FY2023 Build to Scale Program

Background
The U.S. Economic Development Administration (EDA), U.S. Department of Commerce (DOC) is offering the FY2023 Build to Scale Program, which aims to accelerate high-skill and high-wage job growth, create economic opportunity, and support the future of industry leading companies. The program is committed to furthering tech-based economic development initiatives.

Grant Details
Under the Build to Scale Program, EDA is soliciting applications for two competitions: the 2023 Venture Challenge and the 2023 Capital Challenge. The Venture Challenge aims to support technology entrepreneurship and accelerate company growth, while the Capital Challenge provides operational support for the formation, launch, or scale of investment funds that seek to raise equity-based capital to deploy in scalable startups or organizations that expand equity-based capital access and deployment within a community, region, or regional industry.

Eligibility Requirements
Eligible applicants for EDA financial assistance under this NOFO include states, Indian tribes, cities or other political subdivisions of a state, nonprofit organizations, institutions of higher education, public-private partnerships, science or research parks, Federal laboratories, venture development organizations, economic development organizations or similar entities focused primarily on improving science, technology, innovation, or entrepreneurship; or a consortium of any of the aforementioned entities. EDA is not authorized to provide grants to individuals or other entity types that are not eligible under this NOFO.

Period of Performance
Subject to the availability of funding and based on applications received, successful applicants should expect to receive grant award notification approximately 90-120 days following the application deadline set forth in this NOFO. The anticipated start date for all competitions under this NOFO is November 1, 2023.

Grant Value
EDA has been appropriated $50 million for grants authorized by section 27 of the Stevenson-Wydler Technology Innovation Act of 1980. EDA plans to award no less than $40 million under the 2023 Venture Challenge and no less than $8 million under the 2023 Capital Challenge.