WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, announced the 2024 Growth Accelerator Fund Competition (GAFC) Stage Two winners. Forty-four accelerator partnerships received between $50,000 and $150,000 each to advance their work supporting small businesses and startups in STEM and research and development (R&D) across priority areas like national and economic security, domestic manufacturing and production, and 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.”
GAFC Stage One prizes emphasized ecosystem network building, while Stage Two efforts focus on the enhanced support that can be provided to small businesses and startups through these Growth Accelerator Partnerships. These partnerships span public, private, nonprofit, and academic institutions, fostering collaboration across industries and geographies, with lead awardees headquartered in 34 U.S. states and territories, including Washington, D.C., and Puerto Rico, and assisting innovators nationally.
“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.
