2024 Growth Accelerator Fund Competition – US

By fostering connections between entrepreneurs, advisors, mentors, partners, philanthropies, corporations, investors, and other shared resources, the 2024 Growth Accelerator Fund Competition (GAFC) will catalyze strategic ecosystem partnerships to build community and organizational capacity for the successful launch, growth, and scale of STEM (Science, Technology, Engineering, and Mathematics)-based entrepreneurs and startups.

Goals

• Increase the pipeline and success of STEM/R&D-focused entrepreneurs and small businesses.
• Increase the success of STEM/R&D-focused entrepreneurs in accessing capital and resources to advance their businesses.
• Incentivize innovation ecosystem stakeholders to provide equitable access to resources for underserved communities and industries.
• Catalyze partnerships and relationships between stakeholder groups to strengthen the national innovation ecosystem; and
• Connect both new and established participants in the national innovation ecosystem.

GAFC Theme Areas

• National and Economic Security, including but not limited to: 
  • National Security and Defense
  • Artificial Intelligence
  • Microelectronics
  • Advanced Computing and Software
  • Quantum Computing
  • Human-Machine Interfaces
  • Other Critical and Emerging Technologies
• Domestic Manufacturing and Production, including but not limited to: 
  • Advanced Manufacturing R&D
  • Supply Chain Resiliency
  • Critical and Resilient Infrastructure
  • AgTech and Agricultural Innovation
  • Other Supply Chain, Infrastructure, and Manufacturing Technologies
• Sustainability and Biotechnology, including but not limited to: 
  • Energy and Sustainability
  • Biotechnology
  • Climate and Environment
  • Public Health
  • Renewable Energy Generation and Storage
  • Electric Vehicles
  • Blue Economy
  • Other Climate, Energy, and Life Science Technologies

Stage One Catalyze

• Stage One will award $50,000 cash prizes to catalyze Growth Accelerator Partnerships. Stage One Submissions will describe:
  • How the Catalyst will collaborate with Ecosystem Partners to cultivate an ecosystem of support and resources to expand opportunities for startups and small businesses in the selected Theme Area(s).
  • Opportunities to expand access to the innovation economy for underserved and/or undercapitalized communities, including entrepreneurs of color, women entrepreneurs, and entrepreneurs in rural communities.
  • Existing partnerships and relationships that can support a more robust and collaborative ecosystem.
  • Interest in forging new partnerships, and the characteristics sought in potential new partners.
  • Value proposition as an ecosystem builder (e.g., resources, knowledge, expertise, and experiences).
• SBA expects Catalyst winners to use Stage One prize funds for ecosystem-building activities, including but not limited to:
  • Recruitment of new, community-connected Ecosystem Partners.
  • Co-design with Ecosystem Partners.
  • Establishment of novel partnerships.
  • Strengthen existing alliances among stakeholders (including public, private, non-profit, and academic partners).
  • Develop resources to support Growth Accelerator Partnership impact during Stage Two.
  • Create a new ecosystem-focused accelerator model.

Stage Two Accelerate

• Stage Two will award $50,000 to $150,000 cash prizes to Growth Accelerator Partnerships to provide focused assistance to entrepreneurs that transition R&D into the marketplace.
• Stage Two prizes will advance the collaboration between Catalysts and Ecosystem Partners to enhance small business success.
• SBA expects Stage One winning Catalysts and Ecosystem Partners to submit a joint proposal for Stage Two describing the Growth Accelerator Partnership, and their shared vision and plan for use of the prize funding.
• Stage Two Submissions will describe:
  • Shared vision for an inclusive ecosystem around the Theme Area(s).
  • Summary of ecosystem-building activities and learnings from Stage One.
  • Descriptions of each Ecosystem Partner organization – their role, mission, models of operation, and strengths/assets they are sharing with the network.
  • How the Growth Accelerator Partnership will engage and support underserved and/or undercapitalized entrepreneurs, and how they are uniquely qualified to work with this group.
• Model of Operation Elements Contestant model of operations must include most, if not all, of the following elements that will be shared across organizations in the Growth Accelerator Partnership funded by Stage Two:
  • Training and mentorship for STEM/R&D startups.
  • Introductions to customers, suppliers, advisors, and other key players.
  • Opportunities to pitch ideas and startups to investors and/or other capital formation avenues to startups, such as commercialization assistance.
  • Regular networking opportunities offered to startups.
  • Selective process to choose participating startups.
  • Programs focused on building a strong startup community.

Multiplier Bonus Prizes

• The Growth Accelerator Fund Competition serves as a scalable and replicable framework for efficiently deploying resources to the entrepreneur support organizations that serve innovation-focused entrepreneurs and small businesses. At any time, SBA Federal partners, including other SBA Program Offices or other Federal agencies may leverage this framework by sponsoring one or more Multiplier Bonus Prizes.
• Multiplier Bonus Prizes are as follows:
  • Stage One Bonus Prize
    • A Federal agency partner may elect to provide a Bonus Prize to one or more Stage One contestants for focusing on a priority area of the agency partner’s choice. Bonus Prize winners are awarded from the pool of Stage One contestants. Bonus Prize winners are considered Stage One and become eligible to participate in Stage Two.
  • Stage Two Bonus Prize
    • A Federal agency partner may elect to provide a Bonus Prize to one or more Stage Two Growth Accelerator Partnerships for focusing on a priority area of the agency partner’s choice. Bonus Prize winners are awarded from the pool of Stage Two contestants.

Eligibility Rules

• This Competition is open only to:
  • Citizens or permanent residents of the United States who are at least eighteen (18) years of age at the time of their submission of an entry (or teams of such individuals).
  • Private entities, such as corporations or other organizations, both for-profit and non- profit, that are incorporated or organized in and maintain a primary place of business in the United States, and that are not owned or controlled by a foreign government or foreign government-sponsored entity.
    • Individuals submitting on behalf of corporations, nonprofits, or other organizations or groups of individuals (such as an academic class or other team) must meet the eligibility requirements for individual Contestants.
• SBA employees and contractors are not eligible, nor are Federal entities or Federal employees acting within the scope of their employment. Individuals or organizations that are currently suspended or debarred by the federal government are not eligible for this Competition.

For more information, visit SBA.