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A bureau within the U.S. Department of Commerce


Press Release

U.S. EDA Supports Innovation Commercialization Center in Southern New Hampshire

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $300,000 grant to The New Hampshire Innovation Commercialization Center of Portsmouth, N.H., to help establish a business incubator that will foster new businesses and jobs through the commercialization of innovative technology. The project is expected to create 825 jobs within 5-10 years, according to grantee estimates.

"Economic recovery and growth are top priorities for the Obama Administration," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA grant will establish a business incubator which, in partnership with the University of New Hampshire, will commercialize innovative technologies to create new businesses and higher skill, higher-wage jobs."

"The New Hampshire ICC, in collaboration with The University of New Hampshire, will accelerate the commercialization of technology-focused intellectual property to advance start-up businesses to self-sufficiency and, ultimately, rapid growth," said Mark Galvin, Managing Director, New Hampshire Innovation Commercialization Center.

The EDA grant will provide comprehensive business incubation and technology commercialization assistance to high-growth, high-potential startup and early stage firms engaged in innovation, and identify, assist and promote University of New Hampshire research project having significant potential for commercialization and job creation.

About the U.S. Economic Development Administration:

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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.