California § 12099.7.5 - Upon appropriation by the Legislature, the office shall administer the Accelerate

§ 12099.7.5. Upon appropriation by the Legislature, the office shall administer the Accelerate

(a) Upon appropriation by the Legislature, the office shall administer the Accelerate California Entrepreneurship Fund to provide acceleration grants to small businesses and entrepreneurs that participate in the Accelerate California: Inclusive Innovation Hubs. The purpose of the acceleration grants is to spur high-growth industries and startups and build a pipeline of scalable firms and well-paid jobs, and increase access to private investment for diverse founders as well as those in geographically isolated and underserved regions. The office shall develop guidance for priority areas of funding and process for the funding and selection of grantees. Funding disbursements shall begin in the second year of the program after a hub has achieved satisfactory reporting for the first year of performance. (b) (1) To receive an acceleration grant, small businesses and entrepreneurs shall satisfy all of the following: (A) Be located in the geographic region of the Accelerate California: Inclusive Innovation Hub. (B) Have an existing relationship with the Accelerate California: Inclusive Innovation Hub and have been incubated or accelerated at the hub. (C) Complete a grant application with a letter of support included in the application from its regional Accelerate California: Innovation Hub and provide the Accelerate California: Inclusive Innovation Hub with a description of its innovation model and provide an equity and sustainability statement. (D) Have not received a previous grant from the Accelerate California Entrepreneurship Fund. (2) Applications shall be evaluated based on breadth and quality of service and demonstrated ability to reach target populations. (c) Applications from underserved business groups, including women, minority, and veteran-owned businesses, and businesses in low-wealth, rural, or disaster-impacted communities included in a state or federal emergency declaration or proclamation, shall be given preference if the applicants are eligible and have met program requirements to receive a grant.