integrated local processing and direct-to-consumer models.
    • $1,500,000, matched by $1,510,740 in local investment, to the Southwestern Community College District, Chula Vista/San Diego County, California, to fund the Village to Venture: EDA Build to Scale Venture Challenge project, a partnership between Southwestern Community College, the University of San Diego, and the Connect Foundation that will leverage the San Diego region's innovation ecosystem to support female, veteran, and BIPOC entrepreneurs in accessing traditional capital sources and creating new jobs. The project will support 6 main focus areas through its programming. The program aims to leverage its social capital network - the Village - of the innovation ecosystem to serve as the "friends and family" to underrepresented founders, use current technology platforms to maximize sales and more fully achieve revenue and capital potential, nurture relationships with institutional investors (VCs, angel, seed, fund managers) that support diverse innovation ecosystems, ensure "inclusion at the start" by providing supportive technical support and resources, and build on local/state efforts that support early-stage entrepreneurs and continuing to help those entrepreneurs solidify traction and move toward growth and job creation. Village to Venture will also coordinate educational events, partnerships, technical assistance, and mentorship to access a broad community of advisors, resources and investors so that new entrepreneurs are included in San Diego's thriving innovation ecosystem. Once implemented, the program expects to counsel 300 entrepreneurs, train 200 entrepreneurs, provide over 1500 total hours of counseling/technical assistance, create 5 new investor relationships and 30 new investor introductions, and host 10 training events.
    • $1,461,400, matched by $1,461,400 in local investment, to the Southern Windsor County Incubator, Inc., Springfield/Windsor County, Vermont, to fund the Scaling a Successful Innovation Ecosystem through East Central Vermont project, to act on a shared vision of Vermont's resilient economic future through support for technology entrepreneurs in the East Central Vermont Economic Development District. The Southern Windsor County Incubator (SWCI) dba Black River Innovation Campus (BRIC) and the Green Mountain Economic Development Corporation (GMEDC) are partnering for the following: 1) BRIC will scale its successful Actuator technology entrepreneurship incubator/accelerator program from Springfield to Randolph while developing additional specializations in advanced manufacturing, cybersecurity, and medical technologies; 2) GMEDC will launch an innovation and entrepreneurship hub in Randolph; and 3) BRIC and GMEDC will execute regional strategies for ecosystem engagement to attract and retain entrepreneurs, investors, mentors, and workforce. Once completed, the project will benefit local entrepreneurs, education providers, mentors and subject matter experts, investors, and local employers. Additional focus will be given to university students pitching new startup ideas or conducting technology commercialization research, industry researchers who are interested in commercializing a new technology startup, and founders from Underserved Populations.
    • $1,200,000, matched by $1,214,737 in local investment, to the New Orleans Startup Fund, Inc., New Orleans/Orleans Parish, Louisiana, to fund the Diversifying and Expanding the Entrepreneurship Pipeline in Technology in New Orleans (DEEP Tech NOLA) project, to support the New Orleans Startup Fund to launch DEEP Tech NOLA and enhance the portfolio management capacity and operations of the Startup Fund. The Startup Fund will (1) Enhance its portfolio management capacity and operations through additional staffing to help more entrepreneurs of color and women navigate the complexities of accessing capital; (2) Deliver customized technical assistance to 100+ entrepreneurs who are women or people of color over the next three years to help them progress along the capital access continuum from pre-seed funding to venture capital rounds and exits; and (3) Leverage regional partnerships to drive more investment to high-growth technology businesses owned by women and people of color in the region. Once implemented, the Startup Fund will (1) expand the pipeline of and women and people of color-owned technology entrepreneurs who are ready for seed funding, (2) assist them in moving from initial seed investments to venture capital series rounds that can allow them to create significant numbers of high-skill and high-wage jobs, and (3) strengthen connectivity across the ecosystem to better leverage the region's innovation assets to support people of color and women-owned technology entrepreneurs.
    • $1,185,865, matched by $1,185,865 in local investment, to New Mexico State University, Las Cruces/Dona Ana County, New Mexico, to fund the Scale Up New Mexico project, the Arrowhead Center's scaling of existing innovation-based programming which address challenges startups face with commercialization. With this grant, Arrowhead will expand its programming via the five activities: (1) Run TechSprint accelerators for technology-based New Mexico startups with commercial potential; (2) Provide technology commercialization support via the SBIR/STTR programs; (3) Support intellectual property/technology transfer and provide investment support; (4) Bolster access for women entrepreneurs in the region through DIVERSE-W; and (5) Host and manage pitch competition. Once completed, Arrowhead will spearhead efforts to grow regional innovation by scaling programs and resources and offering innovation-based programs to New Mexico startups.
