SBA launches annual Growth Accelerator Fund Competition to award $3 million for startups
To recognize startup community models such as accelerators, co-working spaces to compete for $50,000 each
SAN JUAN – The U.S. Small Business Administration (SBA) has announced the fifth round of its Growth Accelerator Fund Competition to recognize innovative accelerators, including incubators, co-working startup communities or other similar models, to compete for prizes of $50,000 each for a total of $3 million.
“Accelerators provide invaluable resources to small business startups, such as mentoring, business-plan assistance, networking, and opportunities to obtain venture capital, among others. Through this competition, the SBA is looking to support the development of accelerators and their support of startups that have fewer conventional sources of access to capital,” said SBA Puerto Rico and U.S. Virgin Islands District Director Yvette T. Collazo.
This year’s competition is geared toward Growth Accelerators that provide assistance to technology-focused entrepreneurs, “to help build the pipeline for new SBIR [Small Business Innovation Research program] and STTR [Small Business Technology Transfer program] applicants. The prizes can fund operations costs associated with traditional accelerator activities,” the SBA explained in its announcing release.
The agency said applicants must have been in operation for at least two years and “must target at least 60 percent of the effort under this funding opportunity to entrepreneurs in one of the following” groups:
2) Socially and economically disadvantaged individuals;
3) Businesses that are located in and operate out of states or territories that are underrepresented by SBIR/STTR awardees;
4) Businesses that are located in and operate out of Opportunity Zones.
Applications must consist of a “brief 12-slide presentation and an optional two-minute video,” the SBA said.
Competition rules, requirements, and additional information can be found at www.sbir.gov/accelerators. Applications can be submitted from June 10-20.