The U.S. Department of Commerce announced Tuesday that Winrock International has been awarded a $279,202 grant for the Delta Innovation Fund.
The grant, awarded through the Regional Innovation Strategies program, will provide funding for technical assistance and operational costs that support the feasibility, planning, formation, launch or scale of cluster-based seed funds that will invest their capital in innovation-based startups with high growth potential. More than 217 organizations applied for the funds.
Sen. John Boozman, R-Ark., said in a news release that the grant would support innovative technologies and new businesses, help the state attract and retain talent, and that he was pleased that he supported the grant application.
“This announcement will encourage more investment in our state,” Gov. Asa Hutchinson said in the release. “This much-needed early stage seed capital is further proof that Arkansas’ bold approach to supporting the technology sector shows we are driving innovation and creating jobs today and creating a lasting impact for the state in the decades ahead.”
The Innovation Hub at Winrock International launched the original I-Fund in 2016 with an initial investment of $1 million from IberiaBank. This year, the Delta Regional Authority expanded that effort with an additional investment of $1 million to create the Delta I-Fund.
Winrock International President and CEO Rodney Ferguson said in the release, “There is nothing more important in Arkansas, or the region, than spurring the growth of good-paying, secure jobs. We’re proud to partner with the region’s smart companies, savvy investors and forward-thinking leaders to ensure the success of this effort.”
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