Greentown Labs Awarded $50,000 from the U.S. Small Business Administration to Boost Business between Cleantech Startups and Massachusetts Manufacturers
Nation’s largest cleantech incubator aims to expand its manufacturing initiative connecting startups and manufacturers across Massachusetts
Somerville, Mass. and Washington, D.C. – August 4, 2015:
Announced today at the first ever White House Demo Day, Greentown Labs, the nation’s largest cleantech incubator, has won $50,000 from the U.S. Small Business Administration’s Accelerator Growth Fund Competition to help fuel the manufacturing initiative it launched in 2014 along with the Massachusetts Manufacturing Extension Partnership (MassMEP). The program links Greentown Labs’ hardware startups with local manufacturers.
In the second year of the award, the SBA received over 400 applicants. In total $4.4 million will be distributed to 80 winners in order to continue building the support structure needed to help startups become commercially viable and create jobs more quickly.
Massachusetts: Develop it here, build it here
Since launching the manufacturing initiative in 2014, Greentown Labs and MassMEP have coached 27 hardware startups from Greentown Labs and across the Boston area and connected with more than 30 manufacturers throughout the state.
“At Greentown, we believe that if someone invents something in Massachusetts, they should be able to build it in Massachusetts, and that is exactly what our Manufacturing Initiative is helping to make happen,” said Greentown Labs CEO Emily Reichert. “Connecting Boston area startups with manufacturers in other parts of Massachusetts helps spread innovation, make products faster, and give young companies more reason to stay in the area. We are thrilled that the SBA awarded us this grant so we can continue this important work across Massachusetts.”
“Greentown Labs and the MassMEP have been great about helping Dynamo Micropower prepare for scale up. We released our first commercial product this year and the help they have given us in our supply chain and in understanding the resources available to us has been an invaluable asset,” said Erik Herold, lead mechanical engineer with Dynamo Micropower, a Greentown Labs member company.
SBA competition whittled 400 applicants to 80 winners
The competition’s winners include accelerators, incubators, co-working startup communities, shared maker-spaces and other models. Several panels containing expert judges from the private and public sector with collective experience in early stage investing, entrepreneurship, academia, startups and economic development selected this year’s winners.
Applications were judged by more than 40 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 over 400 applications and presentations and established a pool of 180 highly qualified finalists. The second panel evaluated the finalists’ presentations and pitch videos they prepared and selected the 80 winners.
“The entrepreneurial ecosystem in America is incredibly exciting and very powerful,” said Javier Saade, Associate Administrator for Office of Investment and Innovation. “Administrator Contreras-Sweet and I welcome this year’s Growth Accelerator Fund Competition winners and the important and inclusive work they do in support of innovative and high-growth small businesses.”
This year’s winners were announced at the White House Demo Day on August 4. The event highlighted the Administration’s focus, accomplishments and efforts surrounding the American entrepreneurial and innovation engine. A key ingredient of that engine is the winners of the 2015 Growth Accelerator Fund Competition. For more information, please visit http://www.sba.gov/accelerators.
About Greentown Labs
Founded in 2011, Greentown Labs is a community of bold, passionate entrepreneurs creating game-changing energy technologies that transform the way we live, work, and play. Located in Somerville, MA, Greentown Labs is the largest cleantech incubator in the nation, operating a 33,000 sq. ft. facility that enables the entrepreneurs of 40 companies to solve today’s biggest energy and environmental problems. Greentown Labs hosts a constant stream of events and programs for the cleantech community and tours more than 5,000 visitors from around the world each year. Its mission is to enable a vibrant community of entrepreneurs to realize their visions by providing access to the space, resources, and funding needed to thrive. For more information, visit www.greentownlabs.com, or find us on Twitter, Facebook or LinkedIn.
Media Contacts: Chuck Tanowitz or Molly Delaney
Email: [email protected] Phone: 781-893-0053