Washington, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses and startups, announced the upcoming launch of the 2025 Growth Accelerator Fund Competition (GAFC) for entrepreneur support organizations (ESOs) focused on innovation-driven startups and entrepreneurs in underserved regions, industries, and communities to launch, grow, and scale. The competition strengthens ESO capacity, builds connections, and fosters collaboration – expanding access to the innovation economy and boosting entrepreneurial activity nationwide.
“The 2025 Growth Accelerator Fund Competition will build on SBA’s legacy of strengthening innovation ecosystems by deepening the incredible entrepreneur support organization partnerships we have on the ground in undercapitalized communities across the country that are providing resources to our nation’s innovators. This year’s competition will emphasize advancing America’s global leadership in critical industries and ensuring creative ideas make it to market,” said Administrator Guzman. “SBA is eager to engage new entrants in the innovation economy around this year’s themes to further support our nation’s leadership in emerging technologies and advance our global competitiveness.”
The 2025 competition offers $75,000 to $150,000 in awards to organizations to accelerate the growth and maturity of innovation ecosystems in two stages.
Stage One: Application opens Jan. 8, 2025
The Stage One application offers $75,000 in cash prizes to organizations that identify challenges within their innovation ecosystems and propose unique solutions. The SBA welcomes submissions from a broad range of organizations with a collaborative vision to nurture a national ecosystem for equitable access to entrepreneurship. Applicants should align their application with one of two GAFC theme areas:
1. Lab-to-market, bridging the gap between research and commercialization, in areas including but not limited to:
- National and economic security
- Domestic manufacturing and production
- Biotechnology
- Other critical and emerging technologies
2. Capital formation, expanding investment access for entrepreneurs and small businesses during the stages of business formation and growth, through activities including but not limited to:
- Creating new funding mechanisms
- Developing more financial stakeholders in the innovation ecosystem
- Improving investment literacy among entrepreneurs
- Other mechanisms focused on addressing challenges to investment access for entrepreneurs and small businesses
Stage One applications will close on Jan. 31, 2025, with awards announced by April 2025.
Stage Two
Eligible Stage One winners can compete for additional $150,000 Stage Two awards to scale their proposed solutions. Stage Two winners will be announced by September 2025.
For more information, those interested can:
- Attend the GAFC Pre-Application Webinar for potential Stage One applicants. The webinar is free and open to the public:
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- Thursday, Jan. 9, 2025, from 3-4 p.m. EST
- Register for the pre-application webinar (external link)
- Sign up to receive updates (external link)
- Access the 2025 GAFC guidelines (external link).
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About SBA’s Office of Investment and Innovation
The SBA’s Office of Investment and Innovation leads programs that provide the high-growth small business community with access to two things: financial capital and research and development funds to develop commercially viable innovations. Its work is underpinned by public-private partnerships that help small businesses on their trajectory from idea to initial public offering.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SBA HQ Press Team U.S. Small Business Administration press_office@sba.gov
