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On October 3rd, the Biden-Harris administration announced 31 regional tech hubs across 32 states, and Puerto Rico will be the first to receive funds as part of the CHIPS and Science Act. Those tech hubs are responsible for developing technology in various segments, including Massachusetts and Rhode Island’s Ocean Tech Clubs, which aims to build, test, and commercialize maritime AI and machine-learning robots.
More notably, quantum computing, EV materials, advanced medicine, and polymers replacing fossil-fuel plastics are also included on the list. All the hubs are aiming to turn into a leader in its intended segment within the decade. The U.S. Department of Commerce says tech hubs can apply for grants worth $40 million to $70 million, with a maximum of $500 million being sent in the first round.
“President Biden’s Investing in America agenda has used strategic public investments to crowd-in private sector funding in key areas driving American competitiveness. Since President Biden took office, private companies have announced more than a half a trillion dollars in clean energy and manufacturing investments, including $230 billion in semiconductor manufacturing, nearly $140 billion in electric vehicle and battery manufacturing, and $20 billion in biomanufacturing, all of which are represented by the Tech Hubs announced today. These investments will further position U.S. businesses and workers to outcompete the world in the economy of tomorrow and strengthen our national and economic security,” the announcement states.
Additionally, eleven tech hubs received Strategy Development Grants from the U.S. Economic Development Administration. Eighteen of those grants were provided to organizations, helping them eventually transition into a tech hub.
This really feels like insiders helping each other out. I think this funding should be used to target smaller groups.
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