Venture Hive, an accelerator, incubator and entrepreneurial education company in downtown Miami, was one of 50 winners of the inaugural nationwide Growth Accelerator Fund competition, the U.S. Small Business Administration announced Thursday.
Venture Hive was selected after reviewing more than 800 applications. The recipients represent 31 states, the District of Columbia and Puerto Rico and come from a broad set of industries and sectors - from manufacturing to tech startups to farming as well as a focus on a diversified range of demographic groups. Each organization will receive a cash prize of $50,000 from the SBA.
"We’ve seen the enormous success of the accelerator model in communities like Silicon Valley. We believe we can export this type of sophisticated support structure across the country to help startups become commercially viable and create jobs more quickly," said SBA Administrator Maria Contreras-Sweet.
Winners were selected by a panel of seven judges who are experts in entrepreneurship, investing and business plans both inside and out of the federal government. The SBA is going to honor the winners at a Fly-In day in Washington, D.C. in November during National Entrepreneurship Month.
“It’s rewarding to see a local business accelerator win an award in SBA’s first Growth Accelerator Fund competition,” said SBA South Florida District Director Francisco “Pancho” Marrero. “Miami’s Venture Hive is working hard to create an entrepreneurial ecosystem based on sound educational principles.”
Venture Hive's accelerator serves selected technology startups in the tourism/hospitality, healthcare, creative and logistics sectors, all industries Miami-Dade is strong in.