The U.S. Small Business Administration (SBA) has announced the winners of the 2024 Growth Accelerator Fund Competition (GAFC) Stage One, with each recipient receiving $50,000 in prize awards. Administrator Isabel Casillas Guzman highlighted the significance of these winners in fostering innovation and supporting small businesses, stating, "SBA’s Growth Accelerator Fund Competition Stage One winners join the SBA’s incredible network of entrepreneurial support organizations contributing to America’s innovative startup ecosystem."

The competition focused on three theme areas: National and Economic Security, Domestic Manufacturing and Production, and Sustainability and Biotechnology. The Stage One winners represent a diverse range of organizations across different states and territories, all dedicated to advancing small business R&D and innovation.

Bailey DeVries, Associate Administrator for SBA’s Office of Investment and Innovation, commended this year's competition for its impact on the national innovation ecosystem, stating, "The prize competition continues to open doors and deepen access to valuable resources and capital for entrepreneurs from undercapitalized and underserved markets."

The Stage One winners include organizations such as the Catalyst Center for Business and Entrepreneurship in Alabama, Starburst Accelerator in California, and the Rural Autonomous Innovation Network (RAIN) in Maryland. These winners, along with others, will have the opportunity to compete in Stage Two of the competition, where additional cash prizes ranging from $50,000 to $150,000 will be awarded to assist entrepreneurs in transitioning R&D into the marketplace.

Since its inception in 2014, the Growth Accelerator Fund Competition has awarded over $26 million in prizes to support small businesses and startups. With the 2024 Stage One winners coming from 41 U.S. states and territories, the competition continues to play a vital role in driving innovation and economic growth across the country.

For more information about the Growth Accelerator Fund Competition and how to connect with a Stage Two Growth Accelerator Partnership, interested parties can visit the SBA Growth Accelerator Fund Competition website.