SBA Commits Nearly $4M to Third Annual Growth Accelerator Challenge

The Small Business Administration (SBA) announced the 2016 Growth Accelerator Fund competition. In its third year, the SBA will commit up to $3.95 million for accelerators and other entrepreneurial ecosystem models to compete for monetary prizes of $50,000 each. This year, the SBA will partner with several other federal agencies – NIH, NSF, Department of Education, and 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. Applications must be submitted by June 3.

Managed by SBA’s Office of Investment and Innovation, the intent of the program is 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 also is seeking accelerators headed by women and those that support them or other underrepresented groups. Special consideration will be given to manufacturing accelerator models and models that support the White House Power Initiative during this year’s competition.  Business accelerators, incubators, coworking spaces and other entrepreneurial ecosystem models are eligible for prizes via the Growth Accelerator Fund competition.