SBA Recognizes Philadelphia Accelerator as Growth Accelerator Fund Competition Winner

Advisory Date: 
Friday, August 21, 2015
Advisory Number: 
20150821-001
Contact: 
Robert Goza (610) 382-3084 | robert.goza@sba.gov
SBA Leaders Visit University City Science Center August 25

PHILADELPHIA – U.S. Small Business Administration Regional Administrator Natalia Olson-Urtecho and Eastern Pennsylvania Director Tony Leta officially recognize the University City Science Center’s Digital Health Accelerator as a winner of SBA’s Growth Accelerator Fund Competition August 25, 2015 at 2 p.m. Media are invited to attend.

 

SBA recently announced a total award of $4.4 million to startup accelerators representing 39 states, the District of Columbia and Puerto Rico, including those that fill geographic gaps and also foster entrepreneurship among women and other underrepresented groups.

 

WHO:       Natalia Olson-Urtecho, U.S. Small Business Administration Mid-Atlantic Regional Administrator

      Tony Leta, U.S. SBA Eastern Pennsylvania Director

      Saul A. Behar, Vice President and General Counsel, University City Science Center

WHAT:    SBA recognizes University City Science’s Center Digital Health Accelerator as a winner of its national Growth Accelerator Fund Competition

WHEN:   August 25, 2015 at 2 p.m.   

WHERE:       Innovation Center @3401, 3401 Market Street, 2nd Floor, Philadelphia, PA 19104

“The purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem,” said Olson-Urtecho. “The winning accelerators, like the University City Science Center Digital Health Accelerator, serve entrepreneurs in a broad set of industries and sectors – from manufacturing and tech start-ups, to farming and biotech – with many focused on creating a diverse and inclusive small business community.”

“We are honored by this show of support from the SBA,” said Science Center President and CEO Stephen S. Tang, Ph.D., MBA. “The Science Center, and by extension the DHA program, believe that strengthening the support network for entrepreneurs from communities that are underrepresented in the innovation ecosystem will be integral for future economic growth in the Philadelphia region. Creating a culture of inclusion is good for innovation, it is good for entrepreneurs, and it is good for the bottom line.”

As a winner, the University City Science Center’s Digital Health Accelerator (DHA) in Philadelphia receives a $50,000 cash prize from the SBA to help incubate local startups in the health IT sector. In accepting these funds, the DHA and other awardees are committing to quarterly reporting for one year. They will be required to report metrics such as jobs created, funds raised, startups launched and corporate sponsors obtained. This allows SBA to continue building upon its database of accelerators and their impact, and to develop long-term relationships with the startups and constituents in these innovative and entrepreneurial communities.

“SBA continues to make advances in support of unique organizations helping the start-up community grow, become commercially viable, and have a real and sustained economic impact,” said Olson-Urtecho. “Through the wide-spread outreach of this competition, we are able to reach entrepreneurial ecosystems across the country. Our commitment is to make resources available to 21st century entrepreneurs where they are, and these accelerators, also known as incubators and innovation hubs, are the gathering place for today’s innovators.”

“It’s wonderful to see innovative business accelerators in Pennsylvania are being recognized,” said Leta. “The University City Science Center’s Digital Health Accelerator deservedly won this competition, but the real winners who will benefit from this SBA initiative are the small businesses these accelerators help.”

The University City Science Center is a dynamic hub for innovation, and entrepreneurship and technology development in the Greater Philadelphia region.  It provides business incubation, programming, lab and office facilities, and support services for entrepreneurs, start-ups, and growing and established companies.  The Science Center was the first, and remains the largest, urban research park in the United States. Since it was founded in 1963, graduate organizations and current residents of the University City Science Center’s Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually.

The U.S. Small Business Administration is an independent federal agency of the U.S. government whose mission is to help small businesses start, grow and succeed through loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA also helps people recover from disasters and rebuild their lives by providing affordable, timely and accessible financial assistance to homeowners, renters and businesses.

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To request interviews or photos, contact Robert Goza, SBA’s Public Information Officer in the Eastern Pennsylvania District Office, at 610-382-3084 or robert.goza@sba.gov.