    • $813,330, matched by $813,330 in local investment, to Lawrence Technological University, Southfield/Oakland County, Michigan, to fund the Develop a Thriving Circular Economy Ecosystem in the State of Michigan, Driven by Creating a Robust Recycled Materials Supply Chain and Through Inclusive Impact of All People and Types of Communities project. The project work includes expanding and producing impacts at scale, including: 1) Technical Assistance for participants to remove structural market barriers and deploy technology and service solutions with a focus on distressed communities and creating upstream and downstream markets, 2) Entrepreneur Support that includes coaching, investor connections and programing coordinated through Michigan's SmartZones, 3) Technology Commercialization assistance including access to university labs, testing and product road mapping and 4) Circular Economy Events convening industry stakeholders and harnessing economic opportunities, investment and job creation across the State. Once implemented, the project will significantly scale the circular economy in Michigan by generating high-skilled, high-paying jobs and economic growth, removing market barriers, spurring innovative technology and service deployment, and focusing on Michigan's distressed communities.
    • $749,356, matched by $749,625 in local investment, to Shawnee State University, Portsmouth/Scioto County, Ohio, to fund Project LEAP: Launching our Entrepreneurship Accelerator Program, to serve as the leading center for a technology-based entrepreneurship ecosystem in southern Ohio, situated within Shawnee State University's Kricker Innovation Hub. This ecosystem would expand the program pipeline and bridge the gap for entrepreneurs between ideation and early-stage startup. Three core pillars are planned - Activation, Acceleration and Commercialization, which would support a programmatic roadmap for entrepreneurs. The first pillar- Activation would provide support and resources for entrepreneurs to activate their ideas. The second pillar - Acceleration will allow Shawnee State University to develop specific dedicated support that startups need. The Kricker Innovation Hub will develop a formal accelerator program for early-stage startups to become investment-ready and scale their businesses. The third pillar is Commercialization with a focus on building networks and relationships with Industry, Entrepreneur Mentors, and Investors.
    • $749,117, matched by $872,628 in local investment, to the Colorado State University Fund, Fort Collins/Larimer County, Colorado, to fund the Lab to Life - Building CleanTech and Sustainability Startups Around CSU Research project, to establish the Lab-to-Life (L2L) program, a partnership between Colorado State University (CSU) and the Colorado State Research Foundation (CSURF). The L2L program will support the commercialization of research-based technologies to leverage the skills of experienced startup executives, coupled with Executives-in-Training (EITs), to transform intellectual property into startups over the two-year period. Once implemented, the program expects to launch 3-5 high-potential technologies/scientific discoveries for each annual cohort, validate business models, complete customer discovery, and launch business development activities within 6 months of incorporation.
    • $748,036, matched by $748,913 in local investment, to Northern State University, Aberdeen/Brown County, South Dakota, to fund the Northern Innovation and Startup Center project, to assist Northern State University with leveraging its community's existing entrepreneurial success and broadband availability to strengthen and diversify the entrepreneurial economy by building a thriving tech ecosystem in the Aberdeen, South Dakota area. The project will infuse technology startup expertise into existing entrepreneurship resources, build a culture of tech entrepreneurship and create cohesive pathways, and offer ideation and incubator programming. Once completed, the project will help advance the ideas of 25 entrepreneurs and launch 10+ startups resulting in 50 new digital jobs in Aberdeen and the northeast region of South Dakota in three years. These efforts will lead to long-term population growth, economic growth, new startups, and tech-related career opportunities.
    • $732,919, matched by $759,768 in local investment, to the Rutland Economic Development, Rutland/Rutland County, Vermont, to fund the Rutland's Tech Startup Incubator (RTSI) project, to transform a rural economy from one experiencing stagnant and negative growth in high-skill, high-paying jobs to one that will drive scalable tech entrepreneurship, investment, and job creation. The project work includes identifying and inspiring a local culture and community of tech innovation; creating and implementing a scalable technology incubator program; and developing a formal network of mentors and regional investors who will provide tech entrepreneurs with the human and financial capital they need to grow and scale their businesses. Once implemented, the region will experience economic growth that results in high-skill, high paying-jobs supported by private investment.
    • $724,911, matched by $781,533 in local investment, to Leon County Research and Development Authority, Tallahassee/Leon County, Florida, to fund the North Florida Innovation Labs Technology Accelerator Launch project, to provide programmatic and operational support for the launch of the North Florida Innovation Labs Technology Accelerator. The project will combine a technology-focused facility with staff and entrepreneur support resources to accelerate the development of innovative technology-focused businesses. Once implemented, the project will help move the area toward technology-based innovation and create employers focused on technology-based products.
