Frederick Tech Incubator Awarded $450,000 From Rural Maryland Prosperity Investment Fund
The Frederick Innovative Technology Center,
Inc. (FITCI), Frederick, Maryland’s tech incubator, announced today that it is
the recipient of two grants totaling $450,000 from the Rural Maryland
Prosperity Investment Fund of the Rural Maryland Council (RMC). The Fund
provides targeted investment to promote economic prosperity in Maryland’s rural
The first grant, for $200,000, will be used
toward the development of a Community Growth Accelerator Program to complement
the services provided in FITCI’s two incubator locations. The accelerator is a
cohort-based program that includes connections, mentorship, educational
components, and culminates in a public pitch event to accelerate growth.
The RMC also awarded FITCI $250,000 for the
construction and operation of a premier Tech Shop, a new shared tech makerspace
in the incubator’s downtown Frederick location. The Tech Shop will be designed
to prepare rural Marylanders with the tools and training necessary to adapt to
a rapidly changing technological landscape, by tapping into the nascent Internet
of Things (IoT) market.
FITCI President and CEO, Kathie Callahan
Brady, expressed appreciation for the grants as well as support of the
incubator from Frederick County public officials: “We couldn’t be more thrilled
to hear of the news. This couldn’t have come at a better time for FITCI, we
recently opened our beautiful new center in the ROOT building downtown, thanks
to County Executive Jan Gardner and the County’s support. With these grants we
can now put the finishing touches on our programs and the rest of the center.
Through these projects, we will be able to guide so many more entrepreneurs in
ways that will accelerate and transform their businesses. We are so grateful
for the support of so many people.”
The Rural Maryland Council (RMC) brings together
citizens, community-based organizations, federal, state, county and municipal
government officials, as well as, representatives of the for-profit and
nonprofit sectors to collectively address the needs of rural Maryland
The Frederick Innovative Technology Center
Inc. (FITCI) was founded as a nonprofit partnership in 2004 to foster
entrepreneurial activity within Frederick County. FITCI’s mission is to
encourage innovation and accelerate the development of commercially viable
technology-based businesses by providing a nurturing and supportive
environment. FITCI supports early stage biotechnology, information technology,
and renewable energy start-up companies by offering office and wet lab space,
business services, and strategic support to local entrepreneurs.
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U.S. DEPARTMENT OF COMMERCE ANNOUNCES 51 “BUILD TO SCALE” GRANTS TOTALING $47 MILLIONTO FUEL INNOVATION AND TECH-BASED ECONOMIC DEVELOPMENT
Contact: EDA Public Affairs Department, (202) 482-4085
October 5, 2022
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding 51 “Build to Scale” grants – totaling $47 million – to organizations that support technology entrepreneurs, catalyze innovation and fuel economic growth.
EDA’s “Build to Scale” program provides annual grants that aim to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial support and startup capital. The 2022 awardees will leverage an additional $48 million in matching funds from a variety of private and public sector sources. These EDA investments support advanced manufacturing, bioscience, clean energy and blue economy clusters in regions throughout the United States.
"Strengthening technology ecosystems are a critical key to the Biden Administration's efforts to build a stronger America,” said Secretary of Commerce Gina Raimondo. “Innovation and entrepreneurship have long been keys to American success and will continue to strengthen our collective economic and national security, as well as individual prosperity and well-being.”
"EDA is proud to partner with this year's 'Build to Scale' grantees as they invest in entrepreneurs and create equitable access to capital in their communities," said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. "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.”
The 2022 Build to Scale program was comprised of two competitions––the Venture Challenge and the Capital Challenge. 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 by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.