EDA Increasingly TBED Friendly, Sampson to Keynote at SSTI's Conference

A review of recent grant announcements from across the country reveals the growing importance the Economic Development Administration (EDA) places on supporting technology-based economic development projects. EDA's emphasis on technology-led economic development is expected to be the focus of  a keynote address delivered by Dr. David Sampson, Assistant Secretary of Commerce for Economic Development and EDA head, at SSTI's Sixth Annual Conference this October 2-3.

EDA — which since 1965 has provided assistance to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically-distressed areas — has historically concentrated funding on traditional economic development projects focused on public works and infrastructure.

EDA has been working to shift more resources toward tech-based approaches to building wealth and securing higher-wage jobs for rural and urban areas. A sampling from the latest rounds of grants reflects this shift:

• $1.5 million for construction of a 40,000 sq. ft. information technology business incubator in the Stonewall Research and Technology Park in Abingdon, Virginia.
• $1.45 million toward construction of a Health Sciences facility at the University of Arkansas in Fort Smith.
• $100,000 grant to the University of Alaska, Anchorage to support the university's technical assistance program for local governments and nonprofit groups.
• $50,000 grant to the Lebanon Valley (Pennsylvania) Economic Development Corp. for a feasibility study to develop a technology park.

In a recent speech in Denver, the Assistant Secretary said "our goal is to generate more economic impact per dollar of input than any other federal agency involved in economic development. To accomplish this, EDA will embrace an economic development strategy based on enhancing regional competitiveness, fostering innovation, increasing productivity and developing industry clusters."

He continues, "Economic development programs can help private businesses build links with public institutions, like schools, universities, community colleges and research institutions. They can assure that public infrastructure is available and that public services are provided to attract economic growth. They can help emerging businesses navigate complex regulatory systems. When the market place bypasses certain geographic areas or when regional economies are experiencing structural economic change, economic development programs can help build a more favorable business climate to attract private capital investment by encouraging new partnerships and new institutions to respond to these market opportunities. Over time these economic development activities can help to influence both the rate and location of economic change."

To learn more about the other SSTI conference speakers and to register, go to: http://www.ssti.org/conference02.htm [expired]