NRCC to participate in U.S. Department of Commerce Grant Project
|New River Community College and 14 other Virginia colleges will share in a $1 million grant from the U.S. Department of Commerce intended to help spur entrepreneurship. The colleges were winners of the Department of Commerce's i6 Challenge, a national contest that encourages universities to seek out innovations and products and bring them to the marketplace.
Called the Virginia Innovation Partnership, the consortium of colleges will fund 20 projects at $40,000 to $80,000 each to form new companies, according to NRCC President Jack Lewis.
New River joins the following in this innovative partnership: Virginia Tech, Radford University, Old Dominion University, Piedmont Virginia Community College, Mountain Empire Community College, Northern Virginia Community College, Tidewater Community College, Norfolk State University, Hampton University, the University of Virginia, George Mason University, the University of Richmond, the University of Virginia's College at Wise and Virginia Commonwealth University, plus corporate and government partners.
The project will receive funding over two years, and the partnership will work to raise matching funds from companies and other donors.
The grant program could result in 140 new jobs over two years, 640 jobs after four years and 2,000 new jobs after eight years, Lewis added.