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Massachusetts Accelerators Awarded $150K for Small Business Startups through 3rd Annual Growth Accelerator Fund Competition

Release Date: 
Thursday, September 1, 2016
Release Number: 
16-23
Contact: 
Norman Eng (617) 565-8510

BOSTON – Today, the U.S. Small Business Administration (SBA), through its Office of Investment and Innovation (OII), Office of Native American Affairs, Office of Veterans Business Development, and its federal partners consisting of the National Institutes of Health, the National Science Foundation, and the Department of Education, announced the 68 winners of the third annual Growth Accelerator Fund Competition.

The winners include three from Massachusetts (Entrepreneurship for All, Massachusetts Biomedical Initiatives and North Shore InnoVentures Inc.), who will receive $50,000 each out of a total of $3.4 million in prizes to boost the economic impact of accelerators across 32 states and the District of Columbia.  

In making the announcement, SBA Administrator Maria Contreras-Sweet said: “SBA created the Growth Accelerator Fund Competition in 2014 as a way to make new connections and strengthen existing bonds within America’s small business support network, bringing entrepreneurs and innovators together and connecting them with local and national resources that support small business job creation and growth. These awards deliver on a longstanding commitment at SBA to strengthen and modernize these support systems especially in parts of the country where access to capital has been a major barrier to starting a business. This year’s winners show that our efforts are bearing fruit and further cementing our nation’s most pioneering accelerators, incubators and innovation hubs as major players driving America’s technology startup ecosystem.”

 “Our three local winners this year are helping grow early stage new businesses in cleantech, biotech, life sciences industries -- and helping to promote inclusive entrepreneurship on Main Street,” said Robert Nelson, SBA Massachusetts District Director. “We congratulate all three, and are looking to build on our relationships with these phenomenal organizations to continue to build communities and grow jobs here in the Commonwealth.”   

The purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem. While there are entrepreneurial activities occurring nationwide, some are better supported by private sector ecosystems than others. SBA has created connective tissue among the over 200 winning entrepreneurial ecosystems now part of the Growth Accelerator Fund Competition program. 
 

“Small businesses are the heart and soul of our economy and we need to do all we can to help them grow and succeed. I am grateful to the SBA for this smart investment in our community and know that it will help to give entrepreneurs in Worcester and across Central Massachusetts the resources and support they need,” said Congressman Jim McGovern (MA-02). 
 

“Accelerators 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.  Through this national competition, we are also empowering accelerators which are led by and support women or other underrepresented groups.  SBA will continue to explore ways to creatively harness this powerful network and connect startups with one another and with available government resources.  We reported to Congress 138 winners from 2014 and 2015 – made up of 5,000 companies that have raised $1.5 billion and employ nearly 20,000 people.  With the addition of the 2016 winners, the number of SBA supported entrepreneurs will significantly grow,” Contreras-Sweet added. 

Applications were judged by more than 100 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.  The first panel of judges reviewed over 400 applications and presentations and established a pool of 200 highly qualified finalists.  The second panels evaluated the finalists’ presentations and pitch videos and selected the 68 winners.
 

“By pinpointing and addressing the differing needs of small businesses, and supporting that with federal funding, we can keep our local economies on an upwards path. The SBA’s Growth Accelerator Fund Competition is one way to accomplish that goal. EForAll in Lowell received these funds after a competitive grant process, which speaks to both the quality of their application and the organization in general. There are so many inventive small businesses and startups clustered throughout the Third District developing forward-looking, state-of-the-art products and services in myriad industries. By providing support to the outlets that in turn support these startups, we can ensure local companies don’t just remain competitive, but become business and innovation leaders. I look forward to seeing the far-reaching impact of this funding take hold.” – Congresswoman Niki Tsongas (MA-03)
 

Each organization will receive a cash prize of $50,000 from the SBA.  In accepting funds, the accelerators will also be committing to quarterly reporting for one year.  They will be required to report metrics including jobs created, funds raised, startups launched and corporate sponsors obtained. This will allow 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.

“Small businesses are the backbone of our national economy and regional job growth,” said Congressman Seth Moulton (MA-06). “So, it’s critical that our country’s small businesses have reliable access to capital in order to innovate, grow our economy, and create new jobs. I’m proud that Massachusetts entrepreneurs did so well in this national funding competition, including North Shore InnoVentures, Inc. in Beverly. I look forward to seeing the impact this federal funding will have on job creation and economic development here in northeastern Massachusetts.”

In addition to the Growth Accelerator Fund Competition, SBA’s OII supports investment and innovation in California through two nationwide programs: the Small Business Investment Company (SBIC) Program and the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) Program. SBA licenses SBICs and provides $2 in government guaranteed debt for every $1 in private investment. Since the program was created in 1958, over $80 billion has been invested, helping finance 170,000 American small businesses, including companies like COSTCO, Amgen, Apple, FedEx, Staples, and Tesla and Intel. At present, 18 SBICs are located in Massachusetts and 71 Massachusetts small businesses received $286.4 million in financings in FY 2015 alone.

