Massachusetts Accelerators Awarded $150K for Small Business Startups, including North Shore InnoVentures, Inc. in Beverly

Salem, MA – Today, the Office of Congressman Seth Moulton (D-MA) announced three Massachusetts  accelerators have been awarded federal grant money totaling $150,000 as part of the third annual Growth Accelerator Fund Competition by the U.S. Small Business Administration (SBA). One of the three recipients is North Shore InnoVentures, Inc. in Beverly, which will receive $50,000 to boost the economic impact of their work.

“Small businesses are the backbone of our national economy and regional job growth,” said Moulton. “So, it’s critical that our country’s small businesses have reliable access to capital in order to innovate, grow our economy, and create new jobs. I’m proud that Massachusetts entrepreneurs did so well in this national funding competition, including North Shore InnoVentures, Inc. in Beverly. I look forward to seeing the impact this federal funding will have on job creation and economic development here in northeastern Massachusetts.”

Applications were judged by more than 100 experts with entrepreneurial, investment, startup, economic development, capital formation, and academic backgrounds from both the public and private sector. The first panel of judges reviewed more than 400 applications and presentations and established a pool of 200 highly qualified finalists. The second panels evaluated the finalists’ presentations and pitch videos and selected the 68 winners.

“Our three local winners this year are helping grow early stage new businesses in cleantech, biotech, life sciences industries -- and also helping to promote inclusive entrepreneurship on Main Street,” said  Robert Nelson, SBA Massachusetts District Director.

“Accelerators serve entrepreneurs in a broad set of industries and sectors – from manufacturing and tech start-ups, to farming and biotech – with many focused on creating a diverse and inclusive small business community,” said SBA Administrator Maria Contreras-Sweet. Through this national competition, we are also empowering accelerators which are led by and support women or other underrepresented groups. SBA will continue to explore ways to creatively harness this powerful network and connect startups with one another and with available government resources. We reported to Congress 138 winners from 2014 and 2015 – made up of 5,000 companies that have raised $1.5 billion and employ nearly 20,000 people. With the addition of the 2016 winners, the number of SBA supported entrepreneurs will significantly grow." \

For more information about Congressman Seth Moulton visit our website or connect with the Congressman on Facebook, Twitter, Instagram, and Medium.

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