The U.S. Small Business Administration (SBA) has released the names of the initial winners of the 2024 Growth Accelerator Fund Competition (GAFC). Celebrated for their significant contributions to the business ecosystem, these winners each received a grant of $50,000. The SBA commended their crucial roles in supporting business and fostering innovation, further recognizing them as integral players within the business community.
SBA Administrator, Isabel Casillas Guzman, lauded the winners’ contributions to the development of science and tech-centric innovations. She praised their unwavering commitment to empower the national economy, coupled with their significant roles in nurturing a conducive entrepreneurial environment. Among the winners were The Catalyst Center for Business and Entrepreneurship from Alabama and California’s Starburst Accelerator, both of whom have had a profound impact on the business landscape.
Other winning organizations included Massachusetts-based Cybersecurity Innovation Hub, Rhode Island’s Defense Digital Manufacturing Design Innovation, and Pennsylvania’s TechConnect. Their significant contributions to numerous industries were recognized with appreciable rewards.
Announcing 2024 Growth Fund beneficiaries
This recognition was due to their ground-breaking approaches in various sectors such as International Relations, Indigenous Business Growth, and Environmental and Genetic Engineering.
Coming in June is the next phase of the competition, which offers larger cash prizes ranging from $50,000 to $150,000. This supports Growth Accelerator Partnerships that aim to convert entrepreneurs’ R&D projects into marketable products. The application process commences in May, with the requirement of comprehensive business plans detailing how R&D projects will translate into viable commercial products.
The competition’s prime goal is to enhance partnerships within the business community and provide pivotal resources and capital to underfunded and underserved markets. To ensure this, the event organizes network forums, knowledge-sharing programs, and collaborative ventures. The focus is to increase awareness of funding opportunities and encourage economic growth and job creation in underrepresented communities.
Since its inception in 2014, the GAFC has distributed over $26 million through 427 awards to 314 diverse recipients.State-wise, the early 2024 winners are spread across 41 U.S. states and territories. Newcomers constitute 65% of the winners, indicating a consistent inflow of novel expertise into the competition.
