WASHINGTON, D.C. — The U.S. Small Business Administration (SBA) has announced the winners of the 2024 Growth Accelerator Fund Competition (GAFC) Stage Two, a pivotal initiative designed to bolster small businesses and startups in STEM and research and development (R&D). Forty-four accelerator partnerships have been awarded between $50,000 and $150,000, supporting crucial sectors such as national and economic security, domestic manufacturing, and sustainability.
This initiative is part of the Biden-Harris Administration’s broader mission to foster sustainable and inclusive entrepreneurial ecosystems nationwide. Administrator Guzman emphasized the significance of these awards in promoting innovation and enhancing America’s competitive edge globally. “The 2024 GAFC Stage Two award winners will drive forward the Investing in America agenda,” she stated, underscoring the administration’s commitment to lowering market and capital barriers for diverse entrepreneurs.
The GAFC’s history dates back to 2014, positioning itself as a cornerstone of the U.S. innovation ecosystem. Over the past decade, it has distributed over $33 million across 566 prizes, nurturing local and national entrepreneurship organizations. This year’s Stage Two winners include 31 newcomers, reflecting the program’s expanding impact.
The awarded partnerships represent a diverse array of public, private, nonprofit, and academic entities, all collaborating to elevate small businesses and startups. These partnerships span 34 U.S. states and territories, including Washington, D.C., and Puerto Rico, broadening the reach of innovation support.
The winning accelerators are categorized into three priority areas:
- National and Economic Security: This category includes entities like the Catalyst Center for Business and Entrepreneurship in Alabama and the Starburst Accelerator in California, focusing on enhancing the nation’s security infrastructure through innovation.
- Domestic Manufacturing and Production: Organizations such as Startup Tucson in Arizona and the National Disability Institute in Washington, D.C., are recognized for their efforts in revitalizing domestic manufacturing capabilities.
- Sustainability and Biotechnology: Winners in this sector include the Los Angeles Cleantech Incubator in California and the University City Science Center in Pennsylvania, both dedicated to advancing environmentally conscious technologies.
The GAFC Stage Two awards are managed by SBA’s Investment and Innovation Ecosystem Development Division, which plays a crucial role in fostering strategic partnerships. According to Brittany Sickler, Director of Ecosystem Development, these awards are transformative for underserved communities, enabling startups and small businesses to scale effectively.
This year’s GAFC Stage Two awards exemplify the SBA’s efforts to build a robust national network that offers entrepreneurs significant capital and resources. By enhancing strategic connections across various support organizations, the SBA is poised to change the landscape for innovation in the United States, propelling small businesses and startups into a future of growth and success.
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