Dudley Square-based high-tech accelerator Smarter in the City has been named one of the 50 accelerators to receive a $50,000 cash prize from the U.S. Small Business Administration.
More than 800 applications poured in for the SBA's Growth Accelerator Fund competition, which launched in May to help fuel the operating budgets of accelerators filling geographic gaps in the entrepreneurial ecosystem.
The competition's core criteria couldn't have suited Smarter in the City any better. The accelerator opened in a neighborhood "too often misunderstood and ignored." Founder Gilad Rosenzweig was confident "what is happening in Kendall Square could also happen in Dudley Square," but, as he described in a previous interview, "be unique."
The accelerators awarded by the SBA were just that: unique. The winners represented 31 states, the District of Columbia and Puerto Rico. Smarter in the City was only one of two honored in New England, and received accolades alongside The Refinery, based in Westport, Conn.
"The SBA is empowering accelerators and startups that are on the cutting edge of successful, innovative new endeavors," said SBA Administrator Maria Contreras-Sweet in a statement. "I want SBA to stand for 'Smart, Bold and Accessible,' and these accelerators encompass all three of these goals."
Smarter in the City announced its first cohort of five startups in late April, most of which built their beginnings in Dorchester, Mattapan and Roxbury, and were founded by minority or women entrepreneurs. Each startup was granted $5,000, as well as six-months' of free office space and mentorship from the likes of Fiksu, Google, the Tap Lab and Terrible Labs.
By accepting the SBA's funding, which was determined by a panel of seven expert judges, Smarter in the City will be required to report metrics, such as jobs created, funds raised, startups launched and corporate sponsors obtained. The accelerator will also be given the opportunity to celebrate its success in Washington, D.C. come November, however, when the SBA flies all winners down during National Entrepreneurship Month.
For a look at the full list of winners, click here.
Image via Smarter in the City
