; (C) improve the pace of market readiness and overall commercialization of innovative research; (D) enhance the overall innovation capacity and long-term resilience of the region; and (E) leverage the region’s unique competitive strengths to stimulate innovation and to create jobs. (3) State The term State means one of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or any other territory or possession of the United States. (4) Venture development organization The term venture development organization means a State or nonprofit organization that contributes to regional or sector-based economic prosperity by providing services for the 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) Establishment The Secretary shall establish a regional innovation program to encourage and support the development of regional innovation strategies designed to increase innovation-driven economic opportunity within their respective regions. (c) Regional innovation grants (1) Authorization of grants As part of the program established pursuant to subsection (b), the Secretary may award grants, on a competitive basis, to eligible recipients for activities designed to develop and support a regional innovation initiative. (2) Permissible activities A grant awarded under this subsection shall be used for multiple activities determined appropriate by the Secretary, including— (A) improving the connectedness and strategic orientation of the region through planning, technical assistance, and communication among participants of a regional innovation initiative; (B) attracting additional participants to a regional innovation initiative