Unprecedented initiative leverages resources of 16 federal agencies to create jobs and economic prosperity
UPDATE: Read Gene Sperling and on this subject on the White House blog. 's post
Department’s Economic Development Administration (EDA), along with 15 other
federal agencies within the Obama Administration, today announced a $33 million
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.
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.