The Jobs and Innovation Accelerator Challenge; a Coordinated Initiative To Advance Regional Competitiveness
The Obama Administration announces the Jobs and Innovation Accelerator Challenge (Accelerator Challenge), an initiative of 16 Federal agencies and bureaus to accelerate innovation-fueled job creation and economic prosperity through public-private partnerships. The Accelerator Challenge will offer, subject to the availability of funds, a combination of $33 million in funding from three agencies and technical assistance resources from 13 additional agencies and bureaus to support customized solutions for approximately 20 competitively selected industry clusters in urban and rural regions across the nation and across all sectors. A competitive solicitation is expected to be announced in May 2011. President Obama has prioritized the development of strong regions \1\ as the building blocks of a strong and globally competitive American economy and as key elements in our strategy for winning the future. Understanding that jobs are not created on Capitol Hill but in America's regions, the Obama Administration is committed to smarter use of existing Federal resources to support regional innovation and sustainable economic prosperity. Knowing that regional innovation clusters provide a globally proven approach for developing economic prosperity, this new, multi-agency initiative creates an unprecedented platform for integrating and coordinating the wide range of Federal economic development resources.