SBA Awards Over $3 Million to Support STEM and R&D-Focused Small Businesses Through Growth Accelerator Fund

The U.S. Small Business Administration (SBA) has announced the winners of the 2024 Growth Accelerator Fund Competition (GAFC) Stage Two.

Forty-four accelerator partnerships will receive between $50,000 and $150,000 each to support small businesses and startups focused on science, technology, engineering, and mathematics (STEM) as well as research and development (R&D). These awards are aimed at advancing national priorities such as economic security, domestic manufacturing, sustainability, and biotechnology.

The GAFC Stage Two awards build upon Stage One’s focus on network building by enhancing the support provided to small businesses and startups. The awarded accelerator partnerships represent a wide range of public, private, nonprofit, and academic institutions from across 34 U.S. states and territories, including Washington, D.C., and Puerto Rico. These partnerships work collaboratively to drive innovation and support emerging businesses nationwide.

Impact of the Growth Accelerator Fund

Since its launch in 2014, the GAFC has become a vital source of support for innovation-focused entrepreneurship organizations and the communities they serve. Over the past decade, the SBA has awarded 566 prizes, totaling over $33 million.

2024 Growth Accelerator Fund Stage Two Winners

The 2024 GAFC Stage Two winners support national priorities across several focus areas, including National and Economic Security, Domestic Manufacturing and Production, and Sustainability and Biotechnology. Below is the full list of this year’s winners:

National and Economic Security

• Alabama: The Catalyst Center for Business and Entrepreneurship
• California: Starburst Accelerator
• Colorado: Catalyst Accelerator
• Indiana: Central Indiana Corporate Partnership
• Indiana: Indiana Center for Emerging Technologies
• Louisiana: Maven Scouts
• Maryland: Rural Autonomous Innovation Network (RAIN) Association of University Research Parks (AURP)
• Missouri: Codefi Foundation on Rural Innovation
• Montana: Early Stage Montana
• Nebraska: Invest Nebraska
• New Mexico: NewSpace Nexus

Domestic Manufacturing and Production

• Arizona: Startup Tucson
• Arkansas: Endeavor NWA Entrepreneurs
• District of Columbia: National Disability Institute
• Florida: Florida Institute of Technology
• Florida: International Business Innovation Association
• Hawaii: XLR8HI
• North Carolina: RIoT
• North Dakota: Grand Farm Research and Education Initiative Inc.
• New York: FuzeHub
• New York: Southern Tier High Technology Incubator Inc.
• Utah: Utah Advanced Materials Manufacturing Institute
• Washington: 360 Social Impact Studios

Sustainability and Biotechnology

• Alaska: Spruce Root Inc.
• California: Los Angeles Cleantech Incubator
• Connecticut: The Community Foundation-Mission Investments Company
• Illinois: University of Illinois Research Park LLC
• Maine: Central Maine Growth Council
• Massachusetts: SeaAhead Inc.
• Minnesota: RuralWorks Partners LLC
• North Carolina: Eva Garland Consulting LLC
• New York: The Hudson Valley Venture Hub at SUNY New Paltz
• Oregon: Oregon Health and Science University
• Pennsylvania: University City Science Center
• Puerto Rico: CARBONO3 LLC
• Tennessee: BioTN Foundation Inc.
• Tennessee: Native American Investment and Capital Alliance
• Texas: Health Wildcatters
• Texas: Impact Hub Houston
• Utah: Altitude Lab
• Virginia: FedTech
• Vermont: LaunchVT
• West Virginia: U.S. Research Impact Alliance Corp.
• Washington, D.C.: Women in Engineering ProActive Network

A full description of each GAFC partnership can be found in the public directory at https://bit.ly/GAFC24Directory.

This article, "SBA Awards Over $3 Million to Support STEM and R&D-Focused Small Businesses Through Growth Accelerator Fund" was first published on Small Business Trends