Startup Tucson was awarded a $1.44 million, five-year contract from the U.S. Small Business Administration’s ScaleUp America program to launch their Thryve NEXT accelerator for second stage companies. Startup Tucson was one of only seven successful applicants nationwide out of over 60 proposals and was the only applicant west of the Mississippi River to receive ScaleUp America funding.
“Tucson is on the verge of an economic transformation and the ScaleUp America program is injecting over $1 million into our community at a critical time,” said Justin Williams, CEO and founder of Startup Tucson. “According to the Kauffman Foundation, over the last 30 years, 100 percent of all net-new jobs nationally came from high-potential startups committed to rapid growth. Startup Tucson will use this award, combined with the investments made this summer by the City of Tucson, the Diane and Bruce Halle Foundation, and Holualoa Properties, to accelerate the growth of our region’s high-potential early stage companies.”
Read: Startup Tucson launches Thryve – a social impact incubator
Thryve Next, powered by Startup Tucson, is a national model for entrepreneurial cultivation and will be supported by Startup Tucson’s new contract with ScaleUp America. The money will go towards Thryve Next’s growth accelerator program focusing on high-potential, growth-oriented companies with annual revenues between $150,000 and $500,000.
“The Desert Angels invests significantly in high-growth companies like those supported by Startup Tucson,” said Dan Janes, Co-Founder of 42Six Solutions and a member of the local Desert Angels investor network. “These high-growth companies bring in new dollars and grow new jobs in the regional economy.”
With a focus on local impact, inclusion and innovation, contracts awarded by ScaleUp America provide intensive entrepreneurship education and a growth-support program to achieve the following goals: increase business scalability, create local jobs, and positively impact the local economy. The contract also supports undeserved and underrepresented businesses.
Read: Tucson startups in it to win it at Startup Weekend Tucson
As the leading resource for early stage startups and growing businesses in Southern Arizona, Startup Tucson continues to transform the economy through entrepreneurship and innovation.
Learn more about Startup Tucson here.
Photos courtesy of Thryve
