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Eric Smith
Enabling inclusive, innovative entrepreneurs and technology ecosystems
Professional Background
Eric Smith is an accomplished professional with a diverse career dedicated to designing innovative policies, programs, and services that promote inclusive innovation and digitalization. He currently serves as the Director of the Office of Innovation and Entrepreneurship at the U.S. Economic Development Administration, where he plays a pivotal role in facilitating the transition of research into market-ready applications. Harnessing his expertise in science, technology, and entrepreneurship, he is committed to ensuring that these vital sectors contribute to improved health, prosperity, and quality of life for all individuals across society.
Prior to his current role, Eric made significant strides at NASA as the Chief Customer Officer for the SBIR/STTR programs. His innovative leadership helped advance the agency's efforts in fostering small business participation to drive technological advances, demonstrating his knack for creating impactful initiatives that benefit the wider community. His extensive experience at the U.S. Department of Commerce further highlights his dedication to economic development, where he served in various capacities, including Enterprise Operations Manager and Senior Policy Advisor. Eric's work within these esteemed organizations underscores his deep commitment to public service and enhancing the nation's economic landscape.
In addition to his role in government, Eric's foundation in technology and innovation is accentuated by his previous positions as a Patent Examiner at the USPTO and as a legal professional at Actimize. His early career included vital technical experience as a Software Developer at Rose-Hulman Ventures and Digonex Technologies, along with writing and supporting web applications at Joink LLC. These experiences contribute to his holistic understanding of the intersection between technology and policy, enabling him to craft effective strategies that drive innovation forward.
Education and Achievements
Eric's academic journey has uniquely equipped him for a career dedicated to public service and technological advancement. He holds a Bachelor of Science degree from the acclaimed Rose-Hulman Institute of Technology, emphasizing his strong foundation in engineering and technology principles.
Furthering his education, Eric pursued a Juris Doctorate at the Indiana University Maurer School of Law, followed by advanced learning at the University of San Diego School of Law. This combination of technical and legal education gives him a nuanced perspective when developing policies and programs aimed at transforming innovative ideas into successful market entities.
Additionally, Eric's international exposure comes from his studies at the Otto-von-Guericke University in Magdeburg, Germany. This diverse academic experience enriches his understanding of global market dynamics and digitalization trends, which are critical in today’s interconnected economy.
Achievements
Throughout his career, Eric has achieved notable milestones that reflect his dedication to inclusive innovation and public service. As the Director of the Office of Innovation and Entrepreneurship, he spearheads initiatives that create pathways for researchers, inventors, and entrepreneurs to translate their ideas into viable products and services. Under his leadership, innovative strategies have emerged that significantly enhance the ingredients for economic development at all levels.
His tenure at NASA stands out as a highlight of his career. Leading the SBIR/STTR programs, Eric championed small businesses, providing them with the resources necessary to thrive in competitive technological arenas. His efforts not only foster small-scale innovation but are aligned with larger national goals of enhancing economic resilience through cutting-edge developments in science and technology.
Eric's experience at the Department of Commerce emphasizes his ability to influence policy decisions that directly enhance the economy and create job opportunities. His role has allowed him to engage with stakeholders, fostering collaborations that drive growth and innovation in communities across the United States.
Overall, Eric Smith's professional background is a testament to his commitment to fostering inclusive innovation and leveraging technology for societal benefit. His blend of education, extensive industry experience, and leadership acumen position him as a key influencer in the landscape of entrepreneurship and digitalization, making significant contributions to the quality of life and prosperity for diverse communities.
Highlights
Nearly two years ago, President Biden signed the CHIPS and Science Act into law, and we began developing policy for and designing the program that became Tech Hubs. Less than six months later, the U.S. Economic Development Administration was appropriated the first $500 million (just the first 5% of its envisioned $10 billion) for the program, and since then we’ve made this policy into reality. We announced the 31 inaugural Hubs—places with capacity and potential to become globally renowned not only in innovation but also in making and delivering those innovations—in October 2023. We worked with those Hubs for several months as they developed their best proposals to realize their visions, and, since the end of February, we’ve undertaken the truly difficult challenge of deciding which of those proposals to fund.
We received a phenomenal set of applications across the 31 Hubs, and we have been and remain committed to accelerating growth in them all. The President has requested the next $4 billion for the program in his budget request, which, if appropriated, will enable us to continue to pursue the program’s vision of up to $150 million in initial investments per Hub and up to $1 billion in any given Hub over the life of the program. We’ve seen incredible support for the 31 Hubs: collectively, they secured $4.4 billion in contingent commitments to complement their applications. And we’ve seen incredible industry engagement: the private sector makes up more than a third of the 31 consortia’s 1,400+ members.
Today, we announced $504 million of investment that we’re deploying into multiple projects in 12 Hubs. Making up just 5% of the program’s authorized level, we envision this as one of many rounds of investment across all 31 Hubs.
This milestone offers an opportunity not only to celebrate this accomplishment but also to recognize the scores of amazing humans who have made it possible, inside and outside the U.S. Department of Commerce. I’m grateful for and deeply appreciate everyone who has contributed to, supported, and cared about this program, which enables us not just to lead the world in innovation but also to realize the promise of that innovation: inclusive prosperity, national security, and global competitiveness. The #EDATechHubs team is large and growing.
Come work at EDA with Justin Tooley, Alex Jones, and the rest of the phenomenal Build Back Better Regional Challenge team! ⏰ Jan. 12 deadline to apply!! ⏰ More details here: https://lnkd.in/egzDJRnS.
EDA is looking for a curious, strategic-minded, problem solver who is eager to help communities rebuild their regional economy for the future. The $1 billion Build Back Better Regional Challenge is the marquee competition of EDA’s American Rescue Plan programs and aims to boost economic recovery from the pandemic and rebuild American communities by embracing equitable economic growth, creating good-paying jobs, and enhancing global competitiveness. This role will manage a portfolio of 5-7 regional coalitions across the country as they implement a set of inter-related projects to strengthen industry clusters.
