Fact Sheet: Inaugural Innovative Capital Summit Fact Sheet: Spurring Private Sector Investments in Technologies of the Future

Announcements made at the inaugural event included $20 million in philanthropic support for the Good Jobs Economy initiative, including for regions designated as Regional Tech Hubs under the Biden-Harris Administration’s landmark investment program.

On July 23, the Biden-Harris Administration announced a series of actions and commitments from the U.S. Department of Commerce’s Economic Development Administration (EDA), the National Science Foundation (NSF) and the private sector to enable the long-term, sustainable success of all designated Regional Technology and Innovation Hubs (Tech Hubs), NSF Regional Innovation Engines (NSF Engines) and their broader ecosystems.

These announcements were made at the inaugural Innovative Capital Summit, hosted by the U.S. Department of Commerce and the Special Competitive Studies Project in partnership with EDA, NSF, and the Milken Institute. The event was held in Washington, D.C., and brought together stakeholders across industry, philanthropy, government and academia to help foster collaboration in regional technological development. The Summit was developed to help catalyze investment in American innovation and competitiveness by bringing together third-party capital providers and members of regional technology ecosystems from across the U.S. The participating ecosystems included Tech Hubs and NSF Engines. Each of these groups are focused on developing and supporting groundbreaking advancements in quantum computing, medicine, biotechnology, autonomy, semiconductors, energy, agriculture, aerospace, critical minerals, advanced materials or climate resilience.

“If we want a truly national innovation ecosystem, we need to tap into the full potential of our country and expand beyond the typical metropolitan locations that have become overconcentrated. That was the driving idea behind our Tech Hubs program – to meet people where they are,” said U.S. Secretary of Commerce Gina Raimondo. “We are investing in regional consortiums that will accelerate American competitiveness in the 21st century and ensure our leadership in the industries of the future, including biotech, quantum, autonomous systems, clean energy, and advanced manufacturing. But we can’t do it alone, which is why convenings like this are so critical to institutionalize the work we’re doing and continue investments in the Tech Hubs Program. This week’s announcements underscore what’s possible when we bring together our greatest assets and create bridges for opportunity.”

“The NSF Engines and EDA’s Tech Hubs constitute significant and transformational place-based science and technology investments by the federal government. These investments have planted the seeds of innovation, opening doors to opportunities across the nation and ensuring the U.S. leads in technologies that will define the future,” said NSF Director Sethuraman Panchanathan. “NSF was thrilled to collaborate with the U.S. Department of Commerce and the Economic Development Administration to connect capital providers to teams leading these innovation ecosystems. That is the catalyst we need to spark the private sector’s investment that will scale these innovation ecosystems and transform industries and communities across America.”

About the Inaugural Innovative Capital Summit:

The first Innovative Capital Summit gathered some of the nation’s largest capital providers, including philanthropies, venture and growth capital, private equity and infrastructure funds, along with other organizations, with designated Tech Hubs and NSF Engines to elevate investment opportunities and facilitate complementary Federal and private sector investments as part of a series of engagements between communities and capital providers. The day-long Summit provided attendees the opportunity to hear from nearly 40 communities designated as Tech Hubs or NSF Engines about their plans for becoming globally competitive in critical and emerging technology commercialization in the next ten years. The inaugural Innovative Capital Summit will be followed by additional convening activities over the rest of the year.

The Summit resulted in a series of major announcements to spur continued investments in regions and technologies of the future.

Philanthropic and Private Sector Commitments to Tech Hubs: Participating U.S. companies, government agencies, and organizations announced several major commitments at the Summit, which include the following:

Non-profit organization America Achieves announced its new Good Jobs Economy initiative working with local regions, including Tech Hubs, to advance and integrate strategies for economic growth and economic mobility by providing them with funding, a community of peers, and high-quality, tailored technical assistance. The Good Jobs Economy initiative is being supported by at least $20 million in philanthropic funding. Funding for planning and preparation has been provided by Blue Meridian Partners, the George Kaiser Family Foundation, the Mastercard Center for Inclusive Growth, Strada Education Foundation, and others. Funders supporting implementation of this work going forward include MacKenzie Scott, among others.
Google announced it will provide scholarships for career-ready upskilling in fields like cybersecurity, IT support, data analytics, and artificial intelligence. Google Career Certificates have helped over 250,000 people upskill in the U.S. To support small businesses in Tech Hub communities, Google will also provide access to Grow with Google Digital Coaches, which offers training and hands-on coaching on topics like cybersecurity, connecting with customers, and improving business productivity. Grow with Google Digital Coaches have helped train more than 230,000 small businesses across the U.S. to date.
The Milken Institute announced the development of a Tech Hub Partners program to strengthen the network of 31 Tech Hubs across the U.S. to link business leaders and investors to new tech innovation opportunities and develop new strategies for U.S. technology and economic competitiveness. The effort will focus on strengthening and accelerating ties between the Tech Hubs, business leaders looking to invest in bottom-up innovation, and stakeholders engaged in the Institute’s 10,000 Communities Initiative, which helps underserved communities and diverse entrepreneurs to develop critical regional infrastructure and support equitable supply chains.

