Tech Renaissance: Expanding Innovation Hubs Across the U.S.

Our summer intern, Isabella Cerqueira from Brown University, recently compiled a short report on the U.S. Tech Hubs Program by the United States Economic Development Administration.

On July 17, 2024, Washington CORE presented findings on the ambitious Tech Hubs Program spearheaded by the U.S. Economic Development Administration. In October 2023, the Biden-Harris Administration designated 31 communities across the United States as Regional Innovation and Technology Hubs, or “Tech Hubs”. These hubs were identified as geographic areas with a strong presence of technology-driven innovation, entrepreneurship, and collaboration. Backed by the bipartisan CHIPS and Science Act, this program is an economic development initiative designed to stimulate regional innovation and domestic job creation. Each hub can apply for $50-75 million in federal funding to implement their plans, selected via a competitive process that identified the most promising regional innovation ecosystems.

The Tech Hubs will concentrate on critical sectors like semiconductors, clean energy, biotechnology, and advanced manufacturing, with a long-term goal of reducing U.S. reliance on externally sourced products and securing U.S. leadership in the technologies of the future. Importantly, the initiative is targeting diverse communities to decentralize economic growth and promote equitable development, in contrast to past efforts that were often too narrowly focused.