Discover the transformative potential of the Build to Scale program, learn how to navigate its application process, and understand how EcoMap Technologies can enhance your chances for success
Today, we have some exciting news that could be transformative for your organization and the ecosystem you support: the EDA's Build to Scale (B2S) program has opened applications for its next round of funding!
In this post, we'll be unraveling the ins and outs of the B2S program, the unique features of the Venture Challenge and the Capital Challenge, application requirements, and some critical deadlines. We’ll also explore how leveraging a tool like EcoMap can enhance your application and help to meet B2S program objectives. Let’s dive in!
Firstly, let's get a general grasp of what the B2S program is. This initiative, funded by the Economic Development Administration (EDA), aims to support innovation-fueled, job-creating startup ecosystems. Technology-based economic development (TBED) is a phrase you will often hear when the EDA talks about its mission and this program is no different. It offers a fantastic opportunity for organizations looking to build up their capacity and help foster regional innovation. What exactly is the goal of this program? Let's look at it in their own words:
The Build to Scale program aims to:
For the 2023 B2S Challenge, the EDA is providing up to $50 million in grant funding - with individual awardees receiving between $300,000 and $2,000,000 depending on the project's scope and challenge category (more on that in a minute). This money can be used for a variety of purposes, but it's primarily for laying the groundwork for equitable, inclusive advancement of high-growth ventures in a given ecosystem.
Next, we have two exciting challenges under the B2S umbrella: the Venture Challenge and the Capital Challenge. The Venture Challenge focuses on helping ecosystems develop scalable networks to assist startups and entrepreneurs. In contrast, the Capital Challenge aims at increasing access to capital in communities where risk capital is in short supply. Then there are further subtracks within these tracks that are geared towards different stages of ecosystem development. Both of these tracks have the potential to offer the right support to an ecosystem's needs, but it will be up to the individual applicant to understand what those needs are and chose one. This can be a little confusing at first but the EDA developed a helpful graphic and provided more information on each of these tracks' specific purposes, linked below.
This is a pretty broad umbrella of potential applicants. Taken directly from the Notice of Funding Opportunity, here are the eligible entities who can apply for a piece of this pie:
Per usual for a massive funding opportunity like this, application details are tough to sum up in a few sentences. And they will vary depending on the track and subtrack you end up applying for. But broadly speaking, here is what you can expect to prepare for a successful application:
There is only one key date listed in the NOFO: July 28th. Make sure you start working on your application early in order to secure those matching commitments and letters of support!
Now, for those considering the Venture Challenge, let's talk about how EcoMap Technologies can be a game-changer for your application.
Reading through the Venture Challenge mission, it's all about building scalable systems to equitably support entrepreneurs in your ecosystem. At its core, that is what our technology enables. EcoMap is an information hub designed to support entrepreneurs, startups, and innovators. It consolidates resources, programs, and services from various providers into an easily accessible and user-friendly platform.
Here's how EcoMap can help you align with the B2S Venture Challenge:
If you're interested in exploring what EcoMap could do for you ahead of the July 28 application deadline, book a time through our calendar below: