Kay Ivey announces launch of small business grant program
Alabama Governor Kay Ivey announced last Tuesday, that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program. “The Innovate Alabama Supplemental Grant Program is the latest way our state is creating an attractive business environment for pioneering ideas that will change our world,” said Governor Ivey. “Alabamians have the grit, determination, and creativity to make these ideas a reality, and with Innovate Alabama’s supplemental funding, these small businesses will take their ideas from concept to commercialization.” Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental funding. The Governor’s office said in a release that helping the state’s leading entrepreneurs and innovators disperse these funds will grow Alabama’s economy by stimulating research and commercialization, developing exportable products and services, and creating and retaining high-wage jobs in skilled occupations. Bill Poole, who was appointed the State Finance Director in July of 2021, is the chairman of the Alabama Innovation Corporation. “Accessible capital is routinely among the greatest needs of our state’s entrepreneurs,” said Poole. “Innovate Alabama wants to bridge connections and resources like this grant program to support these innovative small businesses generating transformative research and technology.” State Senate President Pro Tempore Greg Reed is the vice chair of the Alabama Innovation Corporation. “The Innovate Alabama Supplemental Grant Program is the product of intentional collaboration between Alabama’s innovation ecosystem and my colleagues in the Alabama Legislature,” said Sen. Reed. “We passed legislation last year to pave the way for this program, and I am proud to see it come to fruition.” According to a 2021 report by the U.S. Small Business Administration, Alabama and 19 other states have now implemented robust supplemental grants for both Phase I and Phase II SBIR/STTR winners. Dr. Michael Chambers is the Associate Vice President for Research at the University of South Alabama and serves on the board of the Alabama Innovation Corporation. “Small businesses that have secured SBIR/STTR grants from federal agencies benefit from their technologies already having been subject to scientific review from experts,” said Dr. Chambers. “Alabama’s supplemental funding program is an excellent way for our state to grow our economy by investing in local technologies that may have global impacts.” Eligible applicants have to have an active Phase I or Phase II SBIR or STTR grant. Phase I recipients are eligible to apply for 50% of their award up to $100,000. Phase II recipients are eligible to apply for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant Program awards are non-dilutive, meaning businesses receive the money without giving up shares of their company. Some conservatives have philosophical objections to programs such as this as attempts by the government “to pick winners and losers” in the economy. Some on the left claim that it is “corporate welfare.” There is, however, broad bipartisan support for increasing access to capital and providing economic incentives to grow the economy. There will be a virtual two-day workshop on how to apply for SBIR and STTR grants on August 30 and 31. The first round of grant funding opened on July 1, and the first round of grant awards will be announced on August 22. According to the Governor’s office, the Alabama Innovation Corporation (Innovate Alabama) is Alabama’s first statewide public-private partnership focused on entrepreneurship, technology, and innovation. The Board of Directors was appointed in December 2021 to implement the initiatives and recommendations set forth in the Alabama Innovation Commission’s report, including forward-thinking policies that will create a more resilient, inclusive, and robust economy to remain competitive in a 21st-century world. The Alabama Innovation Corporation is made up of a board of 11 ex-officio and at-large innovation leaders appointed by Gov. Ivey, collaborating across sectors to advance industries, drive technology and facilitate an environment where innovation and entrepreneurship thrive. You can learn more about Innovate Alabama at www.innovatealabama.org To connect with the author of this story, or to comment, email brandonmreporter@gmail.com
Kay Ivey announces Innovate Alabama’s small business grant program
Today, Gov. Kay Ivey announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program. Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental funding. Innovate Alabama is Alabama’s first statewide public-private partnership focused on entrepreneurship, technology, and innovation. The Board of Directors was appointed in December 2021. Their goal is to implement the initiatives and recommendations set forth in the Alabama Innovation Commission’s report. “The Innovate Alabama Supplemental Grant Program is the latest way our state is creating an attractive business environment for pioneering ideas that will change our world,” stated Ivey. “Alabamians have the grit, determination, and creativity to make these ideas a reality, and with Innovate Alabama’s supplemental funding, these small businesses will take their ideas from concept to commercialization.” According to a 2021 report by the U.S. Small Business Administration, Alabama is now among 20 states that have implemented supplemental grants for both Phase I and Phase II SBIR/STTR winners. “Accessible capital is routinely among the greatest needs of our state’s entrepreneurs,” said Alabama Director of Finance and Alabama Innovation Corporation Chair Bill Poole. “Innovate Alabama wants to bridge connections and resources like this grant program to support these innovative small businesses generating transformative research and technology.” “The Innovate Alabama Supplemental Grant Program is the product of intentional collaboration between Alabama’s innovation ecosystem and my colleagues in the Alabama Legislature,” said state Sen. Greg Reed, President Pro Tempore of the Alabama State Senate and Vice-Chair of the Alabama Innovation Corporation. “We passed legislation last year to pave the way for this program, and I am proud to see it come to fruition.” Eligible applicants have an active Phase I or Phase II SBIR or STTR grant. Phase I recipients are eligible to apply for 50% of their award up to $100,000. Phase II recipients are eligible to apply for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant Program awards are non-dilutive, meaning businesses receive the money without giving up shares of their company. “Small businesses that have secured SBIR/STTR grants from federal agencies benefit from their technologies already having been subject to scientific review from experts,” stated Dr. Michael Chambers, Associate Vice President for Research at the University of South Alabama and Alabama Innovation Corporation Board Member. “Alabama’s supplemental funding program is an excellent way for our state to grow our economy by investing in local technologies that may have global impacts.” The application for the first round of funding opened on July 1. Applicants are strongly encouraged to apply by 5:00 p.m. on August 1, 2022. Award notifications for the first round of funding begin August 22. To learn more and apply, visit innovatealabama.org/programs.
