Domi Station Receives $50K Prize from SBA Growth Accelerator Competition

We’re excited to announce that Domi has been named one of 60 national winners for the Small Business Administration (SBA) Growth Accelerator Fund Competition! We applied in collaboration with Innovation Park of Tallahassee and will receive a $50K prize to support startups and entrepreneurs researching and developing STEM-related innovations. 

The funds will provide Domi and Innovation Park additional operating capital to combine efforts to better assist high-tech entrepreneurs in pursuing technology commercialization. Innovation Park will take the lead on Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs assistance, while Domi will focus on supporting business formation, teaming, financial modeling, sales and go-to-market strategy.

“Domi’s new platform approach to incubation allows for entrepreneur assistance to be provided in modular components by different organizations,” said Domi Station’s Executive Director, Antonio Montoya. “We’re excited to implement this collaborative approach to help entrepreneurs and startups in our opportunity zones get access to SBIR/STTR funding” added Montoya.

“Scientists, engineers, and other technology entrepreneurs benefit from the SBIR/STTR program by competing for non-dilutive funding to prove out a thesis in Phase I, and then create a prototype in Phase II.  This then prepares the small business for Phase III, which is raising outside capital for scale-up and commercial acceptance. This option is a great way for tech companies to get crucial funding, and help them grow locally in our community. We are excited to work with Domi on this initiative” said Michael Tentnowski, Director of Entrepreneurship at Innovation Park.

Now in its fifth year, the Growth Accelerator Fund competition aims to support the nation's most innovative and promising small business accelerators and incubators. 2019 award recipients will focus at least 60% of their competition-related work to entrepreneurs who represent one of the following groups: women; socially and economically disadvantaged individuals; entrepreneurs living in or whose businesses are located and operate in states with a lower number of SBIR/STTR awards, or in an Opportunity Zone. 

By focusing the accelerators’ and incubators’ efforts on these entrepreneur groups, the SBA aims to increase the pipeline of future SBIR/STTR applications and STEM-related innovations. OTBC will target entrepreneurs in Opportunity Zones. Notably, the prizes are not for direct investing in the entrepreneurs’ small businesses.

About the Growth Accelerator Fund Competition

A total of $3,000,000 was appropriated to be awarded as prizes to accelerators, incubators, co-working startup communities, or other entrepreneurial ecosystem models.  Each prize of $50,000 provides operational funding to the awardee for their work in supporting startup businesses. The Competition was conducted by SBA pursuant to the government-wide prize competition authority known as the America COMPETES Act (15 U.S.C. 3719).  Additional information can be found at www.sba.gov/accelerators and www.sbir.gov/accelerators.

About SBIR/STTR

SBA coordinates the SBIR/STTR programs, also known as America’s Seed Fund, which each year provides more than $3.7 billion in early-stage seed capital totaling over 5,000 awards to small businesses. Eleven participating federal government agencies announce funding opportunities as either grants or contracts to address their research and development needs. Companies supported by the SBIR/STTR programs often generate some of the most important breakthroughs each year in the U.S.  Additional information about the programs, as well as past and current topics can be found at www.sbir.gov.

About Domi Station

Domi Station is a non-profit startup incubator and coworking space. It offers programs, resources, and events that help entrepreneurs start and scale sustainable companies. Domi is actively involved in growing the local entrepreneurial ecosystem through supporting services, resources, connections, and community. For more information about Domi Station visit www.domistation.com. 

About Innovation Park

Innovation Park of Tallahassee is a 208-acre research park where universities, private companies and governmental entities conduct research to develop new knowledge, advance technology, and enhance the economic growth of the region. The Park is home to the National High Magnetic Field Laboratory, the largest and highest-powered magnet lab in the world and the epicenter of most magnet research in the U.S.  The new North Florida Innovation Labs was opened to accelerate the development of technology companies through an array of business support services to produce successful firms that graduate the program financially viable, self-sufficient, and locally based. See www.innovation-park.com for additional information.