On September 7, 2016 PROPEL, a center of the iBIO Institute in Illinois whose objective is to increase the success rate of life science entrepreneurial companies, announced that it is the winner of the US SBA’s Growth Accelerator Fund Competition of $50,000.
The US Small Business Administration created the Growth Accelerator Fund Competition in 2014 to strengthen the network of entrepreneurs and innovators and the resources available to them. Accelerators are an important resource that enhances the entrepreneurial community which has the support of the SBA according to SBA Administrator Maria Contreras-Sweet.
PROPEL is a part of the iBIO Institute whose mission is provide educational programs and support job-creating technology ventures. PROPEL in particular is dedicated to aid the development of early-stage startups in the life sciences in Illinois.
“The extra infusion of capital provides winning accelerators like PROPEL with financial capacity to assist more entrepreneurs and small business owners, supporting job creation and economic growth in the Chicago-area and beyond,” said Robert “Bo” Steiner, the SBA Illinois District Director.
Through workshops and various awards, PROPEL offers its companies the resources for effective early-stage funding. Since PROPEL’s founding in 2008, it has granted over $1 million in awards. Its effectiveness is very evident in that fact that for every $1 that PROPEL awarded, its active portfolio companies have raised $200. Moreover, since joining PROPEL, its companies have raised over $230 million.
“Winning the SBA competition is another example that PROPEL, through its tiered-programming approach and milestone awards, continues to provide critical and meaningful support to grow early stage companies,” stated Warren Ribley, iBIO Institute’s President & CEO.