U.S. Commerce Secretary Announces GREATER MSP Partnership is Finalist in National "Build Back Better" Challenge
MINNEAPOLIS and SAINT PAUL, Minn., Dec. 13, 2021 /PRNewswire/ -- 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.
"The GREATER MSP Board and every investor organization is proud and excited about the news we're moving forward with Build Back Better," said Tim Welsh, GREATER MSP Board Chair and Vice Chair, Consumer and Business Banking, U.S. Bank. "This effort demonstrates the power of partnership to create new, bigger opportunities for our community than we've imagined in the past. It's one way we're taking action to build a more inclusive and competitive economy," Welsch added.
The application included 40 letters of support, and more than 250 individuals contributed thousands of hours to the effort since the challenge was announced in late July. The collaboration included industry, government, education, nonprofit, and community leaders who worked together to create a cohesive vision for the region's Bold North BioInnovation Cluster. "Our Partnership's proposal is an articulation of our region's vision to lead the world in inclusive economic growth, and to build a globally leading bio sector that will create tens of thousands of great jobs in this market decades to come," Frosch said.
Each of the finalists announced today will be awarded up to $500,000 in technical assistance to further develop regional projects. Today's announcement triggers a 3-month sprint to submit the final application, which is due March 15, 2022.
About GREATER MSP
GREATER MSP is the economic development partnership for the 15-county Minneapolis Saint Paul region. Over 300 leading businesses, universities, cities, counties, philanthropies, and others are working together to accelerate the competitiveness of the regional economy and drive inclusive economic growth through job creation, capital investment and the execution of strategic initiatives. For more information go to greatermsp.org.
SOURCE GREATER MSP
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