The Department of Commerce has initiated the Build to Scale Program which will grant $36.5 million to 50 organizations. The program primarily seeks to increase and develop the economy according to a Dallas Innovates article from September 30, which reported,
“By boosting startups with potential, the EDA hopes to build resilient regional economies. That means creating job growth, generating economic opportunities, and supporting emerging industry pioneers.
The “Build to Scale” program—led and managed by the Office of Innovation and Entrepreneurship at the U.S. EDA, an agency under the United States Department of Commerce—increases otherwise inclusive access to business support and startup capital.
Through the program’s two grant competitions—the Venture Challenge and Capital Challenge—it aims to further accelerate technology entrepreneurship, innovation, and economic development initiatives.”
One of the organizations selected by the Department is LaunchBio which is set to develop Dallas startups after its $2.1 million grant according to a Dallas Morning News article from September 30 which reported,
“LaunchBio, a startup accelerator at the new Pegasus Park development near Dallas’ medical district, was named an awardee of the U.S. Economic Development Administration’s annual Build to Scale program on Thursday. The Dallas LaunchBio network will receive $2.1 million in total funding, with an award of $750,000 from the federal government and $1.4 million in additional match funding from local partners.
LaunchBio’s Dallas network aims to combine the resources of several local biotech accelerators and startup advisers to nurture area startups as they develop into successful business ventures. It will serve as one of the cornerstones of Pegasus Park’s Biotech+ hub, which has dedicated over 40,000 square feet of office and lab space at its 23-acre campus to nurture life science research and commercialization in the Dallas area.”
People at the Dallas Regional Chamber were delighted and proud to have LaunchBio as one of the awardees as the grant will pave the way for the early-stage biotech companies to settle and thrive in Dallas Texas. Currently, the Pegasus Park, as the cornerstone of LaunchBio’s Dallas, houses more than 60 companies and 27,000 jobs.