Carbono3 wins Stage One of SBA 2024 Growth Accelerator Fund Competition
The firm received $50,000 from the federal agency, which selected 52 winners across the U.S.
Carbono3, a San Juan-based investment hub, has been named a Stage One winner in the 2024 Growth Accelerator Fund Competition (GAFC) by the U.S. Small Business Administration (SBA). The firm was recognized for its “impactful and inclusive” approach to fostering a collaborative national innovation ecosystem that advances small business research and development (R&D) from ideas to market.
The firm received $50,000 from the federal agency, which selected 52 winners across the U.S.
Carbono3’s model promotes the creation of new STEM (science, technology, engineering and mathematics) R&D startups that use technology to improve sustainability.
This model focuses on attracting talent to develop sustainability ventures by overcoming personal and societal barriers to accessing entrepreneurship resources and building sustainable technologies that financially outperform non-sustainable alternatives to unlock access to capital.
“The high rate of STEM graduates in Puerto Rico, among the top three states in all the United States; the proximity to large sustainability challenges such as affordable clean energy or housing, decent work and economic growth, waste management or quality education; and the availability of strong incentives and entrepreneurship support organizations, sets Puerto Rico apart as an exceptional opportunity to foster sustainability worldwide,” said Carlos Domínguez-Rullán, founder of Carbono3.
Carbono3 is seeking to deepen its collaborative impact on sustainability and biotechnology through partnerships with universities, investors and corporations to foster the successful launch, growth and scale of STEM-based entrepreneurs, he added.
Stage Two of the competition will offer an additional $50,000 to $150,000 in cash prizes awarded to Growth Accelerator Partnerships to assist entrepreneurs that transition R&D into the marketplace.
Stage Two submissions will open in June and be prepared jointly by Stage One winners and ecosystem partners. SBA intends to announce 2024 winners for Stage Two by September.
