It will be used to increase support and startup capital.
Frederick, Md (KM) The Frederick Innovative Technology Center is the recipient of a “Build to Scale” grant.
The US Department of Commerce is awarding 51 of these grants totaling $47-million to organizations around the country. The goal is to accelerate technology entrepreneurship by increasing access to support and startup capital, according to the US Commerce Department. . The recipients will leverage an additional $48-million in matching funds from public and private sector sources.
“Strengthening technology ecosystems are a critical key to the Biden Administration’s efforts to build a stronger America,” said Secretary of Commerce Gina Raimondo, in a statement. “Innovation and entrepreneurship have long been keys to American success and will continue to strengthen our collective economy and national security, as well as individual prosperity and well-being.”
The Frederick Innovative Technology Center, or FITC, will be sharing a $1.8-million grant with the Eastern Shore Entrepreneurship Center.
By Kevin McManus