SBA launches innovation competition with millions on the line. Here’s what businesses need to know.

By Andy Medici, The Business Journals

The Small Business Administration is offering $5.25 million in prizes to entrepreneurs and small business owners involved in research and development.

The Growth Accelerator Fund Competition and SBIR Catalyst competitions will award a total of 84 $50,000 prizes to accelerators, incubators and other businesses that support entrepreneurs and serve underserved communities, as well as another seven $150,000 prizes to help launch regional collaborations to help increase involvement underrepresented entrepreneur involvement in the agency’s Small Business Innovation Research and Technology Transfer programs.

The SBIR aims to help small business owners commercialize their technology or help academic institutions commercialize theirs in the form of partnerships.

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