Lean Rocket Lab, LTU's Centrepolis Accelerator Receive Federal Grant to Grow COVID-19 Response

U.S. Department of Commerce awards $29 million in SPRINT Challenge grants to respond to coronavirus pandemic through innovation and entrepreneurship

FOR IMMEDIATE RELEASE

Thursday, April 8, 2021

JACKSON—U.S. Secretary of Commerce Gina Raimondo announced this week that a total of $29 million would be awarded to 44 organizations as part of the Economic Development Administration's (EDA) Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge. This includes a $569,300 federal grant from the Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) for Lean Rocket Lab, a Jackson, Mich.-based business incubator and accelerator that supports and invests in high-growth, high-impact companies across Michigan.

The SPRINT Challenge was launched last year to harness America's entrepreneurial potential to address the economic, health, and safety risks caused by the coronavirus pandemic through entrepreneurship and innovation, according to the EDA.

The funding will support Lean Rocket Lab's Manu-Tech Virtual Incubator Covid Response Unit, which is being led in partnership with Lawrence Technological University's Centrepolis Accelerator, both of which are part of the statewide SmartZone network. The project will deliver virtual programming, mentorship, incubator facilities, access to statewide manufacturing partners and suppliers, and access to the state of Michigan's startup community and investor network.

The goal of the program is to expand access to the resources available through Lean Rocket Lab's programming and support the ongoing engagements with client companies. It is also anticipated to bring 20 new companies to Michigan, create 120 jobs, and generate $25 million in new client investment capital.