Biden-Harris Administration Identifies Four Business Accelerators to Boost the Blue Economy and Spur New Technology Development

9 December 2024

Concept illustration of smart buoys gathering ocean data. These accelerators will seek new, innovative ways to gather that data and deliver it to users.

The Department of Commerce and NOAA announced that it is recommending awards totaling $54.3 million to four organizations to support small businesses and entrepreneurs as they bring to market solutions to benefit coastal resilience and a sustainable Blue Economy. The selection demonstrates NOAA’s commitment to advance maritime commerce and inspire the next generation of Blue Economy leaders. This investment is funded by the Inflation Reduction Act as part of the Biden-Harris Administration’s Investing in America Agenda.

“Today’s awards support small businesses and entrepreneurs that are building the tools, services, and industries that coastal communities need to become more resilient to the climate crisis,” said Senior Advisor to the President for International Climate Policy John Podesta. “These kinds of public-private partnerships make our economy stronger and our communities safer.”

“American small businesses and startups are essential for creating and launching new technologies,” said US Secretary of Commerce Gina Raimondo. “This program, made possible by the Biden-Harris Administration’s historic Inflation Reduction Act, will connect them to the funding, business support, and training they need to grow and make a meaningful impact on our resiliency.”

The four organizations, deemed as business accelerators, will provide guidance, support and funding to help small businesses scale quickly to spur the development of technologies and services that address a wide range of maritime issues. They were recommended for awards through the Ocean-Based Climate Resilience Accelerators program.

“This program is the first of its kind at NOAA,” said NOAA Administrator Rick Spinrad, Ph.D. “We are bringing the public and private sectors together to create sustainable business models, for technologies, products, and services that tackle climate resilience needs in oceans, coastal regions, and the Great Lakes.”

Recommended awardees and funding amounts include:

StartBlue Ocean Enterprise Accelerator. UC San Diego-Scripps Institution of Oceanography and Rady School of Management: $13.5 million
gener8tor Great Lakes Innovation Accelerator. gener8tor Management, LLC: $13.4 million
VentureWell Ocean Enterprise Accelerator. National Collegiate Inventors & Innovators Alliance, Inc. (dba VentureWell): $13.5 million
The Continuum. Tampa Bay Wave, Seaworthy Collective, St. Petersburg Innovation District, Braid Theory, University of South Florida, Ocean Exchange, World Ocean Council: $13.9 million

Recommended awards will support the development of technologies and services that address all of the following topics:

Ocean Renewable Energy to support the siting, construction, and operation of ocean renewable energy resources.
Coastal and ocean carbon sequestration monitoring and accounting to track the effectiveness and environmental impact of removing carbon dioxide in the atmosphere and storing it in the deep ocean.
Hazard mitigation and coastal resilience to improve wind and water level predictions that help prepare for and reduce beach erosion, coastal flooding, and—most important—prevent loss of human life.
Ecosystem Services to accurately assess and forecast ecosystem changes, like shifts in species location, marine heat waves or changes in sea level and to support decision makers, including natural resource managers, offshore operators, permitting agencies and others who require the best available science, data and predictions to reduce uncertainty in decision making processes.

Each of the accelerator awardees will address all four theme areas and additional themes as the market evolves. They will recruit small businesses and startups from across the nation and provide them with resources, mentorship and funding to bring their products to market.

Next steps

Over the past year, these organizations have examined their proposed programs and developed detailed plans to launch and operate. This funding catalyzes those plans, with recruitment beginning in the next 6–12 months. The accelerators will identify priorities and recruit businesses and entrepreneurs with promising technology and/or information services aligned with those priorities.

NOAA will remain engaged with the awardees as they operate, providing information, support and expertise. In collaboration with the Ocean Enterprise Initiative program, NOAA will also bring together government, industry, academia and others to gather broadly informed blue economy needs and requirements, as well as ascertain market and investment potential for those technologies, which will help inform priorities and recruitment decisions for the business accelerators.

“This program is about collaboration, partnership and most importantly sending the signal that there is demand for ocean-based products and services to support the blue economy,” said US IOOS Office Director Carl Gouldman. “NOAA is not only a funding partner, but also brings together Ocean Enterprise stakeholders and clients for these products and services ourselves. We’re asking what’s needed, listening to the response, and advancing solutions to meet the growing demand for ocean, coastal and Great Lakes information.”

More than 40% of the US population lives in coastal counties that produce in excess of $9.65 trillion in goods and services and employ 54.6 million people.

Visit NOAA’s Inflation Reduction Act web portal to learn about current and future funding opportunities.