UT receives economic development grant
The University of Tennessee is among 10 schools in the country receiving an economic government grant to help promote innovation and strengthen local economies, U.S. Acting Commerce Secretary Rebecca Blank announced.
The U.S. Department of Commerce Economic Development Administration is awarding $1.2 million in economic development grants to universities and to eight states as part of the University Center Economic Development Program.
The UT University Center (UTUC), led by the UT Center for Industrial Services will integrate the research and technology assets of the university with centers of innovation across the state with the goal of stimulating innovation and economic growth. UT will leverage resources from within the university as well as from state, regional and federal sources. Each of the university center grants is $645,000 over the five-year grant period, according to a news release.
“The strength and depth of the resources that exist at our educational institutions and other research centers across the state, combined with Tennessee’s regional organizational infrastructure, present a unique opportunity to accelerate innovation,” Dr. Paul Jennings, executive director of the UT Center for Industrial Services, said in a statement.
The university center provides basic and applied research, market research, feasibility studies, product development, strategic and financial planning, seminars and training, and management consultations.
Source: Knoxville News Sentinel