Together with the EDA, NSF, and the Milken Institute, the U.S. Department of Commerce, the Special Competitive Studies Project organized the first Innovative Capital Summit where these announcements were made.
The Great American Tech Hub is in Washington, D.C. based event drew leaders from business, philanthropy, government, and academia to encourage collaboration in regional technology development. The Innovative Capital Summit aims to gather members of regional technology ecosystems from all throughout the United States along with outside funding sources to help boost American innovation and competitiveness.
Among the participating Innovative Capital Summit ecosystems were NSF Engines and Tech Hubs. Each of these companies is dedicated to generating and advancing ground-breaking ideas in the fields of quantum computing, medicine, biotechnology, autonomy, semiconductors, energy, agriculture, aircraft, essential minerals, innovative materials, and climate resilience.
Innovative Capital Summit and Great American Tech Hubs Road Show
Great American Tech Hub, For the first time since October 2023, when EDA identified 31 Tech Hubs as having the ability and potential to become globally competitive in critical technologies, Hub leadership from all around the nation convened in Washington, D.C., on July 22–23, 2024, for the Innovative Capital Summit.
The summit was organized by the Milken Institute, the National Science Foundation, the U.S. Department of Commerce, the U.S. Economic Development Administration, and the Special Competitive Studies Project (SCSP). Great American Tech Hub connected 31 Tech Hubs and National Science Foundation Engines grantees with potential funding sources to support their ideas and initiatives for the Innovative Capital Summit.
The key to maximizing the potential of these Hubs and Engines as well as that of America lies in the business sector and charitable partners who joined them, in addition to their national networks. The inventive, progressive business and investment groups that drive American technology and economic leadership are unmatched by any other country.
The 31 Tech Hubs
Great American Tech Hub had 31 Tech Hubs to have high dreams, and we are aware that government funding will not be sufficient to ignite the self-sustaining, rapidly expanding flywheel. We also require additional funding for these Hubs and Engines from philanthropists, investors, and other sources.
These other investors need to get involved with Tech Hubs and Engines so they can securely pursue relationships with businesses and institutions as well as their strategies and projects that we have carefully evaluated and found to have genuine potential to make a big difference. The Engines awards and Tech Hubs designations make it clear to everyone that these chosen places are prepared for the next phase of development for the Innovative Capital Summit.
The Great American Tech Hubs Tour
During a visit to the Great American Tech Hub, Nevada Tech Hub on July 2, 2024, Secretary of Commerce Gina Raimondo announced that 12 Tech Hubs had received a total of $504 million to carry out initiatives. This marked the beginning of the Great American Tech Hubs Tour.
Assistant Secretary Castillo visited the South Florida ClimateReady Tech Hub in Miami, Florida, and Deputy Secretary of Commerce Don Graves visited the ReGen Valley Tech Hub in Manchester, New Hampshire, at the same time. Following that, senior Commerce leaders traveled to the Texoma Semiconductor Tech Hub in North Texas and Southern Oklahoma; the American Aerospace Materials Manufacturing Tech Hub in Spokane, Washington; and the Corvallis Microfluidics Tech Hub and Pacific Northwest Mass Timber Tech Hub in Corvallis, Oregon.
Concerning the First Innovative Capital Summit:
As part of a series of engagements between communities and capital providers, the first Innovative Capital Summit brought together some of the country’s largest capital providers, including philanthropies, venture, and growth capital, private equity and infrastructure funds, along with other organizations with designated Tech Hubs and NSF Engines to elevate investment opportunities and facilitate complementary Federal and private sector investments.
- A number of significant announcements from the summit will encourage ongoing investment in future-oriented regions and technology.
- Private Sector and Philanthropic Support for Tech Hubs: During the Summit, participating American businesses, government agencies, and groups made a number of significant announcements, such as the following:
- The non-profit America Achieves announced the launch of its new Good Jobs Economy initiative, which will collaborate with regional areas including Tech Hubs to integrate and advance economic growth and mobility strategies by offering them financial support, peer support, and specialized technical assistance.
In the Innovative Capital Summit, There is philanthropic funding totaling at least $20 million supporting the Good Jobs Economy program. Blue Meridian Partners, the George Kaiser Family Foundation, the Mastercard Center for Inclusive Growth, the Strada Education Foundation, and other organizations have contributed funds for planning and preparedness.
