ENTERPRISEWORKS RECIEVES $50,000 AWARD FROM SBA GROWTH ACCELERATOR FUND COMPETITION
CHAMPAIGN – EnterpriseWorks, the technology incubator at the University of Illinois Research Park, will receive $50,000 from U.S. Small Business Administration (SBA) after being selected as a winner in the second annual Growth Accelerator Fund Competition.
The $50,000 award will help EnterpriseWorks continue to fund its successful I-Start program, which accelerates the technology commercialization process for university startups by providing access to financial and programmatic resources in the first year of operation.
“The SBA Growth Accelerator Fund award will launch the I-Start program beyond pilot stage, and allow us to help more companies grow here in Champaign-Urbana,” said Research Park director Laura Frerichs. “In particular, we hope to work with more female and underrepresented tech entrepreneurs who are seeking the assistance of our successful incubator.”
Eighty recipients were chosen from a pool of 400 applicants. The winners represent 39 states, the District of Columbia and Puerto Rico. EnterpriseWorks was one of three Growth Accelerator Fund awardees in the state of Illinois, but the only one outside of Chicago.
“The entrepreneurial ecosystem in America is incredibly exciting and very powerful,” said Javier Saade, Associate Administrator for Office of Investment and Innovation. “Administrator Contreras-Sweet and I welcome this year’s Growth Accelerator Fund Competition winners and the important and inclusive work they do in support of innovative and high-growth small businesses.”
As part of the award application, EnterpriseWorks submitted a video highlighting how area startup companies have benefitted from the I-Start program. The video is available for viewing online.
The SBA announced the winners at the White House Demo Day on Tuesday. For more information on the SBA Growth Accelerator Fund Competition, see the full news release online.
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