Challenge Issued: $50 million for Smart Cities Projects Revealed at Smart Cincy Summit
CINCINNATI, Ohio — April 26, 2018 — Working in concert with the U.S. Department of Homeland Security, the U.S. Congressional Smart Cities Caucus and private investment firms, Cincinnati-based Venture Smarter is transforming the smart cities conversation into action.
Smart cities leader Venture Smarter announced Thursday at the Smart Cincy Summit that at least $50 million will be made available to winning entries in the 2018 Smart Infrastructure Challenge. Entries will now be accepted until May 31, 2018, and top teams in each of four project tracks will have access to grant resources, support, and access to project financing.
The four project tracks include Smart and Connected Development; Smarter, Safer Streets; Critical Infrastructure; and Next Generation Infrastructure. Winners will gain access to grant support and project financing ranging from $1 million to as much as $10 million, Venture Smarter VP of Policy Rhonda Binda said.
Smart City Capital CEO Oscar Bode, whose firm is a financier of the Smart Infrastructure Challenge, will provide as much as $10 million to the winning project in the Smart and Connected Development track. “That doesn’t mean that if we identify a bigger project and it would make business sense, that we wouldn’t support it,” said Bode, who added that there was as much as $3 billion set aside for the right projects.
“The 2018 Smart Infrastructure Challenge is different because it is dynamic in nature,” Venture Smarter Chief Strategy Officer Mitchell Kominsky said. “It is meant to spark and accelerate interdisciplinary and interagency collaborations while leveraging available resources and capital. All teams, not just winners, will receive ongoing support, guidance and resources.”
“We are working together to make available more support, more funding, and more resources from the federal government to enable smart development for communities of all sizes,” Venture Smarter CEO Zack Huhn said at the second annual Smart Cincy Summit on Thursday.
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