MystartupXX, a La Jolla-based organization aimed at helping women entrepreneurs in high tech startup businesses, was among 50 winners selected nationally by the U.S. Small Business Administration’s first Growth Accelerator Fund competition. Each accelerator group was awarded a cash prize of $50,000 and selected from some 800 applications, the SBA said.
The idea behind the competition was to draw attention and funding to parts of the country where there are gaps in the entrepreneurial ecosystem, the SBA said.
As part of the award, the organizations agreed to provide the SBA with quarterly reports on jobs created, funds raised and startups launched through their assistance.
Founded in 2011, mystartupXX is a collaboration of the Rady School of Management at UC San Diego and the von Liebig Entrepreneurism Center at UC San Diego’s Jacobs School of Engineering.
Since its founding, the organization said it has graduated two cohorts of female entrepreneurs and six startups that have raised about $2.6 million. The startups have created 130 jobs. Two of the startups were admitted to other business accelerators, and one won the Quick Pitch competition sponsored by the Tech Coast Angels, according to the SBA.
SBA Administrator Maria Contreras-Sweet visited the La Jolla organization to present the award in person. Having seen the impact of accelerators in places such as Silicon Valley, the idea was to export the model across the country to help other startups become commercially viable and create jobs quicker, Contreras-Sweet said.
“I want the SBA to stand for ‘Smart, Bold and Accessible’ and these accelerators encompass all three of these goals,” she said.