FOR IMMEDIATE RELEASE
mHUB Wins Stage One of the U.S. Small Business Administration’s 2023 Growth Accelerator Fund Competition
mHUB was awarded $50,000 in prize money to catalyze relationships and develop Growth Accelerator Partnerships
(CHICAGO May 17, 2023) – Today, the U.S. Small Business Administration (SBA) announced mHUB as a Stage One winner for the 2023 Growth Accelerator Fund Competition. mHUB will receive a $50,000 cash prize to build strategic partnerships that will support the launch, growth, and scale of STEM/R&D-focused small businesses.
mHUB's award-winning model will amplify the impact and success of Growth Accelerator Partnerships and will work to foster and facilitate a thriving national ecosystem that advances equitable investment in innovative high growth small businesses. This year’s Competition has brought together organizations, entities, groups, and individuals beyond geographic boundaries to support innovators and innovation needed to confront the challenges of today.
"mHUB is proud to have the SBA’s support to build a thriving and connected network of domestic suppliers and manufacturers,” said Haven Allen, mHUB chief executive officer. “A connected supplier, manufacturer, and entrepreneurial support network will help to lower the barriers for entrepreneurs navigating hardtech development and manufacturing at scale and create an economic engine of increased manufacturing activity for the region and country.”
Winners of Stage One were selected through a multi-tier review panel process with experts in entrepreneurship, business, innovation, and strategic planning both inside and out of the federal government. Applications and pitch videos were reviewed by expert judges submitted by the finalists.
“mHUB is an asset to our region and an engine of economic growth through its support of hardtech startups,” said Bo Steiner, Small Business Administration district director. “With the SBA’s support, mHUB will deepen its efforts in building a domestic manufacturing ecosystem that is tightly connected with our region’s early-stage entrepreneurs and startups building the next generation of hardtech products.”
mHUB will now compete for an additional $50,000 to $150,000 later this summer. From inequity and climate change, to supporting national defense and community-driven economic prosperity, the real opportunity is now to build up innovation ecosystems and mHUB is eager to make an impact.
Stage Two cash prizes will support the Growth Accelerator Partnerships to further develop strong innovation ecosystems to fast-track building and scaling of STEM/R&D-focused small businesses. Organizations who were not selected in Stage One, as well as diverse local, regional, and national entities from any sector or location are eligible to connect with Stage One winners to develop partnerships in a bid for Stage Two prizes.
For more information about the Growth Accelerator Fund Competition, please visit www.sbir.gov/accelerators.
If you are a Midwest-based supplier or contract manufacturer looking to partner with hardtech startups to build innovative products, please get in touch with us.
mHUB is a leading independent hardtech and manufacturing innovation center that exists to convene the entrepreneurial ecosystem around physical product innovation to ensure that the manufacturing industry continues to accelerate, grow and thrive. The mHUB community includes over 428 active and alumni startups and small businesses supported by a deep talent pool of product designers and developers, entrepreneurs, engineers and manufacturers, corporate leaders, industry experts, mentors and investors. mHUB provides a hyper-resourced environment to entrepreneurs with the goal of commercializing new hardtech innovation that will lead to new businesses, intellectual property, investment, revenue and job creation. Since launching in 2017, the mHUB community has generated more than $1.14B in revenue, launched more than 1,502 products, hired more than 5,193 employees, and raised over $1.49B in capital.
Learn more at www.mhubchicago.com.