The U.S. Small Business Administration (SBA) has announced the winners of the 2024 Growth Accelerator Fund Competition (GAFC) Stage Two. Administrator Isabel Casillas Guzman, head of the SBA and a member of President Biden’s Cabinet, revealed that 44 accelerator partnerships have received awards ranging from $50,000 to $150,000 each. These funds aim to support small businesses and startups in STEM and research and development across key areas such as national and economic security, domestic manufacturing and production, sustainability, and biotechnology.
“Innovation happens everywhere and the Biden-Harris Administration is continuing to build on its commitment to promote sustainable and inclusive entrepreneurial ecosystems that advance research and development and commercialization in communities across the nation,” said Administrator Guzman. “The 2024 GAFC Stage Two award winners will drive forward the Investing in America agenda and strengthen America’s global competitiveness by continuing to support the expanding and increasingly diverse entrepreneurs across the nation and provide them with the opportunities that lower barriers for market and capital access."
Stage One of GAFC focused on ecosystem network building, while Stage Two aims at providing enhanced support through Growth Accelerator Partnerships. These partnerships involve public, private, nonprofit, and academic institutions collaborating across various industries and geographies. Lead awardees are based in 34 U.S. states and territories, including Washington D.C., Puerto Rico, assisting innovators nationwide.
“Since its launch in 2014, the SBA’s Growth Accelerator Fund Competition (GAFC) has made a positive difference to local and national innovation-focused entrepreneurship organizations and the communities they support. The competition has grown to be a core component and vital source of support to our nation’s innovation ecosystem. Over the last decade, SBA has awarded 566 prizes totaling over $33 million to winners across the U.S. and U.S. territories. We are delighted to announce 31 of this year’s Stage Two winners are new to the program, and we are inspired to witness communities of ecosystem developers coming together to build new relationships and networks with GAFC funding,” said Bailey G. DeVries, Associate Administrator for SBA’s Office of Investment and Innovation.
A detailed list of GAFC Stage Two winners can be found in a public directory available online.
Brittany Sickler, Director of Ecosystem Development for SBA’s Office of Investment and Innovation stated: “Supported by SBA’s Investment & Innovation Ecosystem Development (IIED) Division, the Growth Accelerator Fund Competition awards boost strategic partnerships that create a national network so entrepreneurs can tap into significant capital resources. Our work emphasizes the value of strategic connections across a wide variety of entrepreneur support organizations.”
For more information about GAFC or other SBA programs supporting small businesses visit www.sba.gov.