The Texas Research & Technology Foundation (TRTF) has been awarded a $715,479 Build to Scale federal grant for programs managed by its subsidiary, VelocityTX.
TRTF was selected from a highly competitive national pool out of 235 applicants to support programs that fuel innovation and tech-based economic development. The Build to Scale Program grant is administered by the U.S. Economic Development Administration (EDA).
The Build to Scale grant will fund the VelocityTX innovation model – by connecting early-stage bio and health tech companies to San Antonio’s mature bioscience ecosystem, supporting and developing these ventures through incubator and accelerator programs, and providing access to investors and funding opportunities.
VelocityTX currently operates two core programs at its innovation center: the VelocityTX Incubator and the BioGlobal Accelerator. Within the Incubator, a company can develop its business model, work on its prototype, and test solutions while networking in the bioscience ecosystem. The BioGlobal Accelerator is a competitive program for selected bioscience companies coached by Entrepreneurs In Residence, mentoring from industry experts, and interactive business and technical workshops.
With this funding, VelocityTX will expand organizational reach and impact by:
• bringing five new cohorts to commercialization through the BioGlobal Accelerator Program (38 companies) and
• achieving maximum capacity (20 companies) in the VelocityTX Incubator Program.
At the end of the three-year grant, VelocityTX’s core programs will have generated 1,521 jobs, with associated incomes of $95.8 million through direct, indirect, and induced impacts.
In addition, TRTF recently secured a $4 million EDA CARES Act Recovery Assistance Grant to construct and operate six fully equipped bioscience Community Laboratories (CoLab).
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