Regional Innovation Act of 2021

Regional Innovation Act of 2021

This bill establishes a Regional Technology and Innovation Hub Program and a Regional Clean Energy Innovation Program.

The bill directs the Department of Commerce to establish the Regional Technology and Innovation Hub Program to

• encourage collaboration among local, state, and federal government entities, institutions of higher education, the private sector, nonprofit organizations, and others to promote inclusive regional innovation initiatives;
• designate eligible consortia as hubs and facilitate activities by such consortia in implementing their regional innovation strategies; and
• develop best practices for regional development and competitiveness in technology and innovation.

Additionally, the Department of Energy shall establish the Regional Clean Energy Innovation Program to

• enhance the economic, environmental, and energy security of the United States;
• accelerate the pace of innovation of clean energy technologies through regional clean energy innovation partnerships;
• improve the competitiveness of U.S. clean energy technology research, development, demonstration, and commercial application; and
• support the development of tools and technologies best suited for use in diverse regions of the United States, including in rural, tribal, and low-income communities.

Commerce shall carry out a program of data collection and analysis of technology and innovation sectors critical to realizing national objectives, including national security, economic prosperity, and social welfare.

Bill 117 HR 4588, also known as the Regional Innovation Act of 2021, aims to promote innovation and economic growth in various regions across the United States. The bill focuses on supporting regional innovation clusters, which are geographic concentrations of interconnected businesses, suppliers, and institutions in a particular industry.

The Regional Innovation Act of 2021 seeks to provide funding and resources to help these regional innovation clusters thrive and expand. This includes grants for research and development, workforce training programs, and infrastructure improvements. The bill also aims to foster collaboration between businesses, universities, and government agencies to spur innovation and create jobs.

Additionally, the bill includes provisions to support small businesses and startups in these regional innovation clusters, providing them with access to capital, mentorship, and other resources to help them grow and succeed. The goal of the Regional Innovation Act of 2021 is to boost economic development in regions across the country and ensure that the benefits of innovation are shared more broadly. Overall, this bill is focused on promoting innovation, job creation, and economic growth in various regions of the United States through targeted support for regional innovation clusters. It aims to foster collaboration and provide resources to help businesses, universities, and government agencies work together to drive innovation and create opportunities for economic advancement.