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1 1 (May 10, 2022)

handle is hein.crs/govefsx0001 and id is 1 raw text is: Congressional ____ *.Research Service infarming the egislative debate since 1914 __________________ Regional Technology and Innovation Hubs: An Overview and Issues for Congress May 10, 2022 Congress is considering the establishment of a new regional technology and innovation hub program in U.S. competition legislation. The House and Senate are reconciling H.R. 4521, the America COMPETES Act of 2022, as agreed to by the House on February 4, 2022, with the version as agreed to by the Senate on March 28, 2022. The Senate substituted the text of H.R. 4521 with S. 1260, the United States Competitiveness and Innovation Act. Both bills would establish a competitive award program to plan for or implement regional consortia in an effort to advance innovation and technology-based economic development. This Insight provides a brief overview of regional innovation and technology-based economic development; describes key features of the proposed program-including differences in the House and Senate bills; and highlights potential considerations for Congress. Background For decades state, local, and regional stakeholders have pursued cross-sector, multidisciplinary approaches to economic development by facilitating industry clusters. Industry clusters are often defined as geographic concentrations of interconnected companies and institutions in a specific field that may both cooperate and compete. According to some practitioners and researchers, business clusters are advantageous for companies as they offer opportunities to leverage talent, infrastructure, supply chains, and other spillover effects. Congress has supported policies to prepare regions for expanded technology-based economic development through several programs, including the Economic Development Administration's (EDA's) Build to Scale, University Centers, and STEM Talent Challenge programs and the Small Business Administration's (SBA's) Regional Innovation Clusters program, among others. Recent executive branch actions also indicate support for regional innovation efforts. In March 2021, the Biden Administration proposed a regional innovation hubs initiative in the American Jobs Plan. Additionally, in July 2021, the EDA allocated $1 billion of supplemental funding for economic recovery activities to the Build Back Better Regional Challenge, a new grant initiative to support new or existing regional growth clusters. Congressional Research Service https://crsreports.congress.gov IN11925 CRS INSIGHT Prepared for Members and Committees of Congress

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