Propeller, a business incubator that focuses on ventures planning to tackle pressing issues facing New Orleans, has been awarded a $50,000 prize from the U.S. Small Business Administration, the federal agency announced Monday.
Propeller was among 17 winners of the SBA's annual Growth Accelerator Fund Competition. So far this year, the agency has awarded nearly $4.3 million to 85 growth accelerators.
Cohab, a Shreveport business incubator, also was awarded $50,000.
“Although an overused phrase, we feel like all of our entrants are winners. The accelerator and incubator platforms across our nation are having a huge positive impact on business initiations, incubations and outcomes," said Mark Walsh, SBA's associate administrator for investment and innovation.
By accepting the money, accelerators are required to file quarterly reports for a year, detailing jobs created, funds raised, startups launched and corporate sponsors obtained. The agency will use the information largely to bolster its accelerator database.
Applications were judged by more than 100 experts in entrepreneurial, investment, startup, economic development and capital formation, as well as academics from the public and private sectors.