The U.S. Economic Development Administration (EDA) selected two projects in Virginia as part of the first phase of EDA’s Regional Tech Hubs Program.
The Tech Hubs Program, made possible by the CHIPS and Science Act, bipartisan legislation strongly supported by both senators, aims to strengthen U.S. economic and national security by investing in regions across the country that have the assets, resources, and potential to become globally competitive innovation centers focused on the technologies and industries of the future. Specifically, this U.S. Department of Commerce program brings together diverse public, private, and academic partners into collaborative consortia focused on driving inclusive regional growth. With their existing innovation assets as a foundation, these Tech Hubs are envisioned to build the workforce of the future, enable businesses to start and scale, and deploy and deliver critical and emerging technologies.
In the Richmond/Petersburg region, the Advanced Pharmaceutical Manufacturing Tech Hub was designated as one of 31 inaugural Tech Hubs in regions across the country that show potential for rapid growth in key technology sectors. Led by the Commonwealth Center for Advanced Manufacturing, this consortium will ensure that critical pharmaceuticals are manufactured here in America by employing regional assets, scientific capacities, and public and private investment to accelerate the growth, innovation, and sustainability of the U.S.-based pharmaceutical manufacturing industry. This comes as increasing overseas manufacturing creates supply chain vulnerabilities and difficulties in pharmaceutical quality regulation and monitoring. The designation of the Richmond/Petersburg region as a Tech Hub builds off last year’s award of $52.9 million from the EDA’s Regional Challenge program to the Virginia Advanced Pharma Manufacturing (APM) Cluster, led by the Virginia Biotechnology Research Partnership Authority and located in the Richmond/Petersburg region. That award, dedicated to expanding the domestic supply chain for essential medicines and critical active pharmaceutical ingredients, was made possible by the American Rescue Plan that the senators voted for and by the senators’ efforts to advocate directly for the project.
“Designation as an EDA Tech Hub is a transformative win for the Richmond-Petersburg Region – and the country – one that will change the landscape of opportunity for the communities we serve by developing and manufacturing affordable, accessible medicines in our Region,” said Joy Polefrone, PhD, Executive Director of the Alliance for Building Better Medicine. “This win reinforces the audacious vision of the Alliance members to become the global hub to transform the manufacturing of medicines in the coming decade while ensuring historically distressed communities have opportunities to thrive through careers in an impactful, rapidly growing industry.”
“Serving as a designated Tech Hub by the U.S. Department of Commerce is an honor and well-earned win for a region on the rise,” said Chandra Briggman, President and CEO of Activation Capital. “As an innovation ecosystem development organization, our role at Activation Capital is to transform life sciences and other advanced technology innovation in the Commonwealth of Virginia by helping to launch collaborative programs like the Alliance for Building Better Medicine that are making an impact at home and around the globe. The Tech Hub designation is yet another monumental step forward for transformative programs that are powered by partners with a shared sense of purpose and determination to create a thriving and equitable ecosystem for generations of innovators to come.”
This designation is part of the first phase of the novel Tech Hubs program that will invest directly in high-potential U.S. regions and aim to transform them into globally competitive innovation centers. Designation is an endorsement of the region’s strategy to supercharge their respective technological industry to create jobs and strengthen U.S. economic and national security. Designated Tech Hubs are now eligible to apply for the next phase of the Tech Hubs Program that will invest between $50 and $75 million in each of 5-10 Designated Hubs. The consortium was selected from 198 applications from regional consortia that include industry, academia, state and local governments, economic development organizations, and labor and workforce partners. The Tech Hubs span regions across 32 states and Puerto Rico and represent a cross section of urban and rural regions.
In the New River Valley and Danville, the Virginia Additive Manufacturing and Applied Materials Strategy Development Consortium was awarded a Strategic Development Grant, which will go towards advancing a regional strategy based in the New River Valley to develop and deploy additive manufacturing system technologies for heavy industry to re-shore manufacturing and to strengthen domestic supply chain resilience.
Led by the New River Valley Regional Commission, this consortium will leverage the grant to increase local coordination and planning activities to strengthen the region’s capacity to manufacture, commercialize, and deploy technologies critical to U.S. economic and national security. This consortium was selected for a grant from a competitive pool of 181 applications.
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
Learn more here.