Alabama economic group announces partnership with Stanford

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An Alabama economic development group is partnering with an institution at Stanford University in California.

The aim is to promote economic growth and business innovation in Alabama.

The Alabama Innovation Commission recently announced the partnership with the Hoover Institution at Stanford, The Tuscaloosa News reported.

The two groups intend to incorporate intellectual resources into recommendations for practical and timely applications.

A key goal of the partnership between the Alabama group, also known as Innovate Alabama, and the Hoover Institution will be recruitment and retention of companies and jobs, the newspaper reported. Another goal: Developing innovation hubs and marketing of startup companies.

The Alabama group is chaired by state Rep. Bill Poole.

“I am confident that the work that the Alabama Innovation Commission and the Hoover Institution will produce through this partnership will have a profound impact on the future economic trajectory of our state,” said Poole, a Republican who also chairs the Ways and Means Education Budget Committee in the Alabama House of Representatives.

“We must all work together on initiatives like this to create smart solutions that will continue to make Alabama an attractive state for business investment and job creation,” he added.

Alabama Gov. Kay Ivey established the 15-member Alabama Innovation Commission in July 2020 as the state’s first statewide commission focused on entrepreneurship, technology and innovation.

The Hoover Institution seeks to improve humanity by advancing ideas that promote economic opportunity and prosperity while securing and safeguarding peace for America and the world, according to its website.

“This partnership with the Hoover Institution will help accelerate our state’s focus on entrepreneurship and innovation,” said Zeke Smith, executive vice president of external affairs for Alabama Power and president of the Alabama Innovation Commission’s Advisory Council. “Developing strategic partnerships and leveraging outside investments has proven to be a successful approach in building a policy portfolio and determining best practices.

Republished with the permission of the Associated Press.