The University of Toledo LaunchPad Incubation Program received a $50,000 award from the U.S. Small Business Administration (SBA) to support small business job creation and growth.
UT is one of 85 winners across the country to receive part of a total of $4.25 million allocated in the 2016 Growth Accelerator Fund Competition by the SBA Office of Investment and Innovation, Office of Native American Affairs and Office of Veterans Business Development, along with the National Institutes of Health, National Science Foundation and U.S. Department of Education.
The University’s LaunchPad Incubation Program works to bolster the region’s technology startup ecosystem by providing access to capital, resources and expertise focused on enhancing community collaboration and communication for entrepreneurial development.
“LaunchPad Incubation is honored to be selected as an SBA Growth Accelerator winner,” said Jessica Sattler, director of economic engagement and business development programs at UT. “This is a highly competitive program, and we are proud to be among the ranks of some of the country’s best incubators and accelerators. This funding will be used to provide LaunchPad clients with intensive investment preparation coaching and help local entrepreneurs and innovators with application and funding processes.”
Since the Growth Accelerator Fund began, nearly 14,500 jobs have been created and/or sustained, more than 3,570 startups have been served, and approximately $855 million in capital has been raised by the startups.
LaunchPad Incubation will report quarterly to the SBA for one year on the number of jobs created, funds raised, startups launched and corporate sponsors obtained for the federal database.
“This prestigious award will enable the LaunchPad Incubation Program to continue to provide intensive entrepreneurial assistance, state-of-the-art facilities and valuable resources to early-stage, technology-based startup companies,” SBA Cleveland District Director Gil Goldberg said. “Northern Ohio is fortunate to have such an outstanding and cutting-edge accelerator located within it, and SBA is pleased to provide the LaunchPad Incubation Program with recognition of its important work.”
More than 100 experts from the private and public sector with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds judged more than 400 applications.