The U.S. Commerce Department said on Monday it was naming 31 regional tech hubs from 370 applicants, making the areas eligible for $500 million in federal funding to help spur innovation across a variety of sectors.
Commerce Secretary Gina Raimondo told reporters the program aimed to diversify the United States away from its traditional tech hubs like Silicon Valley, Seattle and Boston.
The program is part of President Joe Biden's belief the government should help fund key sectors to attract more private sector investments in industries like electric vehicle battery production, semiconductors and clean energy. "People shouldn't have to move to get a good job," Raimondo said, noting many of the hubs are in small cities.
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