CHAMPAIGN – Technology incubator EnterpriseWorks of the University of Illinois Research Park is receiving a $50,000 reward after being selected as a winner in the second annual Growth Accelerator Fund Competition.
The company is receiving the reward from the U.S. Small Business Association (SBA) after being chosen from a pool of 400 applicants. EnterpriseWorks was one of three Growth Accelerator Fund awardees in the state of Illinois. They were also the only company to win outside of Chicago.
They were chosen after submitting a video highlighting how area startup companies have benefited from the EnterpriseWorks program I-Start. The video is available here.
Funds from the prize will go toward the program, which helps to accelerate the technology commercialization process for university startups. This is done by providing access to financial and programmatic resources in the startups’ first year of operation.
Research Park director Laura Frerichs hopes to move I-Start from its pilot stage and help more companies grow around Champaign-Urbana.
“In particular, we hope to work with more female and underrepresented tech entrepreneurs who are seeking the assistance of our successful incubator,” Frerichs says.