The Biden administration has chosen 31 regional tech hubs from 370 applicants. These hubs are located throughout the country and various territories and each one is eligible for federal funding, via the CHIPS Act, to help spur innovation and encourage job growth.
, drawn from nearly 400 applicants. These hub areas are spread across the country, in addition to territories like Puerto Rico, and each spot could share in $500 million of funding asThe administration hopes to use these hubs to “catalyze investment in technologies critical to economic growth, national security and job creation” with an end goal of helping “communities across the country become centers of innovation critical to American competitiveness.
There’s one caveat. Snagging one of these coveted hub designations doesn’t guarantee federal funding. The Commerce Department will follow each program throughout the next year, with funding to follow. Raimondo says that five to 10 hubs will receive up to $75 million. With 31 hub areas and just $500 million to disperse, that could leave many locations in the financial cold.
Biden has asked Congress for an additional $4 billion to fund even more regional tech hubs, but, well, that would be part of the full-year budget and you may have noticed that the House still lacks a speaker with a government shutdown on the horizon.
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