    • $700,944, matched by $700,944 in local investment, to the University of New Mexico, Ranchos De Taos/Taos County, New Mexico, to fund the UNM-Taos HIVE Pollinator: All Hands-on Tech project, to invite and engage historically underrepresented members of the U.S. tech community by supporting scalable tech startups in northern New Mexico through narrative building, innovative mentorship programming, and tech entrepreneur pollination (incubation and acceleration) housed out of the University of New Mexico-Taos' Hub of Internet-Based Vocation and Education (UNM-Taos HIVE or "the HIVE"). The project will focus on three main activities: 1) Creating Taos-targeted content to inspire and foster tech entrepreneurship; 2) Supporting a tech ecosystem knowledge sharing and mentorship program; and 3) managing the HIVE Pollinator hybrid tech incubator/accelerator program. Once implemented, the project is expected to build on successful, customized support models for businesses and individuals, creating a tech entrepreneurial ecosystem to support at least 20 new startups in northern New Mexico.
    • $674,874, matched by $674,874 in local investment, to the Greater Seattle Chamber of Commerce, Seattle/King County, Seattle, to fund the Enterprise Capital Alliance Capital Fund Deployment project, to help expand the Enterprise Capital Alliance (ECA) program within the Seattle Metropolitan Chamber of Commerce Technology Alliance. Expanding the ECA program within the Tech Alliance will catalyze connections in and across corporate venture capital (CVC) to increase early-stage investment in Washington State-based startups. Activities to be performed: The ECA aims to create a portal that will foster connections between Washington entrepreneurial activity and national Fortune 500 companies, sparking innovation through creative partnerships, collaborations, and investments. The program will provide significant tangible and intangible economic benefits for Washington state. Once implemented, the ECA programs expect to reach specific outcomes related to meetings and events, direct investments/economic impact, and program growth.
    • $661,725, matched by $661,725 in local investment, to the Fearless Solutions/City of Baltimore Economic Development Corporation, Baltimore, Maryland, to fund the Hutch Digital Services Incubator project. Hutch will scale its reach within focused verticals, expanding to connect mentors, digital services experts, and government administrators to accelerate innovation and transformation within federal agencies. In addition, the project provides coaching and training to young digital services companies to help them establish a strong foundation for success with government agencies. Hutch becomes a home-base, fast-track path to understanding the intricacies of federal contracting, ensuring that the graduating firms are ready to “hit the ground” running at the end of the intensive two-year program. The Hutch curriculum incorporates the Lean Startup methodology with the USDS Playbook of 13 key “plays” to create a solid footing upon which entrepreneurs can exponentially scale their businesses and successfully deliver tech services to the federal government. Once implemented, the project goals are to create an ecosystem of minority-owned and woman-owned companies that reflect the demographics of the Mid-Atlantic region, attract entrepreneurial talent to the region and grow 45 new digital services firms by 2025, creating new job opportunities within underrepresented communities, and expanding the Baltimore region, and achieve business success rate of 95% 5 years post-graduation.
    • $600,000, matched by $600,000 in local investment, to the Georgia Southern University Research and Service Foundation, Inc., Statesboro/Bulloch County, Georgia, to fund the Coastal Empire Regional Ecosystem Strategy project, to strengthen the regional ecosystem of business outreach and development programs to more effectively service the needs of underserved businesses in the region. The project will focus on four themes for guiding entrepreneurs through their journey: Discover, Ideate, Incubate, and Cultivate. CERES will build on well-established partnerships and enable leveraging of existing assets to help marginalized groups better access regional ecosystem development resources to fully participate in and benefit from the region's growing economic opportunities. CERES will also facilitate communication among the region's entrepreneurial support organizations to better support the underserved businesses in the region, and provide better access to procurement opportunities, market data, and networking opportunities. Once completed, the project will provide at least 250 potential entrepreneurs with services through CERES activities with at least 120 of them launching new business ventures or expanding existing businesses. By 2025, these businesses will create at least 120 jobs. In addition, the project is expected to increase private investment, commercialization activities, and revenue generation.
