A Tampa-based startup program will double down on tech jobs and expansions after receiving a $2 million federal grant.
The Tampa Bay Wave, a nonprofit accelerator program that helps startups across the nation, received the grant on Wednesday. It was part of the United States Economic Development Administration's Build to Scale program, which awarded $47 million across 51 projects.
The Wave was one of only two organizations in Florida to receive the grant. Tallahassee-based Innovation Park received roughly $724,000.
The grant awardees will get an additional $48 million dispersed in matching funds from private and public sector sources.
"These projects will give the next generation of industry-leading companies a seminal boost that will result in job creation and private investment – potentially transforming a regional economy and creating economic opportunity beyond what we can foresee," said Alejandra Castillo, assistant secretary of commerce for economic development, in a statement.
The Wave's programming will expand to nine additional 90-Day accelerator cohorts focused on cybersecurity, health care and finance. It is estimated to create and retain 2,730 jobs and help 180 potential new startups.
"These funds will enable Tampa Bay Wave to expand our programming ... thereby helping foster the region’s national reputation for innovation and talent across these verticals,” said Linda Olson, CEO at the Tampa Bay Wave, in a statement. “This project should not only help strengthen industry-driven innovation clusters in Tampa Bay, but also lead to the creation of hundreds of new jobs in the region.”
The grant will span three years, with job creation expected in the next three to five years.
This is the fourth federal grant for the Tampa Bay Wave. The first was given in 2012 and is largely credited with creating Wave and its evolution into the organizational structure it has today. It has since run 28 cohorts and helped 434 startups, which created nearly 4,000 jobs, it said.
It also recently announced a headquarters relocation to 501 E. Kennedy and will now span roughly 8,000 square feet.
"Where we are today was beyond my wildest dreams 10 years ago," Olson said in a previous interview with the Business Journal. "And it's crazy to think maybe we weren’t even dreaming big enough back then. Now when you take away the limits, it becomes, where can we go? So I'm just excited for the Tampa Bay community and us."
