Three Massachusetts startups are among the 88 winners of the second annual Growth Accelerator Fund Competition, the US Small Business Association (SBA) announced on Tuesday.
The competition, judged by experts with a variety of public and private sector backgrounds, awarded $4.4 million to startup accelerators that work to foster entrepreneurship among women and other underrepresented groups and fill geographic gaps in the entrepreneurial ecosystem by connecting businesses across the country.
Somerville-based Greentown Labs and Boston-based InciteHealth and Fraunhofer TechBridge will each receive $50,000 from the SBA. In return, the companies are required to report several metrics, including funds raised, startups launched, and corporate sponsors.
“We are extremely excited with today’s announcement and the fact that Massachusetts has three winners in this year’s accelerator competition,” Bob Nelson, SBA Massachusetts district director, said in a press release. “Our partnerships with these top notch organizations is phenomenal news for entrepreneurs here in the Commonwealth.”
This announcement came in coordination with the White House Demo Day, where 32 companies presented their innovations to President Barack Obama and his staffers.