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.