Minority Business Development Agency Invests $1.9 Million in Future Forward Industries and Initiatives

Nov302018

FOR IMMEDIATE RELEASE
Friday, November 30, 2018

Today, the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) is announcing grant recipients selected to advance the global competitiveness of minority business enterprises (MBEs) through programs in emerging technologies and other high-tech industries.

“Changing demographics are creating tremendous opportunities for minority business enterprises. As key drivers of the economy, MBEs have a unique role to play in catalyzing inclusive growth in their communities,” said MBDA National Director Henry Childs, II. “To ensure MBEs remain competitive in the economy of the future, MBDA made strategic investments in the space economy, technology transfer, and virtual business centers.”

The grant recipients include:

Space Commerce:

  • United States Space Foundation ($400,000) to educate and inspire the minority business community, and directly facilitate an introduction to the field of space commercialization.

Technology Transfer and Commercialization:

  • Inncuvate Consulting, LLC ($400,000) to engage and mentor MBEs to partner with proven technology commercialization programs to build competitive and scalable businesses.
  • University of Louisville ($400,201) to engage and support MBEs in “Additive Manufacturing” including research, training on intellectual property, access to seed funding, and building professional networks.

Virtual Business Center:

  • National 8(a) Association ($300,000) to deploy a cloud-based virtual matchmaking system with a focus on Federal contracting resources.
  • The University of Toledo ($400,000) to develop and launch virtual one-on-one consultation service with certified business consultants that are available to MBEs 24/7.

These programs are part of the 2018 MBDA Broad Agency Announcement, a new initiative this year. More than $13 million was awarded for 35 projects focused on Department of Commerce and MBDA priorities from resources that increase disaster preparedness and relief to programs that increase access to capital. For a full listing of MBDA’s 2018 grant awards, visit www.mbda.gov/news.

About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research. Our services provide greater access to capital, contracts, and markets and better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally.

Contact: Velicia D. Woods, 202-482-6272, MBDAPublicAffairs@mbda.gov

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Last updated: 11/30/2018 - 4:04pm