Daily Rules, Proposed Rules, and Notices of the Federal Government
Each Accelerator Challenge investment will serve as a catalyst for leveraging private capital in the regions from an array of sources such as foundations, financial institutions, corporations and other private sector partners. Through its unprecedented linking, aligning and leveraging of Federal resources and by building strategic public-private partnerships, the Accelerator Challenge will foster broad regional innovation, job creation, and global competitiveness.
Funds awarded to the winning applicants can be used to support and accelerate a range of measurable outcomes, including innovation, commercialization, business formation and expansion, development of a skilled workforce, job creation, exports, sustainable economic development and global competitiveness in approximately 20 industry clusters that exhibit high-growth development potential. These successful clusters will promote growth that is inclusive of the region's population.
This initiative represents the implementation of a number of Obama Administration policy priorities including:
* Acceleration of bottom-up innovation strategies encompassing urban and rural geographies, as opposed to imposing "one size fits all" solutions from Washington; and
* Reduction of Federal programs silos and promotion of more coordinated Federal funding opportunities that offer a more efficient system for customers to access Federal resources.
The partner agencies and bureaus include: Department of Commerce (EDA, National Institute for Standards and Technology (NIST), International Trade Administration (ITA), and Minority Business Development Agency (MBDA)); Department of Labor (Employment and Training Administration (ETA)); Small Business Administration (SBA); Department of Education (ED); Department of Agriculture (USDA); Environmental Protection Agency (EPA); National Science Foundation (NSF); Department of Transportation (DOT); Department of Health and Human Services (HHS); Department of the Treasury (TREAS); Department of Housing and Urban Development (HUD); and Department of Energy (DOE).
Subject to funding availability, the total proposed funding for the Accelerator Challenge is approximately $33 million in direct Federal support from the three funding agencies and bureaus: EDA, ETA, and SBA. Specific funding sources will be named in the forthcoming FFO.
Clusters selected for funding may receive specialized technical assistance or other resources from partner agencies and bureaus, which will offer this assistance from existing programs and initiatives. These resources include Federally funded assets that can be leveraged by the clusters and entities that are available for collaborative partnerships to strengthen the clusters.
Applicants will be asked to discuss several components of their cluster. They will be evaluated against criteria that include: evidence of a high-growth cluster; the cluster's needs and opportunities; a proposed project concept and scope of work; and the projected impact and measurable outcomes. Outcomes might include how Federal funds will be used to:
* Achieve sustainable economic growth in the region;
* Augment business formation, especially small businesses, and leverage existing businesses and manufacturing assets;
* Advance commercialization of Federal and private research and increase exports;
* Develop a skilled workforce through outreach, training, and the creation of career pathways; and
* Integrate historically underserved businesses and communities into the economic activities of the cluster.
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