Biden's $500 Million Tech Funding

Key Points

1. 31 Tech Hubs Designated: The Biden Administration has established 31 technology hubs in 32 states and Puerto Rico, under a new Tech Hubs program, to bolster regional technological capabilities and innovation.

2. $500 Million Funding: A total funding of $500 million has been allocated, with each hub eligible to compete for between $40 million and $70 million to enhance technological advancements and job creation in specialized sectors.

The Biden Administration has embarked on a substantial investment in the technological sector by allocating $500 million in funding. This initiative is structured around the establishment of 31 technology hubs, spread across 32 states and Puerto Rico.

The primary objective is to fortify the regions' capacity to manufacture, commercialize, and deploy technology, thereby fueling economic development and job creation​​.

The funding program is termed as the Tech Hubs program and was authorized by the CHIPS and Science Act, signed into law by President Biden in 2022. Each of the designated tech hubs is now eligible to vie for a funding slice ranging between $40 million and $70 million.

The overall program funding nears $500 million, with plans to award 5-10 entities in the subsequent phase of this initiative​.

A significant aspect of these hubs is the prominent role played by educational institutions. Universities, minority-serving colleges, and community colleges are pivotal in all the hubs, focusing on research and commercialization opportunities in diverse domains like autonomous systems, quantum computing, biotechnology, precision medicine, clean energy advancement, and semiconductor manufacturing​.

References

1. https://www.forbes.com/sites/michaeltnietzel/2023/10/24/universities-play-major-role-in-31-tech-hubs-that-will-compete-for-500-million-in-funding/
2. https://www.reuters.com/business/us-picks-31-regional-hubs-spur-tech-innovation-2023-10-23/
3. https://www.eda.gov