Regional Innovation Funded by CHIPS & Science

In my role on the National Advisory Council on Innovation and Entrepreneurship (NACIE), I have been honored to work with fellow advisory council members and the Department of Commerce to shape a new $10B Regional Innovation Hub program that will be funded by The CHIPS & Science Act. 

Recently I had the pleasure of speaking about that new program with David Ponraj on Breaking Down Barriers, a podcast that “explores the opportunity to build wealth in local, regional, and national economies through entrepreneurship-led economic development.” 

We discussed:

• The Regional Innovation Hub program’s plan for “catalytic” investment of $1B in 10 state ecosystems over five years.
• What the Regional Innovation Hub program prioritizes: advancing technologies, building new businesses, and shifting talent patterns around diversity, inclusivity, and job opportunities.
• What qualifies a region for the program, and why the program prioritizes a region’s potential over its need–the assets, resources, and opportunities that will translate into the greatest wins for the national economy, as well as for national security.
• The importance of breaking down barriers for traditionally marginalized communities, setting the conditions for new businesses to launch and thrive.
• Where ecosystem development starts, ideally: Mapping conditions and assets in the region or state, then recognizing opportunities to connect businesses and other entities for growth. 
• The significant impact startup communities have on state, region, or community ecosystems when “nodes” are connected, including entrepreneurs, angel investors, incubators, universities, and corporate entities. 

The National Advisory Council on Innovation and Entrepreneurship (NACIE) is in the Department of Commerce. Its purpose is to support entrepreneurs who are advocating for innovative technologies. Regional Innovation Hubs is one program under CHIPS & Science. Learn more about NACIE and the Regional Innovation Hub program.