SBA Launches Second Growth Accelerator Fund Competition to Award $4 Million for Small Business Startups
The Small Business Administration (SBA) is launching an Accelerator Growth Fund competition for accelerators and other entrepreneurial ecosystem models to compete for monetary prizes of $50,000 each, totaling $4 million.
Application Period: April 10 - June 1, 2015
Information about the application process can be found on the SBA web page.
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 that support them or other underrepresented groups. Thirty-two percent of last year’s accelerator winners were run by women and 14 percent were classified as underrepresented groups.
Manufacturing accelerator models will be given special consideration during this year’s competition, because they are critical to job growth and strengthening the nation’s economy.
Entities located in Promise Zones are encouraged to apply, although not specifically eligible for preference points as part of the Promise Zone.