; and (B) by inserting after paragraph (1) the following: (2) Key technology focus areas The term key technology focus areas means the areas included on the most recent list under section 8A(c)(2) of the Act of May 10, 1950 (64 Stat. 49, chapter 171; 42 U.S.C. 1861 et seq.). . (2) Venture development organizations Paragraph (5) of such subsection, as redesignated by paragraph (1) of this subsection, is amended by striking purposes of and all that follows through the period at the end and inserting the following: purposes of— (A) accelerating the commercialization of research; (B) strengthening the competitive position of industry through the development, commercial adoption, or deployment of technology; and (C) providing financial grants, loans, or direct financial investment to commercialize technology. . (b) Designation of and support for regional technology hubs as part of regional innovation program of department of commerce (1) In general Such section is amended— (A) by redesignating subsections (d) through (h) as subsections (e) through (i), respectively; and (B) by inserting after subsection (c) the following: (d) Designation of and grants in support of regional technology hubs (1) Program required (A) In general As part of the program established under subsection (b), the Secretary shall carry out a program— (i) to designate eligible consortia as regional technology hubs that create the conditions, within a region, to facilitate activities that— (I) enable United States leadership in a key technology focus area, complementing the Federal research and development investments under section 8A of the Act of May 10, 1950 (64 Stat. 149, chapter 171; 42 U.S.C. 1861 et seq.); and (II) support regional economic development that diffuses innovation capacity around the United States, enabling better broad-based growth and competitiveness in key technology focus areas