The U.S. Department of Commerce Economic Development Administration (EDA) announced a new funding opportunity in support of regional innovation last week. While funding opportunities for economic development are always of interest to those of us in the field of economic development this particular grant announcement is setting new precedent for the EDA. The Regional Innovation Strategies Program or RISP is NOT requiring economic distress as an eligibility requirement. This opens the door to stiff competition for the scare resources set aside by Congress to fuel start-ups, commercialization and research for entrepreneurial ventures. The RISP grants are being managed under the EDA’s Office of Innovation and Entrepreneurship in support of the Obama Administration efforts to commercialize federally-funded research in order to accelerate the economic benefit of the nation’s investment in R&D. Successful applicants will have to foster high-growth entrepreneurship and support the development of innovation ecosystems to remain competitive. All part…