The U.S. Small Business Administration announced the biggest and first fund ever given to accelerators by the U.S. government. The SBA held a competition for the first Growth Accelerator Fund and after reviewing more than 800 applications; the 50 winners were announced last week, of which nine of them were Global Accelerator Network members.
Each organization will receive a cash prize of $50,000. The winners “will be required to report metrics such as jobs created, funds raised, startups launched and corporate sponsors obtained among other pieces of information.” The GAN is helping these accelerators accomplish job growth by working with many of the accelerators who are members of the GAN and hosting a meeting of the winners in D.C. alongside the SBA.
Entrepreneurship is a common solution for local economies, and accelerators are the key to this kind of quick economic growth. The accelerator model has benefited certain regions of the country and the SBA wanted to extend this success, as “the purpose of the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem.” Not only is this group of 50 winning accelerators diverse geographically, but also they represent various industries.
To see a list of the 50 winners, go here.