Ocean Regional Opportunity and Innovation Act of 2023

The Ocean Regional Opportunity and Innovation Act of 2023 establishes a program to create 7 regional "Ocean Innovation Clusters" across coastal, Great Lakes, and Gulf of Mexico areas, prioritizing geographic diversity and underserved communities. These clusters, led by non-profits and including businesses, tribes, academic institutions, and government partners, will receive federal grants to foster collaboration in sustainable ocean industries (the "Blue Economy"), such as fishing, tourism, renewable energy, and coastal resilience. The bill authorizes $50 million annually (2024-2029) for grants covering operational costs and one-time investments to build physical "Innovation Centers" that provide shared workspaces, training, and resources for entrepreneurs and workers. It directly affects regional economic development organizations, tribal entities, and small businesses in ocean-dependent sectors by creating structured opportunities for cross-sector partnerships and job growth.