This funding record is inactive. Please see the program website or contact the program sponsor to determine if this program is currently accepting applications or will open again in the future.

Build to Scale Program (B2S)

Link

https://www.eda.gov/funding/programs/build-to-scale

Additional Links

Notice of Funding Opportunity (Grants.gov)

Deadline

Application Deadline: Oct 28, 2024

Sponsor

Economic Development Administration (EDA)

Purpose

Awards funding to increase job growth and economic opportunity through the development of future industry-leading companies by supporting technology-based economic development (TBED). Supports organizations working to help companies by increasing access to investment capital, accelerating company growth, empowering entrepreneurs, and enabling technology commercialization.

Applicants may apply for Implementation Challenge grants designed to support technology entrepreneurship by accelerating company growth in a specific technology area and specific geographic region with aligned assets, resources, and capabilities. Proposals should:

• Strengthen U.S. economic competitiveness by:
  • Supporting new product or service innovation or new technology adoption
  • Enhancing research commercialization processes and outcomes
  • Correcting or improving structural barriers that inhibit regional innovation capacity and resilience
  • Leveraging regional competitive strengths to stimulate innovation and the creation of high-skill and high-wage jobs
• Serve companies that are challenging the status quo of established markets or commercializing technologies, and furthering job creation within their businesses
• Provide empirical evidence on how a project will launch or scale programming and generate sustainable added value for the region's entrepreneurial ecosystem by augmenting existing regional assets

Funds may also be awarded for projects that support the formation, launch, or scale of investment funds that seek to raise equity-based capital to deploy in scalable startups, such as angel, seed, or venture funds, or that expand equity-based capital access and deployment within a community, region, or regional industry. Proposals may:

• Identify, educate, and connect investors and other potential sources of equity-based capital, including traditional, hybrid, or new structures, within a regional technology cluster
• Identify sources of potential investments and build capacity to conduct due diligence and close investment deals
• Raise and deploy equity or equity-based capital, whether through traditional or hybrid models, within a regional technology cluster via a fund or other collaborative investment framework
• Deploy investment capital into technology startups based on an investment thesis that clearly supports and fosters the growth of a regional technology cluster and its entrepreneurship ecosystem

Build to Scale projects are expected to directly benefit underserved populations, such as women, Black, Latino, and Indigenous and Native American persons, Asian Americans, and Pacific Islanders, as well as underserved communities, including tribal lands, persistent poverty counties, and rural areas.

Amount of Funding

Award ceiling: $5,000,000 per project
Project period: 24 - 60 months
Estimated number of awards: 40-50
Estimated total program funding: $50,000,000

A dollar-for-dollar matching contribution is required for all B2S competitions. At the time of application, applicants are required to demonstrate a matching share of at least 50% of the total project costs.

B2S funds cannot be used to invest in startups or other companies.

Who Can Apply

Eligible applicants include:

• States
• Indian tribes
• Cities or other political subdivisions of a state
• An entity whose application is supported by a state or political subdivision of a state and that is:
  • A nonprofit organization
  • An institution of higher education
  • A public-private partnership
  • A science or research park
  • A federal laboratory
  • A venture development organization
  • An economic development organization or similar entity focused primarily on improving science, technology, innovation, or entrepreneurship
• A consortium of any of the immediately aforementioned entities

Organizations currently implementing a Build to Scale or Regional Innovation Strategies project awarded in a prior year are eligible for this opportunity only if they complete all activities under the existing award by December 1, 2024 or can demonstrate that proposed activities are clearly and explicitly not only nonduplicative of the prior-year award(s) but also complementary to and aligned with its or their activities and goals.

Geographic Coverage

Nationwide

What This Program Funds

Capacity Building • Equipment • New Program • Operating Costs and Staffing • Starting a Business

Application Process

Application instructions, requirements, and other information about the concept proposal and the full application can be found in the funding announcement.

Applications must be submitted electronically through Economic Development Grants Experience (EDGE), a grants management system.

Applicant webinar recording and slides
Applicant frequently asked questions

Contact

For questions on submitting in EDGE:
GrantHDSupport@eda.gov

For programmatic questions or technical assistance:
oie@eda.gov or contact your State Economic Development Representative

Rural Awards

Past awards communities have received are described on the program website.

Rural communities who have received funding in fiscal year 2023 include:

• Northeastern Vermont Development Association in St. Johnsbury, Vermont received Venture Challenge funding to implement an initiative that will conduct outreach and provide tech-focused programming to up to 350 participants and offer targeted support to 45 tech entrepreneurs. The goal of the project is to transform the region's rural economy through development of a tech ecosystem.
• Center on Rural Innovation in Hartland, Vermont was awarded Capital Challenge funds to support the Green Mountain Accelerator Fund, which will provide pre-seed and seed investment opportunities, mentorship programming, and ongoing support to 30 local tech startup founders, with a particular focus on supporting female founders, across 5 rural Vermont counties.

Topics This Program Addresses

Community Planning and Coalition Building • Economic Development