How Regional Technology Hubs can advance inclusive innovation
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The U.S. Economic Development Administration (EDA) designated 31 Regional Technology and Innovation Hubs (Tech Hubs) in October 2023. The EDA plans to award implementation grants of $40-$70 million to each of approximately five to ten of these regional coalitions. The goal is to create innovation clusters that enhance national security, improve supply chain resilience, and bolster America's position as a global leader in technology. The Tech Hubs program aims to deliver investments in ways that avoid replicating the highly unequal economic, demographic, and geographic outcomes present in America's current innovation economy. All 31 Tech Hubs have proposed specific inclusive talent development strategies, with technical job training being the most common. Many regional coalitions also highlight the important role of higher education institutions and employers in building inclusive talent pipelines. Nearly two-thirds of Tech Hubs plan to support inclusive entrepreneurship opportunities, ranging from engaging existing accelerators and incubators to expanding access to venture capital. Investments in innovation, research, commercialization, and infrastructure were less likely to incorporate equity and inclusion. However, all Tech Hubs have incorporated equity and inclusion objectives into their governance strategies. The decisions made by the Tech Hubs in implementing their strategies will determine whether they successfully deliver inclusive growth and activate the full potential of their regional economies. Regional partners, including state and local governments, philanthropies, and universities, can also play a role in powering inclusive innovation and growth across the nation.

#Technology #Innovation #EconomicDevelopment #Equity #Inclusion

https://www.brookings.edu/articles/how-regional-technology-hubs-can-advance-inclusive-innovation/