Innosphere among recipients of U.S. SBA grants

FORT COLLINS and COLORADO SPRINGS — The U.S. Small Business Administration has awarded $50,000 grants to two Colorado business incubators as part of the SBA’s Growth Accelerator Fund Competition. Catalyst Space Accelerator of Colorado Springs and Innosphere based in Fort Collins join 58 other winners from across a total of 39 states and territories. 

The SBA awarded a total of $3 million nationwide to numerous accelerators and incubators, each focused on a broad set of industries and sectors that work with startups and entrepreneurs researching and developing STEM-related innovations. 

SBA Regional Administrator Dan Nordberg, who oversees SBA operations in Colorado, Montana, South Dakota, North Dakota, Wyoming and Utah, said GAFC funds are a natural fit for the growing high-tech corridors that run through Colorado. 

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“Once again, Colorado has multiple winners in this year’s Growth Accelerator Fund competition,” Nordberg said in a statement.  “Colorado’s winners represent very diverse small businesses working in the defense and national security industries, and high-impact science and technology fields. Both Catalyst Space Accelerator and Innosphere assist entrepreneurs speed the launch, growth, and scale of their businesses and, ultimately, the creation of jobs.” 

The Growth Accelerator Fund Competition will infuse the accelerators and incubators with additional operating capital to provide focused assistance to entrepreneurs. This assistance includes support for company formation as well as awareness and education on the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The prizes are not to be used for direct investing in the entrepreneurs’ small businesses. 

This year’s award recipients will focus at least 60 percent of their competition-related work to entrepreneurs who represent one of the following groups: women; socially and economically disadvantaged individuals; entrepreneurs living in or whose businesses are located and operate in states with a lower number of SBIR/STTR awards, or in an Opportunity Zone. By focusing the accelerators’ and incubators’ efforts on these entrepreneur groups, SBA aims to increase the pipeline of future SBIR/STTR applications and STEM-related innovations.