XLR8HI wins Stage Two of the SBA’s 2024 Growth Accelerator Fund competition

XLR8HI is one of 44 Stage Two winners nationally for the US Small Business Administration’s 2024 Growth Accelerator Fund Competition.

XLR8HI will receive a cash prize for its work as a Growth Accelerator Partnership in supporting the launch, growth and scale of Science Technology Engineering Math / Research and Development-focused small businesses. It focuses on enhancing domestic manufacturing and production within the food system sector — highlighting elements like supply chain resiliency, agricultural and food technology/innovation, infrastructure and manufacturing.

“We are honored to continue receiving national recognition and support from the SBA for our ongoing work with Hawaii-based entrepreneurs and businesses at XLR8HI,” said Tarik Sultan, managing director of XLR8HI. “We are grateful for our local partners — Accumulus Advisors, Council for Native Hawaiian Advancement KūHana program, Hawaii Technology Development Corp., and the Wahiawā Value-Added Product Development Center — who are instrumental in supporting Hawaiʻi-based entrepreneurs and companies creating innovative solutions in the Food Systems sector.”

2024 GAFC Stage Two prizes provide enhanced support to Growth Accelerator Partnerships as they play a crucial role in helping startups and small businesses scale, contributing to the nation’s economic growth. These partnerships span public, private, nonprofit and academic institutions, fostering collaboration across industries and geographies.

This award arrives just one week after XLR8HI’s parent company, Sultan Ventures, announced the acquisition of the Cairo- and Dubai-based Acasia Group. Acasia, initially founded in 2011 as Cairo Angels, has evolved from a leading angel syndicate into a provider of diverse startup ecosystem programs, incubators and startup competitions, including collaborations with prestigious partners such as EG Bank, World Bank and DAR.

“We’re extremely excited and optimistic about the transformative changes to our programs, further enhanced by the recent acquisition of Acasia Group,” Sultan said. “This expansion broadens our network of experts, investors and industry connections, significantly benefiting the companies and founders within Hawaiʻi. We are poised for an exciting new chapter in innovation and growth.”

Applications for preX Cohort 9 are now open, with short-form applications due by Oct. 31. With a rolling admissions process, earlier applications have a better chance of acceptance into the program. All Hawaiʻi-based companies from any stage or sector are free to apply, and XLR8HI is giving additional consideration to companies focused on innovation in the food systems sector, as well as companies and founders based in Maui. For a full description of the program and updates, visit xlr8hi.com/prex-hawaii.