    • $549,999, matched by $549,999 in local investment, to the Chico Economic Planning Corporation, Chico/Butte County, California, to fund the Chicostart Accelerate Innovation by Mobilization to Rural Communities (AIM-RC) Technology-Based Business Incubator Development Project, to support a new partnership between three organizations, led by Chicostart and partnering with CleanStart, a sustainable technology group, and California State University, Fresno. AIM-RC will support innovation and economic development for underserved rural populations across key segments of California's economy. The project will address this issue though proven programming that mobilizes emerging business support, innovation development, and business acceleration in rural communities across the target region. Focusing on critical regional industries in California's rural Far North, AIM-RC will focus on agriculture/food production, agricultural water efficiency, healthcare/biotechnology, sustainable forest management, clean technology/clean manufacturing, and sustainable tourism. Once completed, the project expects to create 80 new rural-focused jobs by 2025 that support historically underserved communities and regions in rural California. Additionally, AIM-RC aims to provide needed services to 40+ entrepreneurs and businesses, complete 75+ investor/strategic partner introductions for project participants, launch 40+ new businesses, develop up to 7 new patent applications, and secure at least $6 million in equity investments for new companies and products.
    • $525,000, matched by $525,000 in local investment, to Benedict College, Columbia/Richland County, South Carolina, to fund the State-wide Investment Accelerator project, to organize, launch, and operate a state-wide investment accelerator program with statewide stakeholders to complete the following activities: identification of an accelerator contractor; securing staff for the project; recruiting twice per year for cohorts of early-stage startups; delivering the programming; providing access to capital for program participants; delivering support programming and services to program alumni; and providing oversight and tracking of metrics. Once completed, the project will provide mentorship and education while connecting startups to investors and customers, to help increase follow-on financing for women, veteran, and minority entrepreneurs while spurring job creation via the scaling and growth of businesses.
    • $515,639.23, matched by $516,639.23 in local investment, to the Current Innovation NFP, Chicago/Cook County, Illinois, to fund the Upstream Innovation: Accelerator for Digital Utility Transformation project, to build a Chicago-based water technology accelerator program. The project work includes developing a pipeline of water technology companies over the three-year grant period through specialized training and business development supports to help innovators bring their ideas to fruition. Upstream Innovation will recruit a range of digital water solutions startups, small-to medium-enterprises (SMEs), and entrepreneurs of representing diverse populations, to provide these companies with rigorous training and mentorship to help them to secure local investments and partnerships with utilities.
    • $467,500, matched by $467,500 in local investment, to the Green Bay Area Chamber of Commerce Foundation, Inc., Green Bay/Brown County, Wisconsin, to fund the Green Bay Accelerator Program project, to help coordinate and connect resources, people, and businesses across the Greater Green Bay, Wisconsin region and create a robust environment for innovation, technology commercialization, and entrepreneurial businesses. The program would help scale the next generation of startups, create quality jobs, and build the regional ecosystem. In addition, the program design will be in a virtual and/or hybrid format providing 10-weeks of in-person and online coaching by experienced entrepreneurs covering key topics, including guest speakers, culminating in a showcase of presented business ideas on the last day to the community and stakeholders. Once implemented, the program will help validate business models, accelerate innovation, and build strong teams, to provide regional resources for the area.
    • $375,000, matched by $375,000 in local investment, to Innovate Mississippi, Jackson/Hinds County, Mississippi, to fund the Developing the Statewide Ecosystem through the CoBuilders Accelerator project, to run a coordinated virtual accelerator, unlocking resources like mentors, service providers, and investment capital across underrepresented regions. Once completed, the project will represent the foundation of a critical and sustainable ecosystem to support the development and retention of early-stage startups. At least 20 companies will be accelerated over 24 months through this program - likely securing an estimated $3M in investment and creating at least 100 jobs.
    • $263,617, matched by $263,617 in local investment, to Innovate Mississippi, Jackson/Hinds County, Mississippi, to fund the Mississippi Rural Angel Funds project, to create two Regional Angel Funds increasing new equity-based investment in rural and underserved regions in Mississippi. The project includes the creation of the North Delta/Oxford Angel Fund and the Mississippi River Region Angel Fund targeting 80 investors, investing in 20 Mississippi early-stage startups over 3 years. Once implemented, the project will help address the gap in early-stage capital available to high-growth startups and would-be entrepreneurs in rural Mississippi.
