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SBA Launches 3rd Annual Growth Accelerator Fund Competition to Award $3.95 Million for Small Business Startups
WASHINGTON – For the third year, the U.S. Small Business Administration (SBA) is launching an Growth Accelerator Fund competition for accelerators and other entrepreneurial ecosystem models to compete for monetary prizes of $50,000 each, totaling $3.95 million. The application period is from May 2-June 3 and information about the application process can be found at: www.sba.gov/accelerators or www.challenge.gov.
“As we celebrate National Small Business Week this week, it is only fitting that we launch our third annual Growth Accelerator Fund competition to empower more of America’s small businesses,” said Mark Walsh, Associate Administrator for the Office of Investment and Innovation. “Accelerators provide valuable resources to potential startups: a physical infrastructure to work in their infancy, mentoring, business-plan assistance, networking, opportunities to obtain venture capital, and introductions to potential customers, partners and suppliers—all critical elements to ensuring that small businesses flourish and succeed. Last year’s competition was so successful, we’ve added more federal partners including our very own Office of Native American Affairs and Office of Veterans Business Development to help bring more Native-American-owned, veteran-owned, women-owned and minority-owned small businesses into the fold.”
New to this year’s competition, SBA is partnering with several other federal agencies -- National Institutes of Health (NIH), National Science Foundation (NSF), Department of Education (DoED) and Department of Agriculture (USDA) -- to provide additional prizes to accelerators that assist entrepreneurs with submitting proposals for the Small Business Innovation (SBIR) and Small Business Technology Transfer (STTR) programs. SBA’s Office of Investment and Innovation (OII), with support from the Office of International Trade (OIT), is also partnering with the Inter-American Development Bank to provide prizes to U.S. accelerators that assist the African descendant start-up community in Latin America and the Caribbean. Special consideration will be given to these accelerator models which support women-owned or minority-owned small businesses.
Similar to last year’s competition, several panels containing expert judges from the private and public sector with collective experience in early stage investing, entrepreneurship, academia, start-ups and economic development will select the winners. The competition includes accelerators, incubators, co-working startup communities, shared tinker-spaces or other models. The panel will give particular attention to applicants that fill geographic gaps in the accelerator and entrepreneurial ecosystem space.
Through this competition, the SBA is looking to support the development of accelerators and their support of startups in parts of the country where there are fewer conventional sources of access to capital (i.e., venture capital and other investors).
In addition, the SBA is also seeking accelerators headed by women and those who support them or other underrepresented groups, 44 percent of last year’s accelerator winners were run by women and 41 percent were classified as underrepresented groups.
Special consideration will be given to manufacturing accelerator models and models which support the White House Power Initiative during this year’s competition, because they are critical to job growth and strengthening the nation’s economy.
For more information on last year’s competition, please read the Report to the Congress of the United States on Q1 metrics and results from our first batch of winners:.
National Small Business Week is an annual event organized by SBA to recognize the achievements of the top small businesses in the nation. Since 1963, the president of the United States has issued a proclamation calling for the celebration of National Small Business Week. This year National Small Business Week will be recognized from May 1-7 with national events planned in Washington, D.C., New York, Denver, Phoenix, Oakland and San Jose, Calif. Events throughout the week will be live-streamed on SBA’s website at www.sba.gov. Make sure to check in during the event for live social media engagement, using the hashtag #DreamSmallBiz. For more information on the national events please visit: www.sba.gov/smallbusinessweek.