Kay Ivey and Condoleezza Rice release Alabama Innovation Commission recommendations to boost innovation, entrepreneurship
Governor Kay Ivey and Condoleezza Rice, 66th U.S. secretary of state and director of the Hoover Institution, joined state leaders on Tuesday to share the Alabama Innovation Commission’s policy recommendations and announce the Alabama Innovation Corporation board of directors. Governor Ivey established the commission and its advisory council in July 2020. “The Alabama Innovation Commission has done incredible work, and I’m excited to see how we as a state can implement smart policies that will foster innovation and develop a talented workforce for the future,” stated Governor Ivey. “I’m inspired by the promising growth for Alabama’s economy, and I look forward to working with the Alabama Legislature and the Alabama Innovation Corporation to help Alabama reach new heights.” Alabama Innovation Commission (Innovate Alabama) is the state’s first commission focused on entrepreneurship, technology, and innovation. The commission brings together private-sector experts and policymakers to develop forward-thinking policies that work to create a strong economy to help Alabama remain competitive in the 21st century. Ivey commented on Twitter, “Alabama. Where you can dream big, play hard, and live comfortably. We’re building a better state – a place where equitable opportunity exists. Now, we have a playbook to take us there.” The commission, led by Alabama Finance Director Bill Poole and state Sen. Greg Reed, includes a six-member advisory council of innovation leaders in Alabama and those outside the state who have strong ties to Alabama. The advisory council, led by Alabama Power Executive Vice President Zeke Smith, included innovation leaders from across the nation, and a partnership with Hoover Institution research scholars led by Director Rice, to support the commission’s work. “I’m proud to be a daughter of Alabama and believe that Alabama’s education, job training, and workforce development can be second to none. This state is poised for an even greater future here, and we are excited to be a part of that,” said Dr. Rice. “The Hoover Institution will continue to partner with the state and the Alabama Innovation Corporation to support this initiative as Alabama continues to push for strengthening its economy so life can be good for all Alabamians.” State Finance Director and Innovation Commission Chair Bill Poole added, “I’m proud of the commission’s work and know that its efforts will have a tremendous impact on our state. The ideas, recommendations, and strategies in this report give us a path forward for how Alabama can be a leader in the fields of innovation, technology, and research. I look forward to seeing partners from private, and public sectors continue working together through the Innovation Corporation to grow our economy.” Members of the Innovation Corporation board of directors are: Governor Kay Ivey (ex-officio) Alabama Speaker of the House Mac McCutcheon (ex-officio) Senate President Pro Tempore Greg Reed (ex-officio) House Minority Leader Anthony Daniels (ex-officio) Senator Minority Leader Bobby Singleton (ex-officio) Rich Bielen – President and CEO, Protective Life Corporation (at-large director) Dr. Michael Chambers – Assistant Vice President for Research Innovation, University of South Alabama (at-large director) Abe Harper – President, Harper Technologies (at-large director) David King – President, Dynetics (at-large director) Bill Poole – Director, Alabama Department of Finance (chairman) Britney Summerville – Founder, Birmingham Bound (at-large director) The policy recommendations and findings detailed five areas that address current challenges. Entrepreneurship and Access to Capital: Identifying and supporting opportunities to fuel entrepreneurial development at every stage of business growth. Talent Attraction and Retention: Recruiting and retaining a workforce with the skills, knowledge and credentials necessary to create innovation ecosystems throughout the state. Increasing Commercialization: Fostering an environment that increases commercialization activities, research and development efforts and supports the state’s economy as a whole. Bridging Digital and Economic Divides: Leveraging initiatives and resources that support growth throughout Alabama. Knowledge Economy: Developing a skilled workforce ready to meet the demands of the future. “These policy recommendations are a culmination of 18 months of hard work, time, and effort from a variety of different highly qualified individuals and organizations working together to chart a strong path forward for our state’s economy, and I couldn’t be any happier with the product that the commission was able to produce,” said Sen. Reed. “This report outlines a road map to spurring entrepreneurship, startup businesses, and innovation in our state, and I look forward to seeing the impact it will have on the future of Alabama.”
