The Innovation Institute Fund
The $15 million Innovation Institute Fund supports regional technology-based economic development initiatives across the Commonwealth. Grants are provided to public and not-for-profit organizations to enable them to undertake initiatives that are intended to create and maintain a favorable environment for the establishment, attraction, retention and expansion of technology-intensive businesses.
- Regional Priority Award Program - early stage, small to medium scale technology-based projects that can move a region or an economic cluster forward. Fundable projects will advance opportunities for the development, retention and growth of regional employment in technology-based economic sectors. Amounts: range $25K to $150K Open Grant (posted 2/7/05)
- Project Award Program – new and unique technology-based economic development projects that will enhance the competitiveness of a specified technology sector within a given region. Amount: up to $500K Open Grant (posted 4/4/07)
- Infrastructure Grants – large-scale, competitive awards for the purpose of catalyzing exceptional opportunities to grow/expand a specified technology-based economic sector. Amount: up to $2M
Innovation Institute Fund addresses:
- the lack of capital investment from both public and private resources
- decline of traditional engines of economic growth (e.g., paper industry)
- insufficient critical mass of small and medium-sized private sector firms in growth oriented technology clusters
- missing components of the public infrastructure so critical to technology based business growth (high speed communications systems)
- lack of sustaining conduits for technology transfer from academia to industry
- insufficient linkages between the health care industry, academia and economic development necessary to promote process and product innovation that can lead to new business startups
- insufficient coordination between public sector policies and private sector growth opportunities (e.g., turnkey facilities)