Small Business Administration holds Growth Accelerator Fund Competition

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The U.S. Small Business Administration announced the opening of the 2024 Growth Accelerator Fund Competition (GAFC), which offers funds to advance R&D from ideas to market. 

Administrator Isabel Casillas Guzman said the competition offers $50,000 to $200,000 in prize awards in two stages to organizations to join SBA’s national innovation support ecosystem to advance small business R&D. 

 The Stage One application portal opens on Jan. 8 for five weeks, and the SBA will award up to $3 million in Stage One prize money by April. 

 “The SBA is committed to advancing America’s global leadership in innovation across critical industries by supporting entrepreneurs as they launch, grow, and manufacture across the country,” Guzman said. “The SBA’s 10-year strong Growth Accelerator Fund Competition (GAFC) strengthens the nation’s innovation ecosystem and builds local partnerships critical to ensuring all of America’s great ideas can thrive through the vast resources available through the federal government.” 

Guzman said Stage One offers $50,000 in cash prizes awarded to organizations for ecosystem-building activities, including recruitment of new partners, and strengthening existing alliances among stakeholders (including public, private, non-profit, and academic partners).  

Contestants work collaboratively with chosen partners to bring additional resources, deepen network connections, and develop strategies to support STEM/R&D-focused entrepreneurs and small businesses.  

The SBA welcomes Stage One submissions from a broad range of organizations with a collaborative vision to nurture a national ecosystem for equitable access to entrepreneurship, Guzman said. 

Applicants are asked to align their application with one of the following GAFC Theme Areas: 

 National and Economic Security which includes:  

• National Security and Defense  
• Artificial Intelligence   
• Microelectronics  
• Advanced Computing and Software   
• Quantum Computing  
• Human-Machine Interfaces  
• Other Critical and Emerging Technologies  

Domestic Manufacturing and Production which includes:  

• Advanced Manufacturing R&D  
• Supply Chain Resiliency  
• Critical and Resilient Infrastructure  
• AgTech and Agricultural Innovation  
• Other Supply Chain, Infrastructure, and Manufacturing Technologies  

 Sustainability and Biotechnology which includes:  

• Energy and Sustainability  
• Biotechnology  
• Climate and Environment  
• Public Health  
• Renewable Energy Generation and Storage  
• Electric Vehicles  
• Blue Economy  
• Other Climate, Energy, and Life Science Technologies  

Stage Two of the competition offers an additional $50,000 to $150,000 in cash prizes to eligible Stage One winners to provide direct assistance to entrepreneurs, small businesses, and startups that are looking to commercialize their innovation, from R&D to the commercial market, Guzman said.  

SBA intends to announce winners for Stage Two by September. A federal agency partner may also elect to provide a bonus prize to one or more Stage One contestants focused on a priority area of the agency partner’s choice. Bonus prize winners are awarded from the pool of Stage One contestants. 

 “This year’s Growth Accelerator Fund Competition builds on the success of last year’s competition, which successfully catalyzed bonds between local and national innovation ecosystem support networks,” said Bailey DeVries, associate administrator for SBA’s Office of Investment and Innovation. “The competition Theme Areas aim to foster emerging partnerships around key innovation sectors. The prize awards will support entrepreneurs operating in undercapitalized and underserved markets with valuable resources in America’s innovation ecosystem.”  

 To access the Growth Accelerator Fund Competition Guidelines and Application Portal, visit americasseedfund.us/accelerators.