The University of Southern Maine will receive $116,667 in federal funding to be used to enhance innovation at the school’s Maine Center for Business and Economic Research.
The funding, which was announced on Monday by the U.S. Department of Commerce, is part of $2.5 million that was awarded to 24 U.S. colleges and universities to run five-year programs that promote innovation and strengthen regional economies.
USM’s Maine Center for Business and Economic Research focuses on promoting innovation and economic diversity in forest resource industries and communities by developing strategies to attract and cultivate Maine’s knowledge workforce.
“EDA’s University Center program marshals the resources located within colleges and universities to support economic development strategies in regions in chronic and acute economic distress,” Commerce Secretary Penny Pritzker said in a news release. “The investments announced today will allow these higher education institutions to build the public-private partnerships that are so vital to helping America stay innovative and competitive in the 21st century.”