Three San Diego business accelerators will each receive a $50,000 grant from the U.S. Small Business Administration, the organization announced this week.
The SBA said the three were among the 68 winners of its third annual Growth Accelerator Fund Competition, a nationwide contest.
Winners from San Diego were the longtime incubator CONNECT, the Rosie Network’s Military Entrepreneur Center and UC San Diego’s mystartupXX — a three-time winner of the award.
Eight accelerators from California were selected in total.
The competition distributed $3.4 million in cash prizes across 32 states and the District of Columbia, the SBA said.
“We are extremely gratified that eight excellent and deserving organizations, three of which are located within San Diego County, are winners of this competition,” said Ruben Garcia, director of the SBA’s San Diego District Office.
According to the SBA, applications were judged by more than 100 experts with backgrounds in entrepreneurism, investment, startups, economic development, capital formation and academia. More than 400 applications were initially reviewed before being winnowed to a pool of 200 finalists.
The winners were selected from among those finalists.
Accepting a grant means the accelerator is responsible for quarterly reporting — tracking metrics including jobs created, funds raised, startups launched and corporate sponsors obtained — for one year.
The SBA will use the data to continue building its database of accelerators and information about their impact, the organization said.