    • $147,750, matched by $160,000 in local investment, to Battle Creek Unlimited, Battle Creek/Calhoun County, Michigan, to fund the Food and Beverage Investors Network project, to help increase the capacity of Next-Generation Battle Creek Food Reimagined Investors (Next-Gen BCFRI) to vet, validate, and make critical seed and angel investments in compelling Western Michigan innovation-based, early stage, high-growth food manufacturing companies. The project work will: (1) Recruit and train new angel investors; (2) Provide a path into pre-seed, and seed fund investment for trained individuals from diverse backgrounds; (3) Increase the pool of trained angel investors for Seed Funds regionally; (4) Increase access to capital for technology-enabled food processing entrepreneurs in the Midwest region by exposing new funds and fund managers to regional investment opportunities; and (5) Use existing training sources and the statewide Capital Network for leverage. Once completed, the project will: (1) develop a training program and investment network of investors to address the capital gaps through education; (2) increase the diversity of angel investors and (3) diversify access to capital through the creation of new funds.
  • Eighteen (18) Build to Scale-Capital Challenge Projects for $9,449,526, matched by $10,067,797 in local investments, as follows:
    • $750,000, matched by $885,000 in local investment, to the Social Entrepreneurs of New Orleans, Inc., New Orleans/Orleans Parish, Louisiana, to fund the Propeller: Creating an Equitable Economy through Equity Investments in New Orleans project, to scale the organization's initial pilot venture investments into a multimillion-dollar evergreen venture capital fund that will increase capital deployment capacity and post-investment support capacity for Black, Indigenous, and People of Color (BIPOC) entrepreneurs. The project will build out Propeller's and NOSF's technical assistance and administrative capacity (i.e., due diligence, fund administration, networking with investors, partnership development with other private sector funds, and fundraising), allowing the organizations to scale their initial venture seed fund investing activities to a multimillion-dollar evergreen fund. Once completed, Propeller and NOSF will collectively host 10 educational and outreach events per year to help recruit applicants and prepare businesses for success. By the end of the 3-year project period, Propeller and NOSF will review 625 business concepts, making at least 45 seed investments in companies headquartered in the GNO region. Propeller and NOSF will provide technical assistance and/or mentorship to 75 companies over the project period. Funded companies and those receiving technical assistance will create an estimated 45 new jobs in the GNO region during the project period, though the long-term impact will be even greater.
    • $750,000, matched by $868,096 in local investment, to Excell Partners, Inc., Rochester/Monroe County, New York, to fund the Upstate NY Capital Gap Angel Fund project, to launch a new seed fund, expanding the next generation of investor leadership. The project work includes attracting follow-on capital by mentoring ventures, thus creating a more stable base of opportunities and mentors. Once implemented, the project will serve underserved entrepreneurs from across the region, academic institutions and manufacturing companies, and rural communities.
    • $750,000, matched by $750,000 in local investment, to Launch New York, Inc., Buffalo/Erie County, New York, to fund the Launch NY #InvestLocal Scale Up project, to identify, support, and invest in high-growth, scalable companies that can transform the local economy through job and wealth creation, and catalyze the entrepreneurial culture in the 27 counties comprising the western half of Upstate New York. The project will optimize the deployment of a mix of follow-on capital investments to the current portfolio of 80 companies, while continuing to make new first-time investments and optimize a mix of its remaining first-time company investments and follow-on funding for the current for-profit LP Fund I portfolio of 52 companies, yielding a final 9 investments, while establishing a new LP Fund II. Once completed, the project is designed to advance each of LNY's financing programs to the next phase of growth in order to meet demand and maximize impact and sustainability in the project region by: a) Recapitalizing its nonprofit seed fund, while optimizing the mix of first-time and follow-on investment from this fund to facilitate achieving evergreen status, b) Building and deploying its second limited partner fund, while harvesting the portfolio from its first limited partner fund, and c) Growing its Investor Network beyond its pilot phase of 200 investors to 500 to yield new members to support ongoing transactions and more deal-by-deal investment participation among its members.
    • $750,000, matched by $750,000 in local investment, to the Regional Acceleration and Innovation Network, Vancouver/Clark County, Washington, to fund the Pacific Northwest Scalable Technology Startup Business Capital Fund Development Project, to establish a project titled "Elevating and Investing in Scalable Technology Startups Led Primarily by Pacific Northwest Women + BIPOC Founders." The project will be administered as a strategic partnership between RAIN and the Portland Seed Fund. RAIN and Portland Seed Fund will leverage each other's expertise to supercharge growth of the Pacific Northwest entrepreneurial ecosystem by elevating and investing in diverse, scalable technology startups. In addition, RAIN will accelerate inclusive regional entrepreneurial ecosystems and innovation economies through community-based events, educational workshops, and collaborative network of partners and stakeholders, helping the region's technology startups to be fund-ready and connecting them to the Portland Seed Fund. Once completed, RAIN and Portland Seed Fund expect to have 500 business concepts reviewed/screened, between 230-250 entrepreneurs supported, and 30-40 startups to have received funding. They also expect to have held 15-20 media activities, and for 50%-60% of funded businesses to have women and/or BIPOC founders.
