For the second year in a row, the Small Business Administration is sponsoring a competition to award $50,000 each to 50 business accelerators, incubators, shared tinker spaces and co-working startup communities.
This time around, Javier Saade, associate administrator for the SBA’s Office of Investment and Innovation, hopes to see more applicants from New Mexico. Only one accelerator in the state competed in 2014 — out of 830 applicants.
Given that one objective of the program, according to the SBA, is to “fill geographic gaps in the accelerator and entrepreneurial ecosystem space,” New Mexico is just the kind of place the agency would like to spend money from its growth accelerator fund.
“It is well known that the most successful accelerators to date were founded on the coasts,” according to the SBA. The National Venture Capital Association concurs, reporting that startups in San Francisco, San Jose, New York, Boston and Los Angeles have consistently received the lion’s share of venture capital funding over the past five years.
The SBA awards are designed to stimulate more capital investment in parts of the country that lack conventional sources of capital and vibrant entrepreneurial networks.
What they’re looking for