US Department of Commerce awards funds for entrepreneurship in TN

The University of Memphis and two organizations that encourage entrepreneurship in Tennessee received a total of $4.2 million in grants from the U.S. Department of Commerce, officials said.

The grants awarded by the Department of Commerce’s Economic Development Administration are part of the so-called Build to Scale program, which awards funds to organizations that support technology entrepreneurs, encourage innovation and fuel economic growth, the department said in a statement. a press release on Wednesday.

Memphis-based AgLaunch received $1.5 million from the program. AgLaunch is a nonprofit that helps start and grow agricultural businesses, its website says. It plans a project to develop agricultural infrastructure and technology while attracting agricultural investment in Arkansas, Kentucky, Mississippi, Missouri and Tennessee, the EDA said on its website.

Launch Tennessee, based in Nashville, is an economic development organization that teams up with the state of Tennessee to make resources available to start-up businesses, according to its website. Launch Tennessee was awarded $2 million for an industrial network expansion project in sectors including advanced energy, agricultural technology, automotive/mobility and life sciences, EDA said. .

The University of Memphis has received over $700,000 to help launch the Black Wealth Advancement through New Business and Knowledge Development project.