The U.S. Commerce Department has launched a program that will award an initial $500M in grants for cities to become;technology hubs.
The Regional Technology and Innovation Hub program, or Tech Hubs, is aimed at turning middle American metro areas into hotspots for tech innovation.
- The aim is to expand tech investment beyond the current concentration in areas like Austin, New York, San Francisco, and Seattle, and foster economic and national security.
- The program;could encourage more well-paying jobs across the U.S. and help the country stay ahead in emerging technologies.
- Funded through a;$10B authorization from last year’s;CHIPS Act, the program will distribute $500M in grants this year to successful applicants, with each designated tech hub eligible for up to $75M.
- Hubs should concentrate on key technology areas, such as AI, robotics, biotech, cybersecurity, or energy efficiency.
- To qualify, applicants need a partnership with at least one company, a state development agency, worker training programs, a university, and state and local government leaders.
- The program plans to designate about 20 cities as tech hubs, with 10 of them eventually receiving funding.