New Orleans BioInnovation Center (NOBIC), a technology business incubator, has received a $50,000 national award from the U.S. Small Business Administration (SBA) as part of the 2016 SBA Growth Accelerator Fund Competition.
The organization is focused on fostering entrepreneurship and supporting bioscience innovation in Southeast Louisiana.
Sixty eight winners were chosen from a pool of over 400 applicants for the third annual SBA Growth Accelerator Fund Competition. The competition aims to support organizations working within entrepreneurial ecosystems, especially in regions with less access to capital.
The BioInnovation Center’s award is part of a larger $3.4 million in prizes designed to boost the economic impact of accelerators across more than 30 states.
Aaron Miscenich, President of the New Orleans BioInnovation Center, said they are proud of the award recognizing their support of entrepreneurs. “These innovators are developing new treatments in cancer, diabetes, and many other diseases, and the Center is helping them build strong businesses right here in Louisiana as they work to bring these breakthroughs to patients and physicians worldwide.”
Funding from the SBA will support the Center’s operations and programs over the next year. The only stipulation is that NOBIC must provide a quarterly report to the SBA for one year to receive the $50,000.