T-REX Awarded $500k Grant to Incubate XR Tech
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- Published on July 8, 2021
- Last Updated October 4, 2021
- In Coworking
- Edited by EQ
- Inspired by Press Release via U.S. Department of Commerce’s Economic Development Administration (EDA)
Ready Player One?
In future, T-REX may play host to ractors in the metaverse. If you’ve been following NFTs and XR, you’ll get the Neal Stephenson reference but, if not, it’s too complicated to get into now!
The U.S. Department of Commerce’s Economic Development Administration (EDA) has awarded a $500,000 CARES Act Recovery Assistance grant to Technology Entrepreneur Center, Inc. (T-REX), St. Louis, Missouri, to establish an Extended Reality and Simulation Lab that will address the pressing challenges of working, educating, and meeting remotely by leveraging innovations in Extended Reality (XR) technology. This EDA grant, to be matched with $163,840 in local investment, is expected to create 422 jobs and generate $5 million in private investment.
“This EDA investment will align academic, government, and industry partners to develop new XR technologies, foster remote learning, and create opportunities for business events designed to spur economic growth in the industry,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development.
“We are excited that Technology Entrepreneur Center, Inc. has been awarded $500,000 to establish an Extended Reality and Simulation Lab in St. Louis,” said Governor Mike Parson. “With more than $5 million in additional private investment expected and the creation of more than 420 new jobs, we know that public-private partnerships work.”
“The great work being done by T-REX is why St. Louis remains one of our nation’s top spots for innovation and entrepreneurship,” said Senator Roy Blunt. “I’m glad this funding will create jobs and help T-REX launch a new lab that will utilize the latest technology to address challenges facing remote working, learning, and meeting.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.