(Photo via @HalcyonIncubate on Twitter)
Four local accelerator and incubator programs won funding through the U.S. Small Business Administration’s Growth Accelerator Fund Competition.
The competition provided a total of $3 million to 60 programs around the country, with each program snagging $50,000 each. SBA put on the competition to provide operational capital so these programs can better serve entrepreneurs researching and developing STEM-related innovations. SBA reported that this year’s award recipients will dedicate at least 60% of their work to women entrepreneurs and socially and economically disadvantaged individuals living in Opportunity Zones.
Two programs from D.C. and two from Virginia were awarded funding from SBA. There were also four Baltimore-area programs awarded, totaling $400,000 in funding going to eight accelerators hailing from the DMV region.
SBA Announces $3 million for 60 Growth Accelerator Fund competition recipients supporting Startups and STEM focused Entrepreneurs! For a complete list of winners: https://t.co/iEMnY7wJtG pic.twitter.com/Knk0yprZ8u
— SBA Connecticut (@SBA_Connecticut) September 25, 2019
“Over the past five years, the competition has provided awards to innovative and promising accelerators and incubators. This year’s recipients, who will each receive an award of $50,000 from the SBA, are no exception,” Acting SBA Administrator Chris Pilkerton said in a statement. “This includes entrepreneurs located in Opportunity Zones — where job creation and investments are moving forward to revitalize communities.”
The local accelerators that received awards are:
- Halcyon Incubator, a program for social enterprises founded by the nonprofit S&R Foundation and located in D.C.’s Georgetown neighborhood
- Eastern Foundry, an Arlington, Virginia-based incubator for small government contractors
- Penisula Technology Incubator REaKTOR Technology Innovation Center, the National Institute of Aerospace’s incubator program located in Hampton, Virginia
- The AWIS Accelerator, a D.C.-based accelerator program for women developing STEM-related innovations
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