Three Vermont communities secure $4.5 million in federal grants and matching dollars to support local entrepreneurship and innovation.
Vermont Business Magazine It was announced today that the Black River Innovation Campus (BRIC) and the Chamber & Economic Development of the Rutland Region (CEDRR) were awarded grants via the U.S. Economic Development Administration (EDA) Build to Scale (B2S) program. The two grants represent $4.5 million to support innovation in rural communities.
BRIC and CEDRR received Venture Challenge grants of $3 million and $1.5 million, respectively, to fund innovation hubs in central Vermont. BRIC, based in Springfield, will partner with the Green Mountain Economic Development Corporation (GMEDC) to scale its programming and expand its reach to a second location in Randolph, while CEDRR will use its funds to launch Rutland’s Tech Startup Incubator.
“These Build to Scale grants represent a tremendous achievement for the future of innovation and entrepreneurship in Vermont — and beyond. It’s truly an historic moment,” said Matt Dunne, Founder and Executive Director of CORI. “What BRIC has accomplished in Springfield since 2018 has shown that Vermont’s rural communities have a place in the tech economy. Now Rutland and Randolph are poised to begin that journey as well.”
The State of Vermont is providing a portion of the local matching funds. Governor Phil Scott said, “This is encouraging news for Rutland, Windsor, and Orange counties and I’m grateful for the hard work of BRIC, CEDRR, and GMEDC in securing this grant. Growing the economy in all regions of our state is a top priority for me and my team, and investments like this make a big difference.”
All three communities have benefited from the support of the Vermont Community Foundation in their tech-based economic development efforts to date.
The 2022 Build to Scale program awarded 51 grants to applicants from 31 states. The grants represent a combined $47 million in federal investment. The Vermont winners were two of just eight rural applications to receive the award this year.
Springfield, Randolph, and Rutland are all members of CORI’s Rural Innovation Network, a growing collective of rural communities in 24 states around the country that are working to train local residents in digital skills, employ them in new economy jobs, and empower them to launch the startups that will drive their future economies.
These two Vermont applications (Springfield and Randolph are working together) were among four other communities in different states CORI worked with on their applications that also received funding Wednesday. Together, the communities secured nearly $13 million and were six of just eight rural applicants to earn Build to Scale grants this year. That means, in less than five years, CORI has helped rural communities around the country secure more than $29 million via Build to Scale to support innovation and entrepreneurship.
About the Center on Rural Innovation
The Center on Rural Innovation (CORI) is a national nonprofit committed to advancing economic prosperity in rural America through the creation of inclusive tech economy ecosystems that support scalable entrepreneurship and tech job creation. Established in 2017, CORI is at the heart of a dynamic social enterprise focused on closing the rural opportunity gap. To maximize all possible resources to address this critical problem, the organization partners with a taxable nonprofit, Rural Innovation Strategies, Inc. (RISI), and a seed fund, CORI Innovation Fund (CIF), focused on early-stage technology companies located in rural areas.
About Black River Innovation Campus
The Black River Innovation Campus (BRIC) is a 501(c)(3) non-profit designed to eliminate the barriers of entry for digital and technology entrepreneurs and web-enabled businesses. BRIC provides access to 10-gig internet (among the fastest in the nation!), furniture, classes and events, conference space, and a community of engaged digital and tech professionals — all at one low monthly fee.
About Chamber & Economic Development of the Rutland Region
Chamber & Economic Development of the Rutland Region (CEDRR) was founded in 2020 following a merger of Rutland Region Chamber of Commerce and Rutland Economic Development Corporation. The organization is working to ensure that the greater Rutland Region has a vibrant and diversified workforce in the 21st century. By forging a partnership with area education, we will ensure the workforce is up to the challenge of the new economic era. CEDRR’s vision is for the greater Rutland region to be recognized as the most collaborative, innovative, and friendly place in Vermont to live, work, play, and grow a business.
Source: CORI 10.6.2022. Hartland. www.ruralinnovation.us