Additional Background:

Benefits of Tech Hubs Designation: A Tech Hubs Designation is an endorsement of a region’s plans to supercharge their respective technological industry to create jobs and strengthen U.S. economic and national security. The Tech Hubs Program is partnering with departments and agencies from across the federal government to offer support and benefits to all 31 Tech Hubs Designees, including support for Tech Hubs Designees and ecosystems in driving additional capital to finance the growth of innovation centers. For the purpose of expanding access to capital and markets, these include:

Site Visits: To amplify the Tech Hubs Implementation Awards announcement, demonstrate EDA’s commitment to all designated Tech Hubs, and encourage continued industry and diversified private sector investments into Tech Hubs, White House, Commerce, and EDA Principals will be visiting all Tech Hubs throughout Summer 2024. EDA and NSF are collaborating to amplify Federal place-based investments and are inviting capital providers, through the Innovative Capital Summit, to join these visits, do their own due diligence, and experience the tangible opportunities across Hubs and Engines.
Centralized Follow-on Funding Information: EDA will offer Tech Hubs a robust Capital Database that aggregates information about public and private sector funding opportunities relevant to Tech Hubs’ capital-raising goals and initiatives.
Next Round of NSF Competition: NSF announced the second NSF Engines competition. Nearly 300 teams have signaled an intent to apply for the opportunity, spanning every U.S. state and territory and with representation from several Tech Hub designees. These prospective NSF Engines demonstrate a tremendous amount of latent innovation potential and capacity across the United States. Eligible applicants have submitted letters of intent to submit preliminary proposals on August 6, 2024. To learn more and reach out to the teams interested in participating in this round of the competition, visit NSF’s interactive dashboard. 

Additional Commitments to NSF Engines and Tech Hubs Designees: Phase 1 of the Tech Hubs program identified 31 Tech Hubs in geographically diverse, high-potential regions across the country with demonstrated expertise in emergent technology sectors. Collectively, these Tech Hubs secured well over a thousand commitments, attracting more than $4 billion in investment commitments and catalyzing meaningful public and institutional policy changes that support their strategies. Since attracting those commitments in their Phase 2 applications, NSF Engines and Tech Hubs have secured additional commitments, which include the following:

