The Obama Administration announced the creation of a new $33 million Jobs and Innovation Accelerator Challenge--aka, the "Jobs Accelerator"--designed to jumpstart innovation-fueled job creation and improve America's global competitiveness.

The competition offers $33 million in funding from three federal agencies (and technical assistance from 13 additional agencies) to support the advancement of at least 20 competitively selected industry clusters, explains the U.S. Economic Development Administration (EDA).

The Department of Labor's Employment and Training Administration will invest up to $20 million for technical skills training; the Department of Commerce's Economic Development Administration will invest up to $10 million in Economic Adjustment Assistance funds; and the Small Business Administration will invest up to $3 million in technical assistance.

Register here to attend the June 7th Admnistration's online information teleconference (webinar) for prospective applicants to be held June 7, 2011. The deadline for applications is a month later on July 7, 2011.