The U.S. Small Business Administration announced 60 winners of SBA’s Growth Accelerator Fund Competition. The SBA awarded $3 million in prize money to competition winners which included the New Hampshire’s Center for the Translation of Rehabilitation Engineering Advances and Technology (TREAT) in Lebanon. The recipients, representing accelerators and incubators across 39 states and territories focused on a broad set of industries and sectors, will receive a total of $3 million in awards to support startups and entrepreneurs researching and developing STEM-related innovations.
“I am proud to announce the winners of the 2019 Growth Accelerator Fund Competition. Over the past five years, the competition has provided awards to innovative and promising accelerators and incubators. This year’s recipients, who will each receive an award of $50,000 from the SBA, are no exception,” said Acting SBA Administrator Chris Pilkerton. “This includes entrepreneurs located in Opportunity Zones – where job creation and investments are moving forward to revitalize communities.”
“Congratulations to the Center for Translation of Rehabilitation Engineering Advances and Technology (TREAT) on being selected for this competitive award,” said NH SBA District Director Greta Johansson. “These funds will allow the TREAT Center to further their mission of bringing needed rehabilitative and assistive technology to the end users. We are excited to support innovation and forward-thinking organizations like TREAT in the Granite State.”
The Growth Accelerator Fund Competition will infuse the accelerators and incubators with additional operating capital to provide focused assistance to entrepreneurs. This assistance includes support for company formation as well as awareness and education on the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Notably, the prizes are not for direct investing in the entrepreneurs’ small businesses.
Richard Greenwald, PhD, Co-Director of TREAT stated, “We are honored to receive this opportunity to expand the services our NIH-funded technology commercialization center provides toward strategic planning and execution of commercialization activities for innovators in rehabilitation and assistive technology. This award from the SBA Growth Accelerator Fund will amplify our ability to provide small businesses with opportunities and resources, spanning the entire pathway of technology translation from research to development to bringing their products to market and to the people who need them.”
This year’s award recipients will focus at least 60 percent of their Competition-related work to entrepreneurs who represent one of the following groups: women; socially and economically disadvantaged individuals; entrepreneurs living in or whose businesses are located and operate in states with a lower number of SBIR/STTR awards, or in an Opportunity Zone. By focusing the accelerators’ and incubators’ efforts on these entrepreneur groups, SBA aims to increase the pipeline of future SBIR/STTR applications and STEM-related innovations.
Applicants to the Competition submitted a brief presentation deck and an optional two-minute video outlining the organization’s overall approach, experience working with the targeted entrepreneur group, and key metrics that will be used to evaluate the success of the proposed plan. Applications were judged by panels of experts with entrepreneurial, investment, startup, economic development, and academic backgrounds from both the public and private sector.