Mass. launches TechHubs grant program to drive regional economic innovation
Photo | Courtesy of MassBioEd
The Massachusetts TechHubs program offers grants up to $5 million.
Coming off the passage of the state’s $4-billion Mass Leads Act, Massachusetts has allocated $75 million in funding to establish a new economic development program addressing regional disparities.
The Massachusetts TechHubs Program looks to ensure all areas of the state are able to bridge the gap between innovative potential and opportunity by providing grants to boost regional competitiveness, scale companies, and drive inclusive job growth in regional communities. Eligible grant recipients can come from a range of industry sectors and emerging technology areas including advanced manufacturing, cybersecurity, fintech, artificial intelligence, and robotics, according to the program’s website.
The MA TechHub program offers grants to support strategy development, stakeholder engagement and innovation infrastructure, administered by the Innovation Institute at the Westborough-based public agency Massachusetts Technology Collaborative, according to a Monday press release from the agency. Participating communities will become designated TechHubs, promoting visibility and credibility that the program foresees will attract talent and future investments.
"By supporting regional innovation, we're not just building technology hubs, we're creating pathways to good jobs and economic prosperity," Lt. Gov. Kim Driscoll said in the release. "Communities are the backbone of our state’s economy. We want to take advantage of all the untapped potential at the local level to scale innovation and make it clear that Massachusetts is the place to build your business.”
The MA TechHubs Program offers three separate application tracks for regions at varying stages of infrastructure development including:
Destination-only track: A non-funding opportunity that solely designates regions as TechHub
Strategy development grants: Designates the recipient as a TechHub while offering up to $100,000 to fund for regions looking to develop their plans for growth with initiatives including stakeholder engagement, ecosystem assessment, and the development of strategic plans
Transformation grants: For regions ready to implement large-scale projects to enhance their innovation ecosystems, offering up to to $5 million over a period of up to three years for initiatives that support the development of high-growth scaling companies, stimulate technology commercialization, and/or promote workforce development
To be eligible for the program, the lead or primary applicant must be a Massachusetts not-for-profit entity. Eligible applicants can be from an array of organizations including economic development agencies, local governments, institutions of higher education, and incubators.
Applications will be accepted until 5 p.m. on March 28.
“MassTech sees an incredible opportunity to highlight and strengthen centers of innovation that are active across the state, in the manner that the Gateway Cities program has highlighted opportunities on Main Streets around the commonwealth,” Innovation Institute Director Patrick Larkin said in the press release. “MA TechHubs will make strong, targeted investments that support these community centered partnerships and create opportunities to significantly expand the innovation economy in Massachusetts."
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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