Home / Civilian Agencies / Commerce Department Awards $15M in Product Commercialization Support Funds; Penny Pritzker Comments

Commerce Department Awards $15M in Product Commercialization Support Funds; Penny Pritzker Comments

Penny Pritzker
Penny Pritzker

The Commerce Department has awarded close to $15 million to nonprofit organizations, higher education institutions and entrepreneurship-focused groups in support of efforts to turn their proof-of-concept ideas into commercial products.

A total of 35 organizations will also receive seed capital funds through the Economic Development Administration’s Regional Innovation Strategies program and EDA has announced an additional six awards under its Investing in Manufacturing Community Partnership regions, Commerce Department said Tuesday.

“The RIS program advances innovation and capacity-building activities in regions across the country by addressing two essential core components that entrepreneurs need to take their ideas to market: programmatic support and access to capital,” said Commerce Secretary Penny Pritzker.

EDA’s Office of Innovation and Entrepreneurship will lead the program mandated under the America COMPETES reauthorization Act of 2010 to advance innovation-related activities in various regions.

The program is divided into two categories: the i6 Challenge and Seed Fund Support.

Click here for a complete list of RIS grant recipients.

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