    • $750,000, matched by $750,000 in local investment, to the University of Utah, Salt Lake City/Salt Lake County, Utah, to fund the Inclusive Impact Program, to support the formation of partnerships with entrepreneur support organizations, investors, and other groups across the country with the goal of expanding career pathways for students from historically underserved communities and to deploy capital to entrepreneurs from underrepresented backgrounds in venture capital fund management and investment. The project work will identify, train, and provide hands-on investment experience to at least 250 students and help them access full-time investment roles post-graduation. Once implemented, the project will provide world-class direct training, network access and experience in venture capital to help launch these student’s careers.
    • $750,000, matched by $750,000 in local investment, to the New England Aquarium Corporation, Boston/Suffolk County, Massachusetts, to fund the Blue Angels Upswell project, a capacity-building opportunity to expand the amount of angel investment in bluetech startups that benefit the environment and create new, inclusive jobs of the future. The project will help build a robust pipeline of diverse angel investors to support technical, financial, and operational scaling of bluetech startups. The project work includes: (1) Angel Investor Recruitment, including targeting more diverse Angels Host Startup/Scale-up Showcases; (2) Increasing the scientific, environmental, and market knowledge of prospective and existing angel investors to increase investor confidence; (3) Establishing Ocean Science and Bluetech Challenges and E-learning Modules Bluetech Corporate Speaker Series; (4) Increasing investor knowledge on general good angel investment strategy and processes; and (5) Developing educational programs to help expand and enhance the ability of the Blue Angels to deploy capital and stimulate job growth through refining operations. Once implemented, the project will target early-stage investors and bluetech startups throughout the region.
    • $713,501, matched by $816,971 in local investment, to StitchCrew, Inc., Edmond/Oklahoma County, Oklahoma, to fund the StitchCrew VEST Her Ventures project, one of the first accelerators in Oklahoma to develop public-private-partnerships and programs to connect traditionally overlooked entrepreneurs with the capital, network and resources needed to build and scale companies. VEST Her Inc (VEST) provides executive coaching to more than 100 members year-round and its extended network uses the community as a talent bank and trusted pipeline to fill career opportunities, board appointments, investments and more. StitchCrew and VEST have joined forces to raise and deploy VEST Her Ventures, a $25 million dollar venture capital fund investing in the most promising women-led companies in the southwest region. The partnership also aims to increase the number of investors from underrepresented groups so they can become co-investors in the fund while building a strong coalition of stakeholders committed to leveling the playing field for entrepreneurs in our region. Both organizations will also set up an education platform and workshops in partnership with the University of Tulsa to educate 100 aspiring investors on how to invest in early-stage companies through funds, direct investments, equity crowdfunding, Special Purpose Vehicles (SPVs), and others. Once implemented, the project will help StitchCrew host 36 workshops for entrepreneurs in the Care and Future of Work Economy and 9 quarterly workshop sessions for aspiring angel investors. On average, startups create an average of 4 jobs within the first and second year of operations. This portfolio aims to invest in 40 companies, resulting in the creation of 160 new jobs under this program.
    • $700,196, matched by $700,197 in local investment, to the University of Memphis, Memphis/Shelby County, Tennessee, to fund the Black Wealth Advancement through New Business and Knowledge Development (BANK), to improve local infrastructure to raise capital to transform microbusinesses into small businesses in the technology sector. The project will assist BANK with hiring additional staff with direct responsibility for raising equity-based capital funds with the specific purpose of investing in scalable microbusinesses. Funds will also be used to identify and offer educational programming for potential investors as well as training programs geared toward entrepreneurs to prepare them to scale given investments. BANK will provide the infrastructure to collaboratively manage coordinated fund development by partners, ensure timely progress, and maintain responsibility for measuring and reporting grant outcomes. Once completed, BANK will accomplish the following goals for this project: (1) reaching 20 microbusiness owners per year who attend workshops on business growth and scaling, (2) reaching 50 potential funders who attend microbusiness entrepreneurship awareness and/or angel investment workshops and (3) investigating, vetting and recommending 10 microbusinesses per year for investment to establish a $5.3 million investment fund over the three-year grant period and the creation of 240 new tech jobs as a consequence of skills added through microbusiness owner training.