Google revealed that it will offer scholarships for upskilling in disciplines including artificial intelligence, data analytics, cybersecurity, and IT support to prepare students for the workforce. Over 250,000 Americans have improved their skills because of Google Career Certificates.
Google will also give access to Grow with Google Digital Coaches, which gives instruction and on-the-job coaching on subjects including cybersecurity, customer connection, and increasing business productivity, in order to benefit small businesses in Tech Hub communities. So far, Grow with Google Digital Coaches have assisted in the training of over 230,000 small businesses nationwide.
Extra Information
1. Benefits of Tech Hubs Designation:
A Tech Hubs Designation is an affirmation of a region’s initiatives to boost its own technology sector in order to boost employment and fortify national security and the economy of the United States.
In order to provide support and advantages to all 31 Tech Hubs Designees, including assistance for Tech Hubs Designees and ecosystems in attracting more funding to promote the expansion of innovation centers, the Tech Hubs Program is collaborating with departments and agencies from across the federal government. These include the following in order to increase access to markets and capital:
2. Site Visits:
Throughout the summer of 2024, representatives from the White House, Commerce, and EDA will visit every Tech Hub to highlight the announcement of the Tech Hubs Implementation Awards, show EDA’s support for all designated Tech Hubs, and promote ongoing industry and diversified private sector investments in Tech Hubs. Through the Innovative Capital Summit, EDA and NSF are asking capital providers to participate in these trips, do their own due diligence, and see firsthand the real-world opportunities available across Hubs and Engines as part of their joint effort to increase Federal place-based investments.
Centralized Follow-on Funding Information: EDA will provide Tech Hubs with a comprehensive Capital Database that compiles data about funding opportunities in the public and private sectors that are pertinent to the objectives and projects of Tech Hubs for raising capital.
3. NSF Engines Competition:
The NSF has announced the second round of the NSF Engines competition. Almost 300 teams, representing several Tech Hub designees and representing every state and territory in the United States, have indicated their intention to apply for the opportunity.
There is a ton of untapped innovation potential and capacity in the US that these potential NSF Engines show. Letters of intent to submit preliminary ideas have been submitted by eligible applicants by August 6, 2024. Visit the NSF interactive dashboard to find out more and get in touch with the teams that are interested in taking part in this round of the competition.
Additional Promises to Designees of NSF Engines and Tech Hubs Phase 1 of the Tech Hubs initiative identified 31 Tech Hubs with a track record of success in emerging technology industries located in high-potential, geographically diverse areas of the nation.
4. Baltimore Tech Hub:
In July, Cenergy Holdings, a Belgian business, stated that it would be opening a cable production facility in Maryland. Its American affiliate, Hellenic Cables Americas, has formally purchased a 38-acre plot of land in Baltimore City’s Wagner’s Point, along the Patapsco River. The project is expected to generate more than 500 direct and indirect jobs.
5. Birmingham Biotechnology Hub:
The first accredited training program for Biotechnology Technicians in the state has been developed by the Alabama Community College System (ACCS), and its launch is scheduled for November 2024. Collaboration between the state’s biotechnology professional association, colleges, the Alabama STEM Council, and the corporate sector produced the content. After the course becomes online, ACCS will provide scholarships to any student who wishes to finish it, amounting to an estimated $1.2 million in-kind grant and an estimated 400 students impacted over a five-year period.
6. The Bloch Tech Hub:
Illinois Governor JB Pritzker unveiled Quantum Proving Ground, a crucial collaboration between the State of Illinois and the Defense Advanced Research Projects Agency (DARPA) to assess and test utility-scale quantum computing prototypes for business and economic purposes. In addition to helping businesses and researchers bring quantum discoveries to scale, this historic $140 million match from DARPA will also strengthen the local economy of Illinois and provide a large number of high-paying jobs.
7. ClimateReady Tech Hub:
In order to achieve TITAN Cement Group’s ambitious aim of producing net-zero concrete by 2050, Titan America obtained $61 million from the Department of Energy for the deployment and study of clean cement, a first for the industry. Reefense local deployments in Miami-Dade will be funded with $10 million by the Defense Advanced Research Projects Agency (DARPA). The Ocean-Based Climate Resilience Accelerator Phase 2 funding from the National Oceanic and Atmospheric Administration is open for applications and Seaworthy Collective and Ocean Exchange are invited to apply.
