WASHINGTON – Today, U.S. Sens. Mark Warner and Tim Kaine (both D-VA) announced that the U.S. Department of Commerce (DOC)’s Economic Development Administration (EDA) had awarded $1,282,917 in federal funding to promote entrepreneurship, startup creation, innovation, and commercialization in Martinsville and Blacksburg.
“This funding is another step in the right direction, helping to boost startups through investments in technology, health, and life sciences,” said the Senators. "By supporting these programs and giving them the tools they need to be successful, we can help spur entrepreneurialism and job creation across the Commonwealth.”
The funding was awarded as follows:
- $300,474 for the Patrick Henry Community College’s IDEA: Innovate, Design, Engineer, Accelerate (IDEA) to Support Entrepreneurial Growth and accelerate company growth in its rural service region through building the resources and capabilities of the IDEA Center in Martinsville, VA.
- $982,443 for Valleys Innovation Council's Growing our Innovation Ecosystem: Scaling the Success of the Regional Accelerator and Mentoring Program (RAMP) project to support scalable startups in technology and health and life sciences in Roanoke and Blacksburg, VA.
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds.