Innovate Mississippi is proud to announce that we’ve won two “Build to Scale” federal grants from the U.S. Economic Development Administration.
The EDA awarded a $263,617 Capital Challenge Grant to help Innovate Mississippi encourage the formation and growth of regional angel funds, including in the Oxford/Northeast Mississippi region and the entire River Region, stretching from Natchez up into the Mississippi Delta. Innovate Mississippi has helped launch funds in other parts of the state, increasing access to capital in Mississippi’s entrepreneurial ecosystem.
The EDA’s goal for Capital Challenge Grants is to increase “access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.”
Out of over 180 proposals, EDA also awarded Innovate Mississippi a $375,000 Venture Challenge Grant designed to significantly strengthen our regional partnerships to support CoBuilders, Innovate Mississippi’s statewide startup accelerator.
“The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models,” wrote the EDA in its grant announcement.
“I’m hearing that winning two awards at the same time is perhaps unprecedented, but this combined $600,000 in both projects is going to have a huge impact on investment and entrepreneurship in Mississippi,” said Innovate Mississippi CEO Tony Jeff. “This is validation for the entire Mississippi entrepreneurial ecosystem.”
“We are now getting to work on CoBuilders 2023 through our seven regional partners and also getting to work on organizing investors from Natchez to Oxford into new funds,” Jeff said.
Entrepreneurs interested in the CoBuilders Accelerator should visit CoBuilders.ms to learn more about applying. Investors interested in working with other investors from their region, should contact Lindsey Benefield at LBenefield@innovate.ms.
