First Flight Wins SBA Growth Accelerator Award

For Immediate Release

September 29, 2021


First Flight Venture Center (FFVC), the science and technology business incubator based in Research Triangle Park, has won the U.S. Small Business Administration’s (SBA) Growth Accelerator Fund Award (GAFC) worth $50,000. 

First Flight is one of 84 recipients of the award across the country, who collectively received $5.4 million in awards. The GAFC Award is designated for accelerating the innovation economy in rural areas, especially among underserved and underrepresented populations, such as women and people of color. 

The GAFC Award will allow First Flight to mitigate barriers for and increase the growth and development of high science, high impact women-owned companies by providing tailored resources, guidance, connections and other support required for sustained commercial success.

“We are grateful to again receive the GAFC Award, allowing First Flight to build upon its commitment to women entrepreneurs, and entrepreneurs in underserved and underrepresented communities,’ explained First Flight President Krista Covey. ‘We will provide women-owned companies a diverse range of in-depth education and business mentoring through our business start-up program, Propeller, and through hosting women-centric educational panels focused on how to attract investors and overcome challenges that are unique to women entrepreneurs.’”

The GAFC award allows First Flight to offer:

  • Propeller for Women Entrepreneurs: Sponsor two cohorts of women entrepreneurs in the life sciences through Propeller, our entrepreneurial design thinking 6-week curriculum. It helps entrepreneurs identify potential markets, develop a path to market strategy, and learn how to communicate the value of the idea to early stakeholders and potential investors.  

  • Educational panels and workshops: Including a Women Investors and a Women Leaders in Biotech panel

  • Business advice: Pair women entrepreneurs with “Navigators,” seasoned entrepreneurs and scientists who bring significant mentoring and business experience to the table. 

  • Investor pitch practice: Women entrepreneurs will participate in “Test Flight,” a pitch practice event where entrepreneurs can present and refine their pitch, share information about their companies, and receive valuable feedback.

Covey continued, “It is significant that, in our 30th year, First Flight will double down on our commitment to help women entrepreneurs achieve commercial success. For the first time, First Flight is being led by women as President, and also as Chair of the Board of Directors. With this leadership, First Flight is better equipped than ever before to assist women innovators and entrepreneurs.”

The SBA also emphasized the importance of supporting underserved and underrepresented entrepreneurs, stating;

“I am proud to announce the winners of the 2021 Growth Accelerator Fund Competition and SBIR Catalyst prize competition. This year’s cohort of winners emphasizes our commitment to equity. Our awardees have innovative plans to support underserved entrepreneurs, including women, people of color, and individuals from underrepresented geographic areas,” said SBA Administrator Isabella Casillas Guzman. “The Growth Accelerator prize funds will ensure a wide range of startups and innovators working on cutting edge STEM/R&D ideas have access to technical support and capital. The success of the first-ever SBIR Catalyst track will ensure newly piloted regional collaboratives represent the diverse potential of the U.S. innovation ecosystem. President Biden’s Build Back Better agenda would enable us to ramp up this program even more, helping to reach thousands of innovators from underrepresented communities and geographic areas.” 


For additional information or media inquiries, please contact Caroline Brinkley (cbrinkley@ffvcnc.org) 


About First Flight Venture Center

First Flight Venture Center is a high-science, high-impact science- focused incubator located in the heart of Research Triangle Park, NC. Established in 1991, First Flight has hosted more than 400 plus science-focused companies, providing strategic education, tailored resources, guidance, connections and office/lab space in a 25,000 sq.ft. facility. First Flight has launched businesses that have commercialized important new science breakthroughs and disruptive technologies, while creating thousands of jobs in North Carolina. For more information, visit http://ffvcnc.org or view First Flight video.



About GAFC

The Growth Accelerator Fund Competition (GAFC) was first launched by the SBA in 2014 to stimulate innovation and entrepreneurship across the country. GAFC prize awards have funded a wide range of accelerators and incubators in an effort to provide increased support to entrepreneurs, particularly in the STEM/R&D innovation ecosystem. Each competition has varied in total prize dollars as well as targeted groups and/or geographies.



Bridget McMinn