    • $541,700, matched by $541,700 in local investment, to the VilCap, Inc., Washington, District of Columbia, to fund the Resource Invest project, an initiative to develop lasting investment infrastructure to mobilize capital for technology startups led by founders of color in the Southeast region of the United States. The project supports Village Capital, in collaboration with the Black Innovation Alliance (BIA), to launch Resource Invests. Once implemented, the project is expected to raise at least $25 million in investment capital and develop infrastructure and a replicable model to improve the ability of entrepreneurs to mobilize capital in their region.
    • $519,999, matched by $610,500 in local investment, to Next Tucson, Tucson/Pima County, Arizona, to fund the Capital Gravity Arizona: Startup and Innovation Ecosystem Capital Accelerator Program, to create Capital Gravity Arizona (CGA), a transformational capital accelerator for Arizona startup and innovation ecosystems. Activities to be performed: CGA will accelerate business growth and job creation in Arizona by engaging in several different activities. CGA plans to provide welcome programming, pipeline access, diverse learning communities, and innovation ecosystems for each CGA cohort, as well as educational initiatives and learning frameworks so that investors can learn, grow, and create new Arizona-based investment funds. Once implemented, the project expects to: activate up to 500 new high-net-worth Arizonans to become first-time startup investors, launch 5-10 new seed-state funds, attract up to $50 million in new growth capital into the entrepreneurship ecosystem, enable up to 250 people from underrepresented communities to become accredited investors, and ensure that access to Capital Gravity programming, funding, networks and resources is available to people all across Arizona - especially in rural areas outside Arizona's major cities.
    • $375,000, matched by $416,571 in local investment, to Battle Creek Unlimited, Battle Creek/Calhoun County, Michigan, to fund the Future Food Accelerator project, to fund a virtual accelerator that would link leading edge R&D facilities, university technology innovation programs, entrepreneurship support programs, industry/market experts, and domain experts to support high-growth, high-potential food and beverage companies located in or relocating to Southcentral Michigan. The Future Food Accelerator is designed to serve as an efficient conduit for the development, acceleration, transfer, and transition of technology in the food innovation ecosystem. A team of qualified technical assistant providers will provide assessment tools and deliver workshops and webinars. In addition, Battle Creek Unlimited will utilize stage-gate models of new product development and provide innovation management tools, thereby informing investment decisions as companies progress and seek additional funding. Once completed, the Battle Creek Unlimited intends to: generate at least $3.5M in aggregate funding for a minimum of 15 companies over three years; achieve ten commercial development milestones for program participants; achieve ten product development milestones for program participants; assist in the creation of 5 new products and services for program participants; assist in the creation of 150 knowledge economy jobs for the region.
    • $300,000, matched by $423,600 in local investment, to the Alliance for Southern California Innovation, Pasadena/Los Angeles, County, California, to fund the SoCal Venture Pipeline (SVP) Capital Fund Development project, to help addresses the gap in access to early-stage capital that many SoCal companies who are developing the next generation of technologies experience. The project work includes: 1) Together with our Community Leads, the Alliance for Southern California Innovation (Alliance) will review applications and vet companies applying for the SVP program. 2) The Evaluator Panel will review deal flow forwarded from the Alliance and Community Leads to determine which companies will be allowed to pitch to Selection Committee. 3) Roughly 75% of the startup applicants will initially not be ready for investment and will need further assistance from ecosystem partners. These mentors, nurturers, and advisors will help prepare these companies for future funding rounds. 4) Startups chosen by the Evaluator Panel will be allowed a 5-minute pitch to the Selection Committee to determine which companies will be personally introduced to investors. 5) Companies will receive Seed or Series A funding as a result of the careful vetting of startups and the curated matchmaking to active investors interested in the specific technologies. Once completed, the project will assist the SVP with garnering 1100 applications from startup founders, with 215 of those being selected to pitch to the Selection Committee. Of those 215, 120 startups will be directly matched with active investors resulting in 24 startups funded as a result of that curated matchmaking.
    • $300,000, matched by $301,226 in local investment, to the Minneapolis Saint Paul Regional Economic Development Partnership, Saint Paul/Ramsey County, Minnesota, to fund the Forge North Angel Activation Campaign project, to help establish a startup coalition for the Greater Minneapolis-Saint Paul region, which will lead a public campaign to recruit 200 high-net-worth Minnesotans to become active angel investors through a three-track approach that intends to recruit 1,000 prospects. The project will help all new prospects to access the region's new Angel Activation Hub on-demand, featuring video and written content, testimonials, and advice from experienced angel investors of all backgrounds. In addition, 500 prospects will attend events such as "Angel Fest," the state's premier event for angel investors, designed to deepen education and expand networks. Finally, 50 prospects from underrepresented groups in angel investing - including Black, Latinx, Indigenous, and Women angels - will have access to cohort-based, peer-to-peer learning experiences that go even deeper to establish knowledge and strengthen relationships, enabling prospective investors to move at an intentional pace with a culturally specific approach. Once implemented, about 200 newly trained angel investors will help transform the region's startup ecosystem, increasing the availability of early-stage capital for scalable startups while advancing racial and gender equity.
