The 757 ScaleUp Alliance, a consortium of Hampton Roads startup programs, has been awarded a $1.2 million federal grant by the U.S. Department of Commerce. This grant, which is to be matched by a further $1.2 million in local funds, will aid 757 Collab in Norfolk in funding programming for 30 founders in emerging industries such as healthcare, advanced manufacturing, clean energy, logistics, and robotics. The grant will also help the alliance expand its existing programs to underrepresented founders, working in collaboration with other startup organizations in the area. This award speaks to the potential of the Hampton Roads startup ecosystem, with 757 Collab alone having an annual economic impact of $67 million and raising over $189 million for startups since 2015.
Grant Awarded to 757 ScaleUp Alliance
A consortium of Hampton Roads startup business programs called 757 ScaleUp Alliance received a $1.2 million federal grant to promote job growth in emerging industries. The U.S. Department of Commerce awarded the grant as part of $53 million in funding through its Build to Scale program, which aims to provide financial resources to entrepreneurs and startups.
Program Details and Impact
The grant, to be matched by another $1.2 million in local funds, will help 757 Collab in Norfolk fund programming for 30 founders in industries like health care, advanced manufacturing, clean energy, logistics, and robotics. 757 Collab plans to work with other startup organizations in the area, including Innovate Hampton Roads, Black Brand, and the Hampton Roads Small Business Development Center under the new umbrella organization 757 Scaleup Alliance.
Collaboration and Expansion
757 Collab is the parent organization of startup investor group 757 Angels, business accelerator 757 Accelerate, and incubator 757 Studios. Paul Nolde, 757 Collab managing director, said the grant will allow the groups to expand existing programs to underrepresented founders. For example, Black Brand, the region’s Black chamber of commerce, will help identify underrepresented founders, and Innovate Hampton Roads will act as a communication outlet for the community.
Economic Impact and Future Prospects
757 Collab has a yearly economic impact of $67 million and has raised more than $189 million for startups since 2015, according to its latest annual report. As the only Virginia organization to receive a grant, Nolde said the award spoke to the power of the Hampton Roads startup ecosystem and its potential.
Trevor Metcalfe, 757-222-5345, trevor.metcalfe@pilotonline.com
Question & Answer
What is the grant awarded to 757 ScaleUp Alliance for?
The grant awarded to 757 ScaleUp Alliance is to fund programming for 30 founders in emerging industries such as healthcare, advanced manufacturing, clean energy, logistics, and robotics.
How much federal grant did the U.S. Department of Commerce award to 757 ScaleUp Alliance?
The U.S. Department of Commerce awarded a $1.2 million federal grant to 757 ScaleUp Alliance.
How will the grant be matched by local funds?
The $1.2 million federal grant awarded to 757 ScaleUp Alliance will be matched by a further $1.2 million in local funds.
What is the annual economic impact of 757 Collab?
757 Collab has an annual economic impact of $67 million and has raised over $189 million for startups since 2015.
