NewBoCo has received $50,000 after winning stage one of the 2023 Growth Accelerator Fund Competition, announced the U.S. Small Business Administration (SBA).
The funds will help the nonprofit build “strategic partnerships that will support the launch, growth, and scale of STEM/R&D-focused small businesses,” according to a press release.
Winners of stage one were selected through a multi-tier review panel process with experts in entrepreneurship, business, innovation and strategic planning both inside and out of the federal government. Applications and pitch videos were reviewed by expert judges submitted by the finalists.
NewBoCo will now compete for an additional $50,000 to $150,000 later this summer.
Stage two cash prizes will support the “growth accelerator partnerships” to further develop strong innovation ecosystems to fast-track building and scaling of STEM/R&D-focused small businesses. Organizations who were not selected in Stage One, as well as diverse local, regional, and national entities from any sector or location are eligible to connect with stage one winners to develop partnerships in a bid for stage two prizes.
In 2021, NewBoCo received $50,000 from the same competition for efforts including “targeted assistance to STEM/R&D entrepreneurs from underrepresented groups, including women, people of color, rural and veteran entrepreneurs.”
