MONTGOMERY – Governor Kay Ivey on Tuesday announced that the Alabama Innovation Company (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Application. Alabama-centered recipients of Section I and Stage II Federal Little Organization Innovation Exploration (SBIR) and Small Enterprise Technologies Transfer (STTR) grants are suitable to implement for up to $250,000 in supplemental funding.
In addition to encouraging the state’s top business owners and innovators, dispersing these funds will improve Alabama’s economic system by stimulating study and commercialization, producing exportable products and solutions and solutions and generating and retaining higher-wage employment in competent occupations.
“The Innovate Alabama Supplemental Grant Plan is the hottest way our state is building an beautiful small business surroundings for revolutionary strategies that will improve our planet,” mentioned Governor Ivey. “Alabamians have the grit, determination and creativity to make these strategies a reality, and with Innovate Alabama’s supplemental funding, these compact firms will consider their tips from idea to commercialization.”
In accordance to a 2021 report by the U.S. Compact Organization Administration, Alabama is now among the 20 states that have applied sturdy supplemental grants for equally Stage I and Section II SBIR/STTR winners.
“Accessible money is routinely among the the biggest demands of our state’s business owners,” reported Alabama Director of Finance and Alabama Innovation Corporation Chair Invoice Poole. “Innovate Alabama wishes to bridge connections and assets like this grant application to assist these revolutionary small businesses producing transformative study and technological innovation.”
“The Innovate Alabama Supplemental Grant Software is the solution of intentional collaboration concerning Alabama’s innovation ecosystem and my colleagues in the Alabama Legislature,” claimed point out Sen. Greg Reed, President Professional Tempore of the Alabama Point out Senate and Vice Chair of the Alabama Innovation Corporation. “We passed laws final year to pave the way for this application, and I am very pleased to see it appear to fruition.”
Eligible candidates have an energetic Stage I or Phase II SBIR or STTR grant. Section I recipients are eligible to apply for 50% of their award up to $100,000. Section II recipients are qualified to implement for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant System awards are non-dilutive, indicating companies get the cash without giving up shares of their company.
“Small companies that have secured SBIR/STTR grants from federal agencies advantage from their technologies already having been subject matter to scientific evaluate from industry experts,” explained Dr. Michael Chambers, Affiliate Vice President for Analysis at the University of South Alabama and Alabama Innovation Company Board Member. “Alabama’s supplemental funding application is an outstanding way for our point out to grow our financial system by investing in nearby systems that may have global impacts.”
The software for the very first spherical of funding opened July 1. Applicants are strongly inspired to apply by 5:00 p.m. on Aug. 1, 2022. Award notifications for the to start with round of funding start out Aug. 22. To master extra and apply, check out innovatealabama.org/packages.
About the Alabama Innovation Corporation
The Alabama Innovation Company (Innovate Alabama) is Alabama’s first statewide community-non-public partnership targeted on entrepreneurship, technology and innovation. The Board of Directors was appointed December 2021 to put into action the initiatives and tips established forth in the Alabama Innovation Commission’s report, together with ahead-imagining insurance policies that will generate a additional resilient, inclusive and robust financial state to stay competitive in a 21st century environment. The Alabama Innovation Corporation is made up of a board of 11 ex-officio and at-big innovation leaders appointed by Gov. Ivey, collaborating across sectors to progress industries, travel technologies and facilitate an surroundings the place innovation and entrepreneurship thrive. Study far more about Innovate Alabama at www.innovatealabama.org