U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Jim Langevin and David Cicilline announced that 401 Tech Bridge has received $724,674 from the Economic Development Administration’s (EDA) Scaling Pandemic Resilience Through Innovation and Technology (SPRINT Challenge).
The SPRINT Challenge was created last year by the CARES Act with the aim of harnessing America’s entrepreneurial talents to address the economic and health risks caused by the coronavirus pandemic.
“This pandemic has wrought so much havoc and upheaval, but it has also demonstrated possibilities for changes to the status quo. And it could lead to growth in innovation and new opportunities for startup creation. This federal funding will help provide 401 Tech Bridge and its partners with new startup development resources to launch new ideas, business opportunities, and job growth here in Rhode Island,” said Senator Reed.
401 Tech Bridge, a nonprofit economic development organization, launched in 2019 to support Rhode Island’s promising textiles, composites, and undersea technology industries by facilitating industry connections, research, and workforce development. 401 Tech Bridge’s winning proposal builds on existing collaborations among government, defense, academia, and industry partners to drive economic growth in the Blue Economy sector and accelerate economic recovery from the pandemic.
“We’re excited to work with MassChallenge, University of Rhode Island, Rhode Island Marine Trades Association, Rhode Island Textile Innovation Network (RITIN), Polaris MEP, and NIUVT to create opportunities for start-ups and existing companies to develop technology for the blue economy,” 401 Tech Bridge said in a LinkedIn announcement.