MEMPHIS, Tenn. (AP) — The University of Memphis and two organizations that encourage entrepreneurship in Tennessee have received a total of $4.2 million in grants from the U.S. Department of Commerce, officials said.
The grants provided by the Commerce Department’s Economic Development Administration are part of the so-called Build to Scale program, which gives funds to organizations that support technology entrepreneurs, encourage innovation and fuel economic growth, the department said in a news release Wednesday.
Memphis-based AgLaunch received $1.5 million from the program. AgLaunch is a nonprofit that helps start and develop agricultural companies, its website said. It plans a project geared toward expanding agriculture infrastructure and technology while attracting agriculture investment in Arkansas, Kentucky, Mississippi, Missouri and Tennessee, the EDA said on its website.
Nashville-based Launch Tennessee is an economic development organization that teams with the state of Tennessee to make resources accessible for startup companies, its website said. Launch Tennessee received $2 million for an industry network expansion project in sectors including advanced energy, agricultural technology, automotive/mobility and life sciences, the EDA said.
The University of Memphis received more than $700,000 to help launch the Black Wealth Advancement through New Business and Knowledge Development project.
‘This too shall pass away’ this famous Persian adage seems to be defeating us again and again in the case of COVID-19. Despite every effort