The U.S. Small Business Administration (SBA) has just announced the winners of the first stage of the 2024 Growth Accelerator Fund Competition (GAFC), awarding up to $3 million in prizes to entrepreneurs from underserved communities in science and technology fields. Each winner received $50,000 for their innovative methods of promoting a successful national innovation support network.
The winners, selected from a pool of candidates focusing on small business research and development in areas like National and Economic Security, Domestic Manufacturing and Production, and Sustainability and Biotechnology, represent 41 states and territories. Administrator Isabel Casillas Guzman praised the winners for contributing to America’s startup ecosystem and helping innovative ideas grow into successful businesses.
These Stage One winners will now advance to Stage Two of the competition, where they have the opportunity to win additional cash prizes ranging from $50,000 to $150,000 to further develop their research and bring it to market. The SBA plans to announce the 2024 Stage Two winners by September.
Since its inception in 2014, the Growth Accelerator Fund Competition has awarded over $26 million to 314 unique winners across the U.S. and its territories. The competition aims to support and recognize organizations that help entrepreneurs from diverse backgrounds access opportunities for growth and success in the science and technology sectors.