Hoeven: EDA Awards UND $250,000 to Encourage Investment in Innovative Start-ups

WASHINGTON – Senator John Hoeven, who serves on the U.S. Senate Appropriations Committee, today announced that the Economic Development Administration (EDA) has awarded a $250,000 grant to the University of North Dakota’s (UND) Center for Innovation. The funds will support the Center’s efforts to help entrepreneurs by strengthening angel fund networks in North Dakota, boosting contact between individuals who are interested in investing and creating a foundation for launching new angel and seed funds that will expand the angel fund network throughout the state.

“North Dakota is a rapidly growing state, and it’s important that we facilitate investments to help our economy continue to grow,” Hoeven said. “This funding will lay the groundwork we need to extend the angel fund network statewide, which will encourage investment and help businesses in our state succeed.”

The funds are made available through the Cluster Grants for Seed Capital Funds, which are awarded to support innovation-based startups that have potential for high growth. For more information on the EDA’s grant process and investment process, please click here.