The Small Business Administration will award up to $13 million in funding to accelerate the growth of science, technology, engineering and mathematics-focused entrepreneurs and start-ups.
SBA said Thursday the 2023 Growth Accelerator Fund Competition aims to support STEM businesses by expanding their access to capital and resources and boosting partnerships among entrepreneurs, advisers, mentors, investors and corporations.
Cash prizes will be awarded in two stages, with the first stage allocating $50,000 for organizations to establish growth accelerator partnerships.
During the second stage, SBA will award $50,000 to $150,000 in cash prizes to selected growth accelerator partnerships to support the commercialization of research and development ideas.
“These awards reflect a priority across the Biden-Harris Administration to advance equity by incentivizing greater collaboration and partnership among stakeholders and supporting the development of inclusive growth accelerators that will empower underserved entrepreneurs,” said Bailey DeVries, associate administrator of investment and innovation at SBA.
The agency will a series of informational online webinars in February to provide detailed information on the competition.
