us regional hubs tech innovation: US picks 31 regional hubs to spur tech innovation with $500 million corpus


The Biden administration on Monday named 31 US regional technology hubs from 370 applicants, making the areas eligible for $500 million in federal funding to help spur innovation across a variety of sectors.

President Joe Biden’s “industrial policy” effort uses federal government dollars to fund prospective growth sectors from electric vehicle battery production to semiconductors and clean energy to attract more private sector investments.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Digital Transformation Visit
MIT MIT Technology Leadership and Innovation Visit
Indian School of Business ISB Product Management Visit

“The US will lead the world again in innovation across the board,” Biden said at a White House event announcing the decision.

The new programme aims to spread the benefits of tech sector growth beyond traditional hubs from California’s Silicon Valley to Boston, said commerce secretary Gina Raimondo.

“Those tech ecosystems are concentrated in just a few places around the country,” she told reporters. “They don’t reflect the full potential of our country. They don’t corner the market on great ideas.”

The Biden administration this month announced seven “hydrogen hubs” in 16 states would share $7 billion to jump-start the emerging industry.

Discover the stories of your interest

The designated regional tech hubs are in cities from Baltimore, Maryland, to Birmingham, Alabama, and beyond, with a focus on critical minerals, biotechnology, artificial intelligence and quantum computing, among other areas. “People shouldn’t have to move to get a good job,” Raimondo said, noting many of the hubs are in small cities.

A Washington state and Idaho hub will focus on developing new materials for more fuel-efficient next-generation aircraft, while an Oklahoma hub seeks to commercialise autonomous systems in areas like agriculture and pipeline inspections. A Wisconsin programme aims to develop personalised medicine.

The hub designations are no guarantee of federal funding. Raimondo said the administration next year plans to award about five to 10 of the 31 tech hubs up to $75 million each.

Congress approved $500 million for the programme in August 2022 as part of the landmark “Chips and Science” law that provides $52 billion for US semiconductor production and research to better compete with China.

Biden this year asked Congress for $4 billion to fund additional regional tech hubs. Congress has not yet approved a full-year budget for the current fiscal year.

Voters rank the economy and inflation highest among their concerns. Biden, a Democrat with a 40% approval rating, is seeking another four-year term in the 2024 presidential election. Economists polled by Reuters expect data on Thursday to show that US output grew at a 4.3% inflation-adjusted rate in the third quarter.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

Source link

Denial of responsibility! Planetconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment