MONTGOMERY – Governor Kay Ivey on Tuesday announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant System. Alabama-primarily based recipients of Section I and Stage II Federal Small Business Innovation Exploration (SBIR) and Little Business enterprise Know-how Transfer (STTR) grants are suitable to apply for up to $250,000 in supplemental funding.
In addition to aiding the state’s primary business people and innovators, dispersing these cash will improve Alabama’s economic system by stimulating research and commercialization, establishing exportable items and services and generating and retaining substantial-wage work opportunities in skilled occupations.
“The Innovate Alabama Supplemental Grant Method is the latest way our condition is producing an beautiful enterprise natural environment for revolutionary concepts that will adjust our world,” said Governor Ivey. “Alabamians have the grit, resolve and creativity to make these ideas a reality, and with Innovate Alabama’s supplemental funding, these little businesses will take their tips from thought to commercialization.”
According to a 2021 report by the U.S. Small Enterprise Administration, Alabama is now amid 20 states that have executed strong supplemental grants for each Section I and Phase II SBIR/STTR winners.
“Accessible capital is routinely between the best needs of our state’s entrepreneurs,” said Alabama Director of Finance and Alabama Innovation Corporation Chair Invoice Poole. “Innovate Alabama wishes to bridge connections and means like this grant application to help these modern modest companies making transformative investigate and technological innovation.”
“The Innovate Alabama Supplemental Grant Software is the solution of intentional collaboration between Alabama’s innovation ecosystem and my colleagues in the Alabama Legislature,” explained condition Sen. Greg Reed, President Pro Tempore of the Alabama State Senate and Vice Chair of the Alabama Innovation Corporation. “We passed legislation previous yr to pave the way for this system, and I am very pleased to see it come to fruition.”
Eligible applicants have an lively Section I or Phase II SBIR or STTR grant. Period I recipients are suitable to use for 50% of their award up to $100,000. Period II recipients are eligible to implement for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant Program awards are non-dilutive, that means firms obtain the cash without giving up shares of their corporation.
“Small organizations that have secured SBIR/STTR grants from federal agencies profit from their systems now possessing been matter to scientific evaluation from industry experts,” stated Dr. Michael Chambers, Affiliate Vice President for Investigation at the College of South Alabama and Alabama Innovation Company Board Member. “Alabama’s supplemental funding program is an fantastic way for our state to mature our economy by investing in regional technologies that may possibly have international impacts.”
The software for the to start with round of funding opened July 1. Applicants are strongly inspired to implement by 5:00 p.m. on Aug. 1, 2022. Award notifications for the 1st round of funding start Aug. 22. To study additional and utilize, stop by innovatealabama.org/plans.
About the Alabama Innovation Corporation
The Alabama Innovation Company (Innovate Alabama) is Alabama’s 1st statewide public-non-public partnership centered on entrepreneurship, technological know-how and innovation. The Board of Administrators was appointed December 2021 to put into practice the initiatives and tips established forth in the Alabama Innovation Commission’s report, together with ahead-pondering procedures that will develop a much more resilient, inclusive and strong economic system to stay competitive in a 21st century planet. The Alabama Innovation Company is created up of a board of 11 ex-officio and at-huge innovation leaders appointed by Gov. Ivey, collaborating across sectors to advance industries, push technological innovation and aid an environment where innovation and entrepreneurship thrive. Understand extra about Innovate Alabama at www.innovatealabama.org