8. Colorado-Wyoming Climate Resilience Engine:
To address regional labor shortfalls in systems engineering, Innosphere Ventures, the Colorado-Wyoming Climate Resilience Engine’s main organization, was awarded $1.4 million this spring by the Opportunity Now Colorado Grant Program. Additionally, they announced the opening of the first round of their Use-Inspired and Translation Grant programs, which provide up to $300,000 to university innovators.
9. CM2AE Tech Hub:
To promote supply chain independence in the US, U.S. Strategic Metals has committed to investing up to $500M in expanding its mining, recycling, and processing operations. Under the Defense Production Act, Doe Run was granted a $7 million grant for a critical minerals project by the Department of Defense.
This more than 70-acre specialized quantum site will house low-volume manufacturing and quick prototyping capabilities that are unique worldwide, enabling every modality and technology for quantum.
10. IFAB Tech Hub:
Primient, a pioneer in the manufacture of sustainable food and industrial ingredients, has pledged to spend $400 million on operations and infrastructure over the following five years. With Grondex International, B.V., Serra Ventures closed its second Agriculture and Food Tech Fund for $15 million. The Innovation Vouchers Program was introduced by the State of Illinois to encourage cooperation in research and development. At last, the University of Illinois Research Park’s LabWorks life sciences incubator held its grand opening celebration.
11. KC BioHub:
In the State of Missouri budget, KC BioHub was able to obtain an extra $1 million appropriation. The Tech Hub received land in the Health Science Innovation District, estimated to be worth $3 million, from Mayor Quinton Lucas and the Kansas City Missouri City Council. The purpose of the land is to house a shared wet lab and scale-up facility. Due to the support of a workforce working group during the Tech Hubs application process, bio-manufacturing apprenticeship programs were approved in both Kansas and Missouri.
12. Ocean Tech Hub:
Anduril Industries recently revealed plans to build a new, 150,000-square-foot manufacturing facility at Quonset Point, Rhode Island, to produce Autonomous Underwater Vehicles (AUVs) on a massive scale. On July 14, Quonset Business Park officially opened the railroad expansion and enhancements, announcing an investment of more than $4 million to upgrade the railroad infrastructure at this significant port in Rhode Island. Boston Blue Tech, a Canadian Technology Accelerator (CTA) in Ocean Technology, has been introduced by the Canadian Consulate General in Boston. It is being run in collaboration with Blue Venture Forum, a consortium partner for Ocean Tech Hub.
13. PRBio Tech Hub:
In June, 100 technical professionals from Puerto Rico’s biopharma firms convened for the International Forum on Process Analytical Chemistry Summit, which was organized and sponsored by the academic and industry partners of PRBio Tech Hub.
14. PROPEL Tech Hub:
In order to receive Food and Drug Administration approval for the first cell treatment for metastatic melanoma in 1H’24, Iovance Therapeutics will continue to expand in Philadelphia with an emphasis on hiring tech-savvy staff members. The recently established Keystone LifeSci Collaborative is bringing together industry, public, and community partners to build long-term talent pipelines.
15. Texoma Semiconductor Tech Hub:
To assist the Tech Hub, the Choctaw Nation has pledged $2 million and the State of Texas $62.5 million in matching contributions. In order to support onshore essential semiconductor wafer production, the U.S. Department of Commerce and GlobalWafers have inked a preliminary memorandum of agreement (PMT) that is non-binding and provides up to $400M in proposed direct funding. The Geroge W. Bush Institute pledged $1.5 million, the Coherent & Sherman Economic Development Corporation (CSEDC) announced $101 million in anticipated investment, and the Spears Institute for Entrepreneurial Leadership is nearing completion of a commitment.
The Summit’s progress and partnerships were announced by the U.S. government:
The ROADMAP Summit, scheduled for December 2024, was announced by the NSF’s Directorate for Technology, Innovation, and Partnerships (TIP) in collaboration with EDA. In order to bring together and elevate the teams spearheading the Federal Government’s historic place-based innovation investments, such as the NSF Regional Innovation Engines and EDA Regional Technology Hubs, this event will be a new, significant U.S. Government event hosted by NSF, EDA, and their partners.
Conclusion
In order to discuss potential joint investments in NSF Engine communities and a wider range of NSF goals, the Federation of American Scientists (FAS) will hold a gathering for national and regional philanthropic groups in the upcoming months. It will bring together executives from the NSF and the charitable sector to find potential for mutually beneficial relationships. It is funded by the NSF and is modeled after the successful NSF Industry Partnership Summit in the spring of 2023 and the Innovative Capital Summit.
