Massachusetts Accelerators Awarded $150K for Small Business Startups through 3rd Annual Growth Accelerator Fund Competition
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BOSTON ??? Today, the U.S. Small Business Administration (SBA), through its Office of Investment and Innovation (OII), Office of Native American Affairs, Office of Veterans Business Development, and its federal partners consisting of the National Institutes of Health, the National Science Foundation, and the Department of Education, announced the 68 winners of the third annual Growth Accelerator Fund Competition.
The winners include three from Massachusetts (Entrepreneurship for All, Massachusetts Biomedical Initiatives and North Shore InnoVentures Inc.), who will receive $50,000 each out of a total of $3.4 million in prizes to boost the economic impact of accelerators across 32 states and the District of Columbia. ?? In making the announcement, SBA Administrator Maria Contreras-Sweet said: ???SBA created the Growth Accelerator Fund Competition in 2014 as a way to make new connections and strengthen existing bonds within America???s small business support network, bringing entrepreneurs and innovators together and connecting them with local and national resources that support small business job creation and growth. These awards deliver on a longstanding commitment at SBA to strengthen and modernize these support systems especially in parts of the country where access to capital has been a major barrier to starting a business.??This year???s winners show that our efforts are bearing fruit and further cementing our nation???s most pioneering accelerators, incubators and innovation hubs as major players driving America???s technology startup ecosystem.???
???Our three local winners this year are helping grow early stage new businesses in cleantech, biotech, life sciences industries — and helping to promote inclusive entrepreneurship on Main Street,??? said Robert Nelson, SBA Massachusetts District Director. ???We congratulate all three, and are looking to build on our relationships with these phenomenal organizations to continue to build communities and grow jobs here in the Commonwealth.????? ??
The purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem. While there are entrepreneurial activities occurring nationwide, some are better supported by private sector ecosystems than others. SBA has created connective tissue among the over 200 winning entrepreneurial ecosystems now part of the Growth Accelerator Fund Competition program.??
???Small businesses are the heart and soul of our economy and we need to do all we can to help them grow and succeed. I am grateful to the SBA for this smart investment in our community and know that it will help to give entrepreneurs in Worcester and across Central Massachusetts the resources and support they need,??? said Congressman Jim McGovern (MA-02).??
???Accelerators serve entrepreneurs in a broad set of industries and sectors ??? from manufacturing and tech start-ups, to farming and biotech ??? with many focused on creating a diverse and inclusive small business community.?? Through this national competition, we are also empowering accelerators which are led by and support women or other underrepresented groups.?? SBA will continue to explore ways to creatively harness this powerful network and connect startups with one another and with available government resources.?? We reported to Congress 138 winners from 2014 and 2015 ??? made up of 5,000 companies that have raised $1.5 billion and employ nearly 20,000 people.?? With the addition of the 2016 winners, the number of SBA supported entrepreneurs will significantly grow,??? Contreras-Sweet added.??
Applications were judged by more than 100 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.?? The first panel of judges reviewed over 400 applications and presentations and established a pool of 200 highly qualified finalists.?? The second panels evaluated the finalists??? presentations and pitch videos and selected the 68 winners.
???By pinpointing and addressing the differing needs of small businesses, and supporting that with federal funding, we can keep our local economies on an upwards path. The SBA???s Growth Accelerator Fund Competition is one way to accomplish that goal. EForAll in Lowell received these funds after a competitive grant process, which speaks to both the quality of their application and the organization in general. There are so many inventive small businesses and startups clustered throughout the Third District developing forward-looking, state-of-the-art products and services in myriad industries. By providing support to the outlets that in turn support these startups, we can ensure local companies don???t just remain competitive, but become business and innovation leaders. I look forward to seeing the far-reaching impact of this funding take hold.??? ??? Congresswoman Niki Tsongas (MA-03)
Each organization will receive a cash prize of $50,000 from the SBA. ??In accepting funds, the accelerators will also be committing to quarterly reporting for one year. ??They will be required to report metrics including jobs created, funds raised, startups launched and corporate sponsors obtained. This will allow SBA to continue building upon its database of accelerators and their impact, and to develop long-term relationships with the startups and constituents in these innovative and entrepreneurial communities.
???Small businesses are the backbone of our national economy and regional job growth,??? said Congressman Seth Moulton (MA-06). ???So, it???s critical that our country???s small businesses have reliable access to capital in order to innovate, grow our economy, and create new jobs. I???m proud that Massachusetts entrepreneurs did so well in this national funding competition, including North Shore InnoVentures, Inc. in Beverly. I look forward to seeing the impact this federal funding will have on job creation and economic development here in northeastern Massachusetts.???