LaunchVT Wins Stage Two of the SBA’s 2024 Growth Accelerator Fund Competition in Support of Tech Hub

Source: VermontBiz

The U.S. Small Business Administration (SBA) announced that LaunchVT is one of forty-four Stage Two winners for the 2024 Growth Accelerator Fund Competition (GAFC). LaunchVT will receive a $150,000 cash prize for its work as a Growth Accelerator Partnership in supporting the launch, growth, and scale of STEM/R&D-focused small businesses in sustainability and biotechnology.

“LaunchVT is overjoyed to be the recipient of this significant prize. With the $50,000 awarded through the GAFC program in April of this year, LaunchVT has the dry powder to ignite a first-of-its-kind Gallium Nitride (GaN) Tech accelerator in Vermont,” said LaunchVT’s Director, Lauren Bass. “By assisting innovators supported by the V-GaN Tech Hub, we can nurture Vermont-based STEM startups at the bleeding edge of technology, creating lasting value that will benefit our statewide economy.”

The 2024 Growth Accelerator Fund Competition catalyzes strategic innovation ecosystem building across the country. Over the last decade, SBA has awarded 566 in prizes totaling over $33 million to winners throughout the U.S. and U.S. territories.

2024 GAFC Stage One focused on strengthening ecosystem networks, while Stage Two prizes provide enhanced support to Growth Accelerator Partnerships as they play a crucial role in helping startups and small businesses scale, contributing to the economic growth of our nation. These partnerships span public, private, nonprofit, and academic institutions, fostering collaboration across industries and geographies.

“Investing in, and supporting, innovation is critical to our state’s, and nation’s, success. I am thrilled that LaunchVT is being recognized for our ability to accelerate the companies of our future and grateful that the SBA is prioritizing innovation with this prize,” said the Lake Champlain Chamber’s President and CEO, Cathy Davis.

Learn more about the Stage One and Stage Two organizations in the 2024 GAFC Public Directory

.LaunchVT is a division of the Lake Champlain Chamber. The Lake Champlain Chamber powers prosperity through five distinct points: seeking economic opportunity for all; celebrating business ownership and entrepreneurship; promoting a robust, diversified visitor economy; cultivating community leadership; and nurturing emerging talent.