The U.S. Small Business Administration is thrilled to announce a third round of the Growth Accelerator Fund competition. In 2016, the SBA will again be awarding $50,000 prizes to the winners of the contest. These funds are to be used to fund operating budgets, not for investing in start-ups in your ecosystems. The Growth Accelerator Fund Competition was launched in 2014 and has awarded $6.9 million to over 135 organizations throughout the country in the past 2 years. The winners of this year’s contest must demonstrate the ability to raise (or have plans to raise) a 4 to 1 match (1 to 1 for Native American accelerators) of prizes awarded. This match can be in the form of cash, in-kind donations, or sponsorships.
For this contest, “accelerators” are defined as: organizations which provide networking opportunities, mentorship, space (can be physical or virtual) and sometimes equity to start-ups. All models are expected to have a prescribed timeline after which start-ups “exit” or “graduate” their organization to function independently in the small business economy.
Judges will give particular attention to, and the SBA encourages, applicants that fill geographic, industry, and economic gaps in the accelerator and entrepreneurial ecosystem space. Through this competition, we are looking to support the development of accelerators and thus start-ups in parts of the country where there are fewer conventional sources of access to capital (eg: venture capital and other investors). In addition to accelerators which fill the gaps described above, we are also seeking out accelerators which are run by or support women or other underrepresented groups. Special consideration will be given to any accelerator models which support manufacturing and the White House Power Initiative.
This presents a funding opportunity for several organizations here in the Sacramento region.
2016: Growth Accelerator Fund – Process and Application
