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EDA Helps Launch Jobs and Innovation Accelerator Challenge to Promote Regional Growth, Competitiveness

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Unprecedented initiative leverages resources of 16 federal agencies to create jobs and economic prosperity

UPDATE: Read Gene Sperling and Ginger Lew's post on this subject on the White House blog.

The Commerce Department’s Economic Development Administration (EDA), along with 15 other federal agencies within the Obama Administration, today announced a $33 million Jobs and Innovation Accelerator Challenge to drive innovation-fueled job creation and global competitiveness through public-private partnerships in at least 20 regions around the country. 

The Challenge will award funds to regions with high-growth industries that support a wide range of economic and workforce development activities.

The Department of Labor’s Employment and Training Administration will invest up to $20 million for technical skills training; EDA will invest up to $10 million in Economic Adjustment Assistance funds; and the Small Business Administration will invest up to $3 million in technical assistance. 

The Obama administration is committed to smarter use of existing federal resources to foster regional innovation in support of sustainable economic prosperity. Strong industry clusters – like the Research Triangle in North Carolina or Silicon Valley in California – promote robust economic ecosystems and the development of a skilled workforce, both of which are critical to long-term regional success.

“Regional innovation clusters bring together the knowledge and financial resources that America needs to compete in the global economy,” said NationalEconomic Council Director Gene Sperling. “The Jobs and Innovation Accelerator Challenge will help regional innovation clusters produce the nextgeneration of innovative products and drive sustainable economic growth and job creation.”

The deadline to apply to the Jobs and Innovation Accelerator Challenge is July 7, 2011. Details about the application process are available here.

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