U.S. Department of Commerce Invests $2.5 Million in Akron to Establish Innovation and Entrepreneurship Center
Contact: EDA Public Affairs Department, (202) 482-4085
September 28, 2016
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $2.5 million grant to the city of Akron, Ohio, to establish a business incubator space to support the creation of new technology jobs.
“Providing entrepreneurs with the tools they need to grow and thrive is critical to our country’s competitiveness,” said Secretary Pritzker. “This EDA grant will establish a new innovation and business incubator facility in Akron to foster opportunities for technology startups and advance the growth of technology innovation in Ohio.”
The EDA grant will help construct the Bits and Atoms Innovation Center, a business incubator facility that will provide the resources necessary to help technology startups expand and diversify the Akron economy. The center will provide services to Ohio entrepreneurs and focus on building new technology companies in northeastern Ohio. According to grantee estimates, the project is anticipated to create 192 jobs by 2019 and attract nearly $14 million in private investment.
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. To learn more about EDA, visit www.eda.gov.