All Investing in Innovation Finalists Secure Private Match

As we told you earlier this summer, the U.S. Department of Education announced the highest rated Investing in Innovation (i3) grant applicants, giving them until September 8, 2010 to secure a commitment from the private sector for a 20 percent match in funds. We have just heard that all 49 of the highest-rated applicants were able to do so.

These grants are funded with $650 million from the American Recovery and Reinvestment Act, the economic-stimulus program. Grants ranged from $5 million to $50 million. While the funding from the stimulus only covers fiscal years 2009 and 2010, U.S. Secretary of Education Arne Duncan has asked for an additional $500 million in the federal budget process to continue the program for another year. The House Appropriations education subcommittee’s bill included $400 million for i3 grants, and the Senate Appropriations Committee’s bill included $250 million, so the program may see some additional funding in fiscal year 2011.

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