CHAMPAIGN, IL – On Wednesday, September 25, 2024, the U.S. Small Business Administration (SBA)announced EnterpriseWorks at University of Illinois Research Park as a Stage Two winner for the 2024 Growth Accelerator Fund Competition (GAFC).
EnterpriseWorks will receive a $50,000 prize for its impactful and inclusive approach to nurturing a collaborative national innovation ecosystem to advance small business research and development (R&D) from ideas to the market.
EnterpriseWorks received the Stage One GAFC award in April 2024 in the sustainability and biotechnology sphere. GAFC Stage One prizes emphasized ecosystem network building, awarding organizations that engage in ecosystem-building activities such as recruiting new partners and strengthening stakeholder alliances.
Stage Two offered cash prizes to 44 accelerator partnerships spanning public, private, nonprofit, and academic institutions engaging in research and development across priority areas such as national and economic security, domestic manufacturing and production, and sustainability and biotechnology. To learn more about the GAFC, visit America’s Seed Fund Accelerators page.
“Innovation happens everywhere and the Biden-Harris Administration is continuing to build on its commitment to promote sustainable and inclusive entrepreneurial ecosystems that advance research and development and commercialization in communities across the nation,” said Administrator Isabel Casillas Guzman, head of the SBA. “The 2024 GAFC Stage Two award winners will drive forward the Investing in America agenda and strengthen America’s global competitiveness by continuing to support the expanding and increasingly diverse entrepreneurs across the nation and provide them with the opportunities that lower barriers for market and capital access.”
With Stage Two funding, EnterpriseWorks plans to implement the Entrepreneurship Leadership Development Accelerator (ELDA) program and curriculum, launching its first cohort in fall of 2024. The ELDA program is being created to identify and develop entrepreneurial leaders to support the formation, launch, and growth of newly formed science-based startups. ELDA will collaborate with a broad set of academic and industry collaborators to design a curriculum and mentor a diverse group of program participants.
Read the full press release to learn more.
About EnterpriseWorks
EnterpriseWorks is a business incubator that supports University of Illinois Urbana-Champaign and community technology entrepreneurs in all stages of their startup journeys. Its clients build and create disruptive science-based startups across a wide range of domains, reflecting the depth and breadth of university expertise. Since opening in 2003, EnterpriseWorks clients have raised more than $1.4 billion in outside capital and $200 million in non-diluted funding. EnterpriseWorks is located on campus at the University of Illinois Research Park in Champaign.
About SBA Office of Investment and Innovation
The U.S. Small Business Administration (SBA) Office of Investment and Innovation (OII) leads programs that provide the growth-oriented small business and startup community with access to financial capital, networks, assistance, and R&D funds to develop commercially viable innovations. Our work is underpinned by public-private partnerships that help small businesses on their trajectory from idea to IPO.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit the SBA website.
