The Department of Commerce has initiated a new grant program with the goal of injecting up to $500 million into the nation’s technological epicenters. The initiative’s goal is to stimulate the expansion of the technology sector beyond the Silicon Valley.
We’re going to invest all throughout the country,” Gina Raimondo, the secretary of commerce, stated. “Getting a good job in technology shouldn’t require you to uproot your life and go to New York or San Francisco.”
Partnerships between universities and businesses in the tech sector are required for regions, states, or cities to be eligible for the government awards.
Many other types of businesses could be eligible, according to Michael Wallace of the National League of Cities.
The world-famous Mayo Clinic can be found in Rochester, Minnesota. One of the categories is medical technology,” Wallace said. Secretary Raimondo has stated that many different kinds of initiatives qualify, from research laboratories to infrastructure upgrades to programs that train workers.
The legislation establishing this program was introduced by Representative Susan Wild and included in the 2022 CHIPS Act.
“I just think we have outsourced too much of our economy to other parts of the world for way too long,” Representative Wild remarked.
She also notes that with this funding, institutions will be able to provide students with courses that are “designed almost to the specs of an employer or manufacturer or industry.”
The Department of Commerce estimates that the program’s eventual cost could rise to $4 billion.
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