U.S. Secretary of Commerce Gina M. Raimondo today announced the GREATER MSP Partnership is one of the 60 finalists for the U.S. Economic Development Administration’s (EDA) $1 billion “Build Back Better Regional Challenge.” There were 529 applications from regional coalitions from across the country, and only about 11 percent were selected to move on to Phase 2 of the application process. Twenty to thirty regions across the country will be awarded $25-100 million to implement projects designed to build and scale industry clusters that create transformational economic change.
The grants awarded through the Challenge, which is a premier part of the American Rescue Plan, are designed to accelerate economic recovery from the COVID pandemic and to create industry clusters that will be resilient to future economic shocks. The GREATER MSP Partnership’s proposal is centered on accelerating growth of the bio-innovation industry cluster in Minnesota.
“Advancing to the final round of this national competition is a big win for the region that’s shared with more than 50 organizations involved in the proposal,” said GREATER MSP President and CEO Peter Frosch. “This amazing coalition is working on a plan to accelerate job growth and racial equity by growing Minnesota’s bio-innovation sector – one of the fastest growing segments of the global economy. It’s a bold move to keep our region and state at the forefront of innovation,” Frosch added.
The Bold North BioInnovation Cluster proposal is a plan for investing in Minnesota’s next globally-leading economic sector. Bio-innovation builds on two existing sectors of strength in human health and food and agriculture. New opportunities for growth exist in adjacent domains, including sustainability, data and computing, and advanced manufacturing. The application submitted by the GREATER MSP Partnership is focused on creating a vibrant economic sector that addresses historic inequities and racial disparities, with a stated vision to build America’s most inclusive bio-innovation cluster.
Expansion of University Enterprise Laboratories in Saint Paul was part of the Bold North BioInnovation Cluster proposal submitted for Phase 1 of the application process.
Read the full press release from Greater MSP.