If November sparks gratitude and December is devoted to
giving, now is a perfect time to acknowledge
the good while renewing the spirit of fellowship and community. In response,
team members at the Frederick Innovative Technology Center, Inc. (FITCI), a
nonprofit dedicated to facilitating economic and workforce development through
dynamic support of emerging bioscience and technology start-ups, decided to
take things a step farther.
CEO Kathie Callahan Brady says, “We started in 2004 as a
public-private partnership and are fortunate to have a wide network of
passionate, enthusiastic supporters. They give their time, knowledge and whole
hearts to helping fellow entrepreneurs, those who are at the very beginning of
their journey, get the resources needed to pursue their dreams. FITCI wouldn’t
exist without dedicated volunteers and community support, especially our
partners in Frederick County and the City of Frederick. So, the FITCI team
decided to do something extra, inspired by the
buoyant spirit of generosity promoted as GivingTuesday.
We started by calling it Giving BACK Tuesday, but we are taking it through the end of the year.
So, it’s the season of Giving BACK.”
FITCI’s initiative challenges staff, member companies,
board members and other stakeholders to make volunteering a part of their
celebrations. The FITCI team will choose a local charity to support as a group.
typically celebrated the week after Thanksgiving, is an annual global movement which
was created in 2012 to unleash “the power of radical generosity around the
world.” It extends the spirit of gratitude surrounding Thanksgiving as the
frantic consumerism of the winter holiday season takes hold.
“We are in a unique position as a nonprofit. We are an
economic development engine for Frederick, but we still rely on donations and
fundraising,” says Callahan Brady. “Our volunteers, often high-level CEOs who
serve as mentors or on our clients’ Strategic Growth and Advisory Board, the
value of the time they contribute could easily top $200,000 per year. But it’s
priceless to us. This is a small way to repay that gift and keep the ripple
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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.