9/26/19 ~ Defense Alliance Awarded SBA Growth Accelerator Fund
Posted 9/27/19 (Fri)
Defense Alliance Awarded Growth Accelerator Fund Grant from U.S. Small Business Administration
WASHINGTON, D.C., 26 September 2019 – The U.S. Small Business Administration today announced 60 winners of SBA’s Growth Accelerator Fund Competition, including St. Paul-based Defense Alliance. The recipients, representing accelerators and incubators across 39 states and territories focused on a broad set of industries and sectors, will receive a total of $3 million in awards to support startups and entrepreneurs researching and developing STEM-related innovations. Defense Alliance will focus on small tech businesses in Opportunity Zones, principally in Minnesota, North Dakota, South Dakota and Wisconsin, assisting them with Small Business Innovation Research (SBIR) and other R&D and commercialization funding opportunities.
“I am proud to announce the winners of the 2019 Growth Accelerator Fund Competition. 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,” said Acting SBA Administrator Chris Pilkerton. “This includes entrepreneurs located in Opportunity Zones – where job creation and investments are moving forward to revitalize communities.”
The Growth Accelerator Fund Competition will infuse the accelerators and incubators with additional operating capital to provide focused assistance to entrepreneurs. This assistance includes support for company formation as well as awareness and education on the SBIR program. Notably, the prizes are not for direct investing in the entrepreneurs’ small businesses.
This year’s award recipients will focus at least 60 percent of their Competition-related work to entrepreneurs who represent one of the following groups: women; socially and economically disadvantaged individuals; entrepreneurs living in or whose businesses are located and operate in states with a lower number of SBIR awards, or in an Opportunity Zone. By focusing the accelerators’ and incubators’ efforts on these entrepreneur groups, SBA aims to increase the pipeline of future SBIR/STTR applications and STEM-related innovations.