Honolulu, Hawaii – The U.S. Small Business Administration (SBA) recently announced XLR8HI as one of 44 Stage Two winners nationally for the 2024 Growth Accelerator Fund Competition (GAFC). XLR8HI will receive a cash prize for its work as a Growth Accelerator Partnership in supporting the launch, growth, and scale of STEM/R&D-focused small businesses, with a particular focus 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 (CNHA) KūHana program, Hawaii Technology Development Corp (HTDC), and the Wahiawā Value-Added Product Development Center—who are instrumental in supporting Hawaii-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 economic growth of our nation. 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,” added Sultan. “This expansion broadens our network of experts, investors, and industry connections, significantly benefiting the companies and founders within Hawaii. We are poised for an exciting new chapter in innovation and growth.”

Applications for preX Cohort 9 are now open. With a rolling admissions process, earlier applications have a better chance of acceptance into the program. All Hawaii-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, head to xlr8hi.com/prex-hawaii.

About XLR8HI

XLR8HI is Hawaii’s driving force for innovation and entrepreneurship. Since 2012, we’ve empowered entrepreneurs to transform their ideas into thriving businesses. Through flagship programs like preX, our nationally recognized initiatives offer comprehensive support, from mentorship to funding, helping companies navigate the challenging journey of business startup and growth. Our mission is to create a vibrant ecosystem where innovation flourishes, driving economic development and prosperity across Hawaii long after we’re gone.

About SBA Office of Investment and Innovation

The U.S. Small Business Administration (SBA) Office of Investment and Innovation (OII) leads programs that provide the growth-oriented small business and startup community with access to financial capital, networks, assistance, and R&D funds to develop commercially viable innovations. Our work is underpinned by public-private partnerships that help small businesses on their trajectory from idea to IPO. 

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.