U.S. Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo
recently announced that 50 organizations — including nonprofits, institutions of higher
education, state government agencies, and other entrepreneurship-focused organizations
— from 26 states will receive grants to support programs that will fuel innovation
and economic development.
“Working together, theHarbert College of Business, theNew Venture Accelerator, theAuburn Research & Technology Foundation, theCity of Auburn, and others have created a vibrant, supportive entrepreneurial environment that is
committed to advancing new and growing businesses”, said Lou Bifano, Director, New
Venture Accelerator. “Fully funded and supported by the Harbert College of Business,
the New Venture Accelerator has a unique combination of resources to offer the local
business community including education, skills development, mentoring, collaborative
workspace, networking opportunities and consulting expertise.”
The grant is part of the Build to Scale Program, which is administered annually by the U.S. Economic Development Administration (EDA). The program aims to accelerate entrepreneurship by increasing inclusive access to
business support and startup capital.
“Auburn is one of America’s best places to live and to start a business”, said Cary
Chandler, Senior Director, Auburn Research and Technology Foundation. “Through its
proven entrepreneurial and innovation educational programing and one-on-one business
counseling, the New Venture Accelerator and its predecessors have successfully launched
over 50 businesses from Auburn University’s student and faculty entrepreneurs. These
businesses have received over $32.5 million of venture investment and have created
over 370 jobs. This expertise and track record of success has us well-positioned
to foster robust economic growth in the Auburn-Opelika area by utilizing the EDA grant
to offer unique tools and programming to the greater community.”
The current entrepreneurship ecosystem at Auburn University has allowed students and
employees to engage in entrepreneurship education and programming through the New
Venture Accelerator. This EDA grant provides opportunity to expand education and programming
to include members of the local community. Auburn University and the City of Auburn
encourage entrepreneurs to Start in Auburn.
The amount awarded to Auburn University (Co-Principal Investigators Lou Bifano and Cary Chandler) under the Venture Challenge is a combined $657,622 federal share and a $657,622 local match. The Venture Challenge
awards grants to intermediary organizations like accelerators, universities, community
colleges, and nonprofits to support new business ventures that are scalable by nature,
challenge the status quo of markets, commercialize technologies, and further job creation.
Anyone interested in starting a new business in the Auburn-Opelika area or who may
need help growing their business is encouraged to reach out to Lou Bifano (loubifano@auburn.edu),
Cary Chandler (carychandler@auburn.edu), or Caitlin Myers (cmyers@auburnalabama.org)
to learn more about the full range of programs and business counseling services that
are offered by the Harbert College of Business, the New Venture Accelerator, the Auburn
Research Technology Foundation, and the City of Auburn.
Meet the Grant Partners
Harbert College of Business
The Harbert College of Business at Auburn University is a nationally ranked hub of
undergraduate, graduate, and continuing business education that is inspiring the next
generation of business leaders. Our world-class faculty deliver unparalleled academic
rigor in the classroom, while our research-driven scholarship advances thought leadership
and best practice in emerging business disciplines. Our alumni, friends, and corporate
partners actively support and engage our faculty and students to integrate business
theory with practical experience and instill the level of professional proficiency
and personal integrity demanded by employers around the globe.
The mission of the New Venture Accelerator is to be a full-service, mixed-use business
accelerator assisting Auburn University student-entrepreneurs, faculty, and staff
start-ups as well as early-stage commercial ventures. Its goal is to help launch,
nurture, and accelerate the development of entrepreneurial companies and to bolster
Auburn University and the Auburn Research and Technology Foundation’s innovation and
entrepreneurship programs and initiatives by providing working space, programming,
Auburn University intellectual property licensees, corporate partnerships as well
as revenue generating commercial clients.
The aim of the Auburn Research and Technology Foundation (ARTF) is to support Auburn
University and its Office of the Vice President for Research and Economic Development
mission by growing the research enterprise through new contracts and partnerships,
translating applied research into commercialized opportunities and new business ventures,
and providing an entrepreneurial business environment for them to prosper.
Auburn University and the City of Auburn encourage entrepreneurs to start in Auburn,
where there is a vibrant, supportive ecosystem committed to advancing new and growing
businesses. Working together, the university and city provide a unique combination
of resources which include expertise, workspace, and competition/networking opportunities.
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal
economic development agenda by promoting competitiveness and preparing the nation's
regions for growth and success in the worldwide economy. An agency within the U.S.
Department of Commerce, EDA invests in communities and supports regional collaboration
in order to create jobs for U.S. workers, promote American innovation, and accelerate
long-term sustainable economic growth.
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Career Development
Recruiters & Industry
U.S. Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo
recently announced that 50 organizations — including nonprofits, institutions of higher
education, state government agencies, and other entrepreneurship-focused organizations
— from 26 states will receive grants to support programs that will fuel innovation
and economic development.
“Working together, the
“Auburn is one of America’s best places to live and to start a business”, said Cary
Chandler, Senior Director, Auburn Research and Technology Foundation. “Through its
proven entrepreneurial and innovation educational programing and one-on-one business
counseling, the New Venture Accelerator and its predecessors have successfully launched
over 50 businesses from Auburn University’s student and faculty entrepreneurs. These
businesses have received over $32.5 million of venture investment and have created
over 370 jobs. This expertise and track record of success has us well-positioned
to foster robust economic growth in the Auburn-Opelika area by utilizing the EDA grant
to offer unique tools and programming to the greater community.”
