Rebooting the American Dream: Challenge Grants for Emerging Innovation Ecosystems
Summary
Rebooting the American Dream (RAD) is a proposed national challenge-grant program that funds “Regional Centers for Shared Prosperity” in emerging innovation ecosystems, with the intent of (1) accelerating startup creation, (2) developing the next-generation of talent, and (3) providing alternative capitalization models. It is expected that initially funding the program to award six regional challenge grants of $25 million each will yield at least a 3:1 return in private-dollar investments—for a total of $500 million—and create at least 21,000 jobs in underserved areas of the country. In light of the massive job losses induced by the COVID-19 pandemic, RAD grants will build momentum behind existing place-based initiatives and help surface the wealth of diverse human potential and innovation that exists across the United States.
The RAD proposal aims to revive entrepreneurship across America by helping give every American, regardless of geography, race, gender, or socioeconomic status, the opportunity to build a competitive company. Advancements in internet capabilities, communication tools, and information technology have made entrepreneurship accessible to more people in more places than ever before. Yet massive job losses related to COVID-19 and ever-growing global competition require the United States to discover new ways to create sustainable jobs. Over the past decade, initiatives led by the federal government in partnership with academics and nonprofits have given policymakers a markedly better understanding of the issues facing entrepreneurs. RAD is directly informed by this body of knowledge. By supporting bottom-up, place-based investment and building a network of new ideas through RAD, the Biden-Harris Administration can simultaneously foster American dynamism and strengthen American economic competitiveness.
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