Small Business Administration award will be presented at the first-ever White House Demo Day
Memphis, Tenn. (Aug. 4, 2015) – Start Co. today announced a $50,000 award from the U.S. Small Business Administration’s Growth Accelerator Fund, a competition between more than 400 applicants, of which 80 received the funds. The winners are being announced this afternoon at the first-ever White House Demo Day focused on inclusive entrepreneurship, a showcase of America’s entrepreneurial potential hosted by President Obama. Start Co. is receiving the award for the second time after being named one of the 50 inaugural competition winners in 2014.
“It’s an honor and to be a part of this unique celebration of America’s entrepreneurial innovation for the second year in a row, this year at the White House,” said Andre Fowlkes, President of Start Co. “We’re thrilled the Small Business Administration is supporting the startups and accelerator programs that are helping to build knowledge-based jobs in our economy, and happy that Memphis has been recognized as an important market for startup activity.”
After allocating $2.5 million in awards in 2014, this year’s competition is awarding $4 million to accelerators in order to continue building the support structure needed to help startups become commercially viable and quickly create jobs. Winners were selected by a panel of more than 40 judges who are experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector. The first panel of judges reviewed over 400 applications and presentations and established a pool of 180 highly qualified finalists. The second panel evaluated the finalists’ presentations and pitch videos they prepared and selected the 80 winners.
“The entrepreneurial ecosystem in America is incredibly exciting and very powerful,” said Javier Saade, Associate Administrator for Office of Investment and Innovation at the SBA. “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.”
Winning accelerator programs are committing to quarterly reporting for one year, reporting metrics such as jobs created, funds raised, startups launched and corporate sponsors obtained, among others. This allows the SBA to keep a rolling database of accelerators and their impact, and to develop long-term relationships with the startups and constituents in innovative and entrepreneurial communities such as Memphis. This award and event are an integral part of the White House’s TechHire initiative, in which local governments and the private sector are being engaged to help Americans gain the skills needed for a technology-driven workplace.
The full list of winning organizations and their videos can be found here. Those interested can tune into White House Demo Day live starting at 1 p.m. CST at whitehouse.gov/demo-day on Aug. 4 and are encouraged to use the hashtags #WHDemoDay and #SBAAccelerates on social media to share their thoughts and experiences.
About Start Co.
Start Co. is a nationally recognized nonprofit 501(c)(3) venture development organization based in Memphis, Tennessee, that relentlessly builds founders and companies, promoting entrepreneurship for everyone with a focus on digital startups. Start Co. is a member of the Global Accelerator Network and aims to advance Memphis’ economic growth through entrepreneurship. The organization is supported by partners including American Airlines, Archer Malmo, Baker Donelson, The Marston Group, Mosaik Solutions and Softlayer (an IBM company). More information can be found at neverstop.co.