SBA launches Growth Accelerator Fund Competition to boost R&D in AI, EVs and more (Courtesy of the Jacksonville Business Journal) — Businesses, nonprofit organizations and other ventures can compete to win up to $200,000 in grants from the Small Business Administration — as long as they meet certain conditions.
The SBA’s 2024 Growth Accelerator Fund Competition offers the grants in two stages. The first is $50,000 for organizations that conduct “ecosystem-building activities,” which include recruiting new partners; strengthening alliances among private, public, academic and nonprofit partners; and ultimately developing strategies to support research and development-focused entrepreneurs and small businesses.
Those who win the initial grant will be eligible for up to $150,000 in additional cash prizes to offer direct assistance to entrepreneurs, small businesses and startups that are looking to commercialize their innovations — from R&D to bringing their offerings to the commercial market.
“The SBA is committed to advancing America’s global leadership in innovation across critical industries by supporting entrepreneurs as they launch, grow and manufacture across the country,” said SBA Administrator Isabel Guzman, in a statement. “The SBA’s 10-year strong Growth Accelerator Fund Competition strengthens the nation’s innovation ecosystem and builds local partnerships critical to ensuring all of America’s great ideas can thrive through the vast resources available through the federal government.”
Applicants need to work in one of three areas, including but not limited to the following subsegments:
- National and economic security: artificial intelligence, microelectronics, advanced computing and software, quantum computing, human-machine interfaces
- Domestic manufacturing and production: Advanced manufacturing R&D, supply chain resiliency, critical and resilient infrastructure, ag-tech and agricultural innovation
- Sustainability and biotechnology: Energy and sustainability, biotechnology, climate and environment, public health, renewable energy generation and storage, electric vehicles, blue economy
“This year’s Growth Accelerator Fund Competition builds on the success of last year’s competition, which successfully catalyzed bonds between local and national innovation ecosystem support networks. The competition Theme Areas aim to foster emerging partnerships around key innovation sectors. The prize awards will support entrepreneurs operating in undercapitalized and underserved markets with valuable resources in America’s innovation ecosystem,” said Bailey DeVries, associate administrator for SBA’s Office of Investment and Innovation, in the agency’s statement outlining this year’s program.
The SBA expects to award up to $3 million for the first round of grants and announce those winners by April. The agency intends to announce the winners for the second round of grants by September
The application portal closes February 16.
The grant competition, while run by the SBA, is presented under the auspices of America’s Seed Fund, a program that operates within the National Science Foundation and separately provides millions in grant funding to small businesses and startups with big ideas. Applicants submit project pitches any time during the year and, if invited to submit a proposal, could end up getting funded. The grant program gives out roughly $200 million per year to eligible businesses.
This SBA offering is just one of many grants small-business owners can apply for in 2024.
We’ve also compiled a list of some of the prime tax credits available to small-business owners this year.