Baltimore Tech Hub: Belgian-based company Cenergy Holdings announced plans in July to establish a cable manufacturing facility in Maryland. Its U.S. subsidiary, Hellenic Cables Americas, has officially acquired a 38-acre property in Wagner’s Point along the Patapsco River in Baltimore City, where it will support 500+ direct and indirect jobs.
Birmingham Biotechnology Hub: The Alabama Community College System (ACCS) has completed content development for the state’s first Biotechnology Technician accredited training program and expects its deployment in November 2024. Content development resulted from collaboration between private industry, the state’s biotechnology professional association, colleges, and the Alabama STEM Council. Once live, ACCS will fund scholarships for every student who wants to complete this course, totaling an approximate $1.2M in-kind donation and an estimated 400 learners impacted over five years.
The Bloch Tech Hub: Illinois Gov. JB Pritzker announced Quantum Proving Ground, a pivotal partnership between Defense Advanced Research Projects Agency (DARPA) and the State of Illinois to test and evaluate utility-scale quantum computing prototypes for economic and commercial applications. This historic investment from DARPA for up to $140M, matched by the state, will support researchers and companies to drive quantum innovations to scale, while also boosting Illinois’ local economy and creating countless high-wage jobs.
Central Florida Semiconductor Innovation Engine: This Engine announced a 5-year extension of Tokyo Electric’s partnership with Bridg/NeoCity and Skywater to host their Demonstration Center on site. The Central Florida Semiconductor Innovation Engine, which was also a winner of Build Back Better Regional Challenge funding announced a partnership with incubator/accelerator, Plug and Play, to host a world-wide semiconductor vertical. The initial 10 start-ups have been identified and are moving on-site with an additional to be named soon.
ClimateReady Tech Hub: Titan America secured $61M from the Department of Energy for first-of-its-kind clean cement deployment and research, supporting TITAN Cement Group’s ambitious goal to deliver net-zero concrete by 2050. The Defense Advanced Research Projects Agency (DARPA) will fund $10M of local Reefense deployments in Miami-Dade. Seaworthy Collective and Ocean Exchange have been invited to apply for the National Oceanic and Atmospheric Administration’s Ocean-Based Climate Resilience Accelerator Phase 2 funding.
Colorado-Wyoming Climate Resilience Engine: This spring, Innosphere Ventures, the lead organization for the Colorado-Wyoming Climate Resilience Engine, was awarded $1.4M from Opportunity Now Colorado Grant Program to address regional workforce gaps in systems engineering. They also announced the first round of its Use-Inspired and Translation Grant opportunities, offering university innovators up to $300,000.
CM2AE Tech Hub: U.S. Strategic Metals has reached nearly $500M in funding and commitments for expansion of its mining, recycling, and processing operations, helping drive United States supply chain independence. Doe Run was awarded a $7M Department of Defense critical minerals project grant under the Defense Production Act.
Elevate Quantum Tech Hub: Elevate Quantum Tech Hub is excited to announce the launch of the Quantum Commons at Arvada. This 70-plus acre dedicated quantum site will house globally unique rapid prototyping and low volume manufacturing capabilities to enable every single modality and technology for quantum. Activated with $100M+ in capital, the park will be the lynchpin of Elevate Quantum’s strategy to create 10,000+ jobs, unlock $2B in private capital, and generate $100M+ in revenue for this public-private partnership to reinvest in the region.
IFAB Tech Hub: Primient, a leader in sustainable food and industrial ingredient production, has committed to invest $400M in infrastructure and operations over the next five years. Serra Ventures closed its second Agriculture and Food Tech Fund for $15M with Grondex International, B.V. The State of Illinois launched the Innovation Vouchers Program to incentivize Research & Development collaboration. Finally, the LabWorks life sciences incubator at the University of Illinois Research Park celebrated its grand opening.
KC BioHub: KC BioHub secured an additional $1M appropriation in the State of Missouri budget.  Mayor Quinton Lucas and the Kansas City Missouri City Council granted the Tech Hub land with an estimated value of $3M in the Health Science Innovation District to house a shared wet lab and scale-up facility. A workforce working group drove the approval of biomanufacturing apprenticeship programs in both Kansas and Missouri as a result of their advocacy during the Tech Hubs application process.
Ocean Tech Hub: Anduril Industries recently announced a new manufacturing facility (150,000 sq ft) for large scale production of Autonomous Underwater Vehicles (AUVs) in Quonset Point, Rhode Island. Quonset Business Park cut the ribbon on railroad improvements and expansion on July 14, announcing over $4M to improve railroad infrastructure at this major port in Rhode Island. The Canadian Consulate General of Boston has announced Boston Blue Tech – a Canadian Technology Accelerator (CTA) in Ocean Technology in partnership with Ocean Tech Hub consortium partner Blue Venture Forum.
PRBio Tech Hub: Academic and industry partners of the PRBio Tech Hub organized and hosted the International Forum on Process Analytical Chemistry Summit in June, featuring discussions with 100 technical leaders from across Puerto Rico’s biopharma companies.
PROPEL Tech Hub: Iovance Therapeutics will continue its Philadelphia expansion focused on tech-ready employees, achieving Food and Drug Administration approval of the first cell therapy for metastatic melanoma in 1H’24. Recently-launched Keystone LifeSci Collaborative is creating sustainable talent pipelines by organizing public, community, and industry partners.
Texoma Semiconductor Tech Hub: The State of Texas has committed $62.5M in matching funds and the Choctaw Nation has committed a $2M investment to support the Tech Hub. The U.S. Department of Commerce and GlobalWafers have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400M in proposed direct funding to help onshore critical semiconductor wafer production. Coherent & Sherman Economic Development Corporation (CSEDC) announced $101M of planned investment, the Geroge W. Bush Institute committed $1.5M, and the Spears Institute for Entrepreneurial Leadership is in the final stages of confirming a commitment.
Follow-On Activities to Connect Capital and Innovation Ecosystems: U.S. government entities announced several upcoming opportunities designed to build on the Summit’s progress and relationships:

The NSF’s Directorate for Technology, Innovation and Partnerships (TIP) and EDA announced the ROADMAP Summit planned for December 2024. This event will be a new, major U.S. Government event hosted by NSF, EDA and their partners to convene and elevate the teams leading the Federal Government’s historic place-based innovation investments, including the NSF Regional Innovation Engines and EDA Regional Technology Hubs.
The Federation of American Scientists (FAS) will host a convening for national and regional philanthropic organizations in the coming months to explore opportunities to co-invest in NSF Engine communities and a broader set of NSF priorities. Funded by NSF and modeled after the successful NSF Industry Partnership Summit in Spring 2023 and the Innovative Capital Summit, it will bring together philanthropic and NSF leaders to identify opportunities for mutually impactful partnerships. The convening will include roundtable discussions spanning key topics for ongoing collaboration, including shared priorities, sector-specific opportunities, and emerging technology needs including workforce needs. To express your interest in being invited to this event, please fill out this form.

Read the full report from the U.S. Department of Commerce: Read More