The Biden administration has announced that it will provide $504 million in implementation grants for tech hubs in several states including Ohio, Montana, Nevada, and Florida. These grants will support the development of technologies such as quantum computing, biomanufacturing, lithium batteries, computer chips, personal medicine, and more. The goal is to promote technological innovation across the country, rather than concentrating it in a few metro areas like San Francisco, Seattle, Boston, and New York City.
Commerce Secretary Gina Raimondo emphasized the importance of providing resources to smart people, entrepreneurs, and research institutions across the U.S. to help them compete and thrive in the tech sectors that will drive the global economy in the 21st century. The funding for the tech hubs comes from the Commerce Department’s Economic Development Administration.
President Joe Biden designated 31 tech hubs in October 2023, and the administration is working to secure additional funding for the program so that all designated tech hubs can receive the resources they need to compete effectively. The tech hubs receiving funding include a variety of areas such as quantum technology, biotechnology, renewable energy, climate resilience, and more.
The goal of these grants is to support innovation and economic growth in regions that may not traditionally be seen as tech hubs. By investing in a diverse range of technologies and industries, the administration aims to create opportunities for entrepreneurs, researchers, and businesses across the country. This funding is part of the administration’s broader efforts to promote technological advancement and economic development in all corners of the U.S.