FITCI Receives 2022 Grant from Rural Maryland Council
(Frederick, MD) Frederick Innovative Technology Center, Inc (FITCI) was awarded Rural Maryland Council’s Rural Maryland Prosperity Investment Fund Grant for 2022 for the Ag-Tech Lab project, part of FITCI’s new Innovation Center.
The funding, along with help from collaborators and partners like RoosterBio and a grant from the USDA, will built and outfit an agricultural technology-focused biotech lab in FITCI’s upcoming Innovation Center.
“Agriculture is a key driver of our local economy,” says FITCI CEO Kathie Callahan Brady. “Ag-Tech is a growing industry and will continue to balloon over the next few years as farmers and producers adapt to our fast-changing world. Having a dedicated Ag-Tech lab at FITCI will help us assist Ag-Tech startups that want to explore ideas, grow, and impact our futures for the better. Not only just in Frederick, but the whole world. We are very excited to have a number of supporters on board, especially RMC, to explore and build innovative Ag-Tech in Frederick.”
Construction on the lab is planned to begin next year as part of FITCI’s “FITCI 2.0” initiative. Further details about this development will follow shortly.
The Rural Maryland Council is an independent state agency that is located within the Maryland Department of Agriculture and identifies and addresses concerns and challenges facing rural Maryland. RMC facilitates and spurs collaborative activities and problem solving and provides much needed, and greatly appreciated, financial support to organizations and agencies throughout the state.
Frederick Innovative Technology Center Inc. (FITCI) was founded in 2004 to foster entrepreneurial activity in the information technology and life sciences industries 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.