The SBIR/STTR program is a key pillar in the federal government’s strategy to provide seed capital to talented entrepreneurs in science, technology and engineering. Since its inception in 1982, the program has awarded over 158,000 awards with $43.6 billion in funding to early stage companies, including small firms that grew to become many of America’s leading large firms, such as Qualcomm, Biogen, iRobot, and Symantec. The federal government made 588 SBIR/STTR awards to 241 small businesses in Massachusetts totaling $279.2 million in FY 2015. In aggregate since 1983, the federal government has made 21390 awards to 2788 small firms in Massachusetts for a total of $5.8 billion.

For more information about accelerators and the Growth Accelerator Fund Competition, visit: www.sba.gov/accelerators.  

 

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The 2016 Growth Accelerator Fund Competition winners are:

 

406 Labs

Bozeman

Mont.

ABQid

Albuquerque

N.M.

AccelerateHER™ Inc.

Williamsburg

Va.

AlphaLab

Pittsburgh

Pa.

Authentically Confederated Tribes of Warm Springs

Portland

Ore.

Autonomous Alley

Grand Forks

N.D.

Ben Franklin Techcelerator

Harrisburg

Pa.

BIG Accelerator (formerly FOCUS)

Atlanta

Ga.

BioAccel (Southwest Commercialization Center)

Phoenix

Ariz.

Bioscience & Technology Business Center

Lawrence

Kan.

BioSTL Fundamentals

St. Louis

Mo.

BoomStartup Online

Salt Lake City

Utah

Bunker Labs

Chicago

Ill.

Chef Space

Louisville

Ky.

Cherokee Center for Cultural Art and Technology

Cherokee

N.C.

Circular Board

Houston

Texas

Civic Accelerator

Atlanta

Ga.

Coalition for Queens

Long Island City

N.Y.

CONNECT

San Diego

Calif.

Creative Startups

Santa Fe

N.M.

EforAll

Lowell

Mass.

Fannin Innovation Studio

Houston

Texas

FAST (Fellows All Star Team)

South San Francisco

Calif.

FastForward

Baltimore

Md.

Good Food Business Accelerator Incubator Without Walls

Chicago

Ill.

GVS Transmedia Accelerator

Kona

Hawaii

Harlem Biospace

New York

N.Y.

Ho'okahua Capacity-Building Accelerator

Waimanalo

Hawaii

IGNITE Community Accelerator

Albuquerque

N.M.

Innosphere

Fort Collins

Colo.

Jefferson Education Accelerator

Arlington

Va.

La Cocina's Business Incubator Program

San Francisco

Calif.

Lansing Proto

Lansing

Mich.

Launch – Chattanooga

Chattanooga

Tenn.

Launch Alaska

Anchorage

Alaska

LaunchTN Network

Nashville

Tenn.

Local First Delta Spark

Little Rock

Ark.

Los Angeles Cleantech Incubator

Los Angeles

Calif.

Massachusetts Biomedical Initiatives

Worcester

Mass.

Maui Food Industry X-celerator

Kahului

Hawaii

MedTech Innovator

Los Angeles

Calif.

Mergelane

Boulder

Colo.

Mortar

Cincinnati

Ohio

mystartupXX at University of California San Diego (UC San Diego)

La Jolla

Calif.

Native American Business Incubator Network

Flagstaff

Ariz.

Native Entrepreneur In Residence

Albuquerque

N.M.

NeuroLaunch

Atlanta

Ga.

New Biz Launchpad

Wardensville

WV

New England Pediatric Device Consortium

Lebanon

N.H.

New Orleans BioInnovation Center

New Orleans

La.

NewSchools Ignite/WestEd Research Partnership

Redwood City

Calif.

North Shore InnoVentures, Inc.

Beverly

Mass.

Phase 1 Ventures at the University City Science Center

Philadelphia

Pa.

Prince William Science Accelerator

Manassas

Va.

PROPEL at the iBIO Institute

Chicago

Ill.

SCAPE Southwest Colorado Accelerator Program for Entrepreneurs

Durango

Colo.

Startup Tucson

Tucson

Ariz.

Tamp WaVE

Tampa

Fla.

Texas Health Catalyst

Austin

Texas

The Refinery

Westport

Conn.

The Rosie Network's Military Entrepreneur Center

San Diego

Calif.

The Wedge

Tacoma

Wash.

Upstate Accelerator

Buffalo

N.Y.

Veteran Incubator

Brooklyn

N.Y.

Village Capital

Washington

D.C.

WIN for Life Sciences Entrepreneur Mentoring Program

Seattle

Wash.

WiSTEM (1871's Women's Program)

Chicago

Ill.

XLerateHealth

Louisville

Ky.

 

For more information about accelerators and the Growth Accelerator Fund Competition, visit: www.sba.gov/accelerators.  

  

ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)

 The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.  The SBA helps Americans start, build and grow businesses.  Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov
 

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