Auburn University’s New Venture Accelerator Received Grant to Accelerate Growth of High-Quality Jobs


Auburn University is one of 50 organizations in 26 states that receive significant federal grants to support programs that fuel innovation and economic development.

Auburn‘s scholarship, awarded as part of the United States Economic Development Administration Scale build program and Business Challengeis for a combined federal share of $657,622 and a local counterpart of $657,622. Auburn Foundation for Research and Technology senior director Cary Chandler and New business accelerator Director Lou Bifano are co-principal investigators of the grant.

The Venture Challenge funds intermediary organizations such as accelerators, universities, community colleges, and nonprofits to support new business ventures that are scalable in nature, challenge the status quo of markets, commercialize technologies, and foster the job creation.

“Auburn is one of the best places to live and start a business in America,” Chandler said. “Through its proven entrepreneurship and innovation educational programs and personalized business counseling, the New Venture Accelerator and its predecessors have successfully launched more than 50 student and faculty entrepreneurs across Auburn University. These companies have received over $32.5 million in venture investment and created over 370 jobs.

“This expertise and these successes position us well to foster robust economic growth in the Auburn-Opelika region by using the EDA grant to provide unique tools and programs to the entire community.”

The grant is part of the EDA Scale build programwhich aims to accelerate entrepreneurship by increasing inclusive access to business support and start-up capital.

“Working together, Herbert College of Commercethe New Venture Accelerator, the Auburn Research and Technology Foundation, the town of auburn and others have created a dynamic and supportive entrepreneurial environment that is committed to advancing new and growing businesses,” Bifano said. “Fully funded by the Harbert College of Business, the New Venture Accelerator offers a unique combination of resources to offer the local business community, including education, skills development, mentoring, co-working space, networking opportunities and consulting expertise.

The current entrepreneurship ecosystem at Auburn University has enabled students and employees to engage in entrepreneurship education and programming through the New Venture Accelerator. This EDA grant provides the opportunity to expand education and programming to include members of the local community.

RELATED: Auburn’s The Park’s New Venture Accelerator Gives Entrepreneurs the Resources to Succeed

Bifano said Auburn University and the City of Auburn encourage entrepreneurs to visit the Start in Auburn website.

Anyone interested in starting a new business in the Auburn-Opelika area or who may need help growing their business is encouraged to contact Bifano at [email protected]Chandler at [email protected] or Caitlin Myers at [email protected] to learn more about the full range of business consulting programs and services offered by the Harbert College of Business, the New Venture Accelerator, the Auburn Research Technology Foundation, and the City of Auburn.

This story originally appeared on Auburn University website.


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