Commerce's EDA Launches New Website to Accelerate Regional Innovation

Developed in partnership with the State Science & Technology Institute, the new website — www.regionalinnovation.org — highlights how VDOs are helping entrepreneurs turn their innovations into businesses by providing direct funding and increasing access to capital.

Speaking at the U.S. Economic Development Administration's (EDA) Southwest Region Conference on Innovation and Entrepreneurship in Albuquerque, N.M., U.S. Assistant Secretary of Commerce for Economic Development John Fernandez today unveiled a new website to connect Venture Development Organizations (VDO) in America's regions and accelerate economic development efforts that promote growth and job creation. The Regional Innovation Acceleration Network (RIAN) will bring VDOs together to share best practices and leverage resources that will strengthen regional economic ecosystems.

Developed in partnership with the State Science & Technology Institute, the new website — www.regionalinnovation.org — highlights how VDOs are helping entrepreneurs turn their innovations into businesses by providing direct funding and increasing access to capital.

"The Regional Innovation Acceleration Network builds on President Obama's national innovation agenda by bringing Venture Development Organizations within America's regions together to help increase business development and competitiveness," Fernandez said. "Across the nation, these organizations are helping to grow local economies and create jobs, and this new network will enhance their impact and efficiency."

RIAN offers an interactive map designed to help economic development practitioners identify their regional innovation colleagues, where they operate, and connect with them. To facilitate the growth of existing innovation networks, the website provides technical assistance; and for those regions where networks have yet to develop, it provides the means for peer-to-peer sharing of information between existing and emerging VDOs.

VDO's are nonprofit, business-driven partnership organizations that include government, community foundations, universities and civic organizations that work together to promote technology and innovation-based development. They provide a multifaceted portfolio of services tailored to address the specific needs of the regional economy, helping to create 21st century jobs.

To visit the Regional Innovation Acceleration Network, click here.

Published on May 18, 2011