XLerateHealth (XLH) announced it has been selected by the U.S. Small Business Administration (SBA) as a Stage One winner of the 2023 Growth Accelerator Fund Competition (GAFC).
With the Stage One award, the Louisville-based accelerator program will support the launch, growth and scale-up of STEM/R&D-focused small businesses, with a particular focus on underserved communities including rural communities and Historically Black Colleges and Universities (HBCUs), according to a news release. Winners and organizational partners receive an initial prize of $50,000 and are eligible to compete for an additional $50,000 to $150,000 later this summer.
“SBA’s Catalyze winners join SBA’s extensive network of support organizations who build thriving startup ecosystems to ensure the next generation of science and technology-based innovations develop into thriving businesses,” said SBA Administrator Isabella Casillas Guzman in a release. “At a time when the Biden-Harris Administration is investing in American R&D, manufacturing and future growth industries, our Catalyst partners will help ensure entrepreneurs from all backgrounds can leverage opportunities. We know these investments will advance American competitiveness and help us build an economy that works for everyone.”
XLerateHealth’s award-winning model will amplify the impact and success of Growth Accelerator Partnerships and will work to foster and facilitate a thriving national ecosystem that advances equitable investment in innovative high growth small businesses, the release said.
“We are excited about this opportunity to create an 'Ecosystem Focused Accelerator Model' for rural and minority communities in the Southeast,” said Jackie Willmot, CEO and co-founder of XLerateHealth, in the release. “This region has a significantly large proportion of its population distributed across rural/remote settings and has over 30 HBCUs. Our goal is to expand our partnerships with HBCUs and organizations located in or focused on rural populations — in an effort to catalyze an inclusive entrepreneurship ecosystem in this region.”
XLerateHealth will work during Stage One to develop collaborative relationships to compete for a Stage Two award later this summer. HBCU and rural organizational partners (e.g., academic institutions, land grant universities, community colleges and technical schools, community rural health offices, chambers of commerce, etc.) located in the Southeast “XLerator Network” region (Kentucky, Arkansas, Louisiana, Mississippi, Puerto Rico, South Carolina and West Virginia) who are interested in partnering on this initiative — can indicate their interest by filling out this form.
The Indiana Economic Development Corporation also received a Stage One award, focused on domestic manufacturing and production. You can find the full list of winners here.