    • $300,000, matched by $300,000 in local investment, to the Board of Regents of the University of Nebraska, Omaha/Douglas County, Nebraska, to fund the Omaha Medical Technology Development Alliance project, to identify, educate, and connect potential sources of equity-based capital within the Omaha medical technology cluster, facilitating increased deal flow and building capacity in the region. The project work includes investor discovery, investor outreach, investor education, and startup development. Once implemented, the project will generate actionable data on investors within Omaha and its surrounding region, to help build business strategies for university-developed inventions.
    • $299,987, matched by $304,760 in local investment, to the University of North Carolina at Charlotte, Charlotte/Mecklenburg County, North Carolina, to fund the Charlotte Community Capital Access Investment Initiative (CCCAII), to expand access to capital for technology-enabled ventures led by community entrepreneurs, university students and faculty. The project work includes engaging multiple University and community resources in a three-year initiative to: 1) identify new capital sources that can be deployed locally, 2) educate new and underrepresented angel investors to enable successful engagement with current and future venture opportunities, and 3) enable emerging entrepreneurs to become fully investor ready. Once completed, the initiative will unlock capital from multiple regional sources including recruiting 150 potential angel investors from the full spectrum of Charlotte's growing population of high-growth individuals. The initiative will leverage Angel Capital Association (ACA) expertise to educate local angel investors to engage successfully with current and future venture opportunities. It will introduce expanded training, coaching, and acceleration services to ensure that 120 emerging entrepreneurs are fully investor ready. Finally, it will source a $2-$5M equity investment fund to be deployed in the Charlotte region.
    • $299,970, matched by $300,000 in local investment, to the Louisville Healthcare CEO Council, Inc., Louisville/Jefferson County, Kentucky, to fund the Louisville Healthcare CEO Council Aging Innovation Fund project, to attract and accelerate innovations that fill gaps and challenges in the healthcare and aging innovation sector. The Fund will make investments in late venture-stage or growth-stage companies and focus on commercial stage companies with actively developed and marketed products addressing the challenges associated with an increasing older-adult population. Investment opportunities will be identified using a top-down methodology leveraging the existing network of trusted partners developed by the applicant and its member companies. Once implemented, the project will: (1) increase access to equity-based capital for healthcare and aging innovation companies within the identified 7-county region; and (2) leverage the unique assets and access of the Louisville Healthcare CEO Council (CEOC) member companies and their global networks to drive innovation that improves the quality, continuity, and efficiency of healthcare.
    • $299,871, matched by $299,874 in local investment, to the Greater Charlottesville Area Development Corporation, Charlottesville, Virginia, to fund the Diversify-Connect-Fund project, to support the Greater Charlottesville entrepreneurial ecosystem, improving outcomes for underrepresented investors and startup founders of this project. The project will coordinate an Angel Academy program. With parallels to a traditional entrepreneur accelerator program, the angel academy program will consist of outreach and info sessions for potential angel investors, a recruitment and selection process, and a six-to-eight-week training program. In addition, the project will establish a Capital Connections Roundtable. This group will consist of individuals with ties to funding networks outside the region, such as the local fund managers, technology council, and academics. Once implemented, the work with the capital roundtable, newly minted angel investors, and identified project partners will develop a fund strategy and structure with feedback from the ecosystem and external funders.
    • $299,302, matched by $299,302 in local investment, to the Cleveland Water Alliance, Cleveland/Cuyahoga County, Ohio, to fund the Freshwater Economy Seed Fund project, to form and launch the Freshwater Economy Seed Fund (Seed Fund) in support of growing a robust freshwater innovation ecosystem in the Lake Erie Basin. Through this initiative, the Cleveland Water Alliance (CWA) will harness its role as the leading Great Lakes freshwater technology cluster convener and implementor to identify technologies, engage and educate investors, explore program related investments by regional philanthropic and community foundation partners, and provide capital and technical assistance to bring freshwater technologies to market, and drive an inclusive and vibrant freshwater economic ecosystem. Once implemented, the technology solutions launched through the Seed Fund will transform the quality of life for residents of the Lake Erie Basin, especially minority residents who disproportionately experience the negative environmental and health repercussions of water quality.