A Birmingham entity has received a grant from the U.S. Department of Commerce to support technology, entrepreneurs, catalyze innovation and fuel economic growth.
The “Build to Scale” grant was awarded to 60 organizations across the country — located in 36 states, the District of Columbia and Puerto Rico — totaling $53 million, and Birmingham's Southern Research was a recipient of $748,469.
The program is administered annually by the U.S. Department of Commerce’s Economic Development Administration, aiming to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial assistance and startup capital. The investments support innovation industries, such as agriculture technology, bioscience, advanced manufacturing, blue economy and health technology, among others.
“The Biden-Harris Administration is Investing in America to help create entrepreneurial ecosystems across the country and put quality, 21st-century job opportunities in people’s backyards,” said Secretary of Commerce Gina Raimondo. “The ‘Build to Scale’ program will unlock innovation potential in regions all over the nation, improving our economic competitiveness now, and for decades to come.”
Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo said the investments will yield good-paying jobs, economic resiliency and equitable growth.
The fiscal year 23 “Build to Scale” program was comprised of two competitions –– the Venture Challenge and the Capital Challenge. Each challenge had multiple funding tiers that are designed to support organizations at different levels based on their needs, capacity and vision. Southern Research was part of the Venture Challenge competition.
The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply.
The 2023 awardees, which include nonprofits, universities, government agencies and other entrepreneurship-focused organizations, will leverage an additional $55 million in matching funds from an array of private and public sector sources.
The news comes shorty after Southern Research was awarded nearly $3 million in tax credits by Innovate Alabama as part of a new program. This will allow Southern Research to launch a new initiative to attract biotech firms to Alabama and support existing startup companies already in the state.
