Seven small business accelerators across Silicon 66 are getting a cash infusion from the U.S. Small Business Administration’s annual Growth Accelerator Fund Competition.
The three-year-old competition recently announced its 68 recipients from 32 states, including seven from New Mexico and Arizona. More than 100 experts from a range of backgrounds, including academia, economic development and capital formation from both the public and private sector, judged the applications.
The first panel of judges reviewed more than 400 applications and presentations and established a pool of 200 highly qualified finalists. The second panels evaluated the finalists’ presentations and pitch videos and selected the winners.
Four New Mexico-based programs — ABQid, Central New Mexico Community College’s IGNITE Community Accelerator, Creative Startups and New Mexico Community Capital’s Native Entrepreneur in Residence program – will each get $50,000 to further their operations however they see fit.
Speaking with the Albuquerque Journal, Creative Startups co-founder Alice Loy said her company would use the cash to launch a boot camp next spring for potential companies that yet to advance beyond the idea stage.
“It’s a pre-accelerator boot camp for creatives who are not yet ready for the advanced accelerator we offer,” Loy said. “We’ve identified a gap at that stage of the ecosystem.”
Also receiving funds are three Arizona-based accelerators: BioAccel, the Native American Business Incubator Network and Startup Tucson.