The U.S. government is looking for innovative minds to address economic and safety issues created by the pandemic.
This week, the Economic Development Administration launched the $25 million Scaling Pandemic Resilience Through Innovation and Technology, or SPRINT, Challenge, calling on entrepreneurs and innovators to submit projects for funding that can help respond to the current crisis or help prepare for and prevent another in the future.
“Throughout our history, intrepid American innovators have solved problems and secured our economic competitiveness,” said Secretary of Commerce Wilbur Ross in a statement. “The SPRINT Challenge will harness America’s entrepreneurial potential to respond to challenges caused by the coronavirus.”
While the SPRINT Challenges is not open to individuals or for-profit companies, innovators in local governments, nonprofits, universities and EDA-approved economic development districts are being asked to send in their project ideas.
The EDA is looking for projects that use technology to address issues in health and safety, supply chains, connectivity, cybersecurity and remote work. It is also looking for those that are developing new investment capital models to help support local entrepreneurs.
After closing submissions on Dec. 3, the EDA will select projects that will receive 12-month grants worth up to $500,000 or 18-month grants worth up to $750,000. The projects will then be evaluated for performance for potential future funding opportunities.
Funding for the SPRINT Challenge grants come from $1.5 billion the EDA received through the CARES Act aimed at boosting economic development and preparing for any future pandemics.
“With this challenge, we will tap into American ingenuity, creativity and innovation to find unique solutions to the unprecedented challenges brought on by the coronavirus pandemic,” said Dana Gartzke, performing the delegated duties of the Assistant Secretary of Commerce for Economic Development, in a statement. “Innovators and entrepreneurs are quickly pivoting in response to the coronavirus pandemic. The SPRINT Challenge will help communities support those entrepreneurs when we need them the most.”
