MONTGOMERY – Governor Kay Ivey on Tuesday announced that the Alabama Innovation Company (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Software. Alabama-primarily based recipients of Stage I and Section II Federal Smaller Small business Innovation Study (SBIR) and Modest Organization Technologies Transfer (STTR) grants are qualified to apply for up to $250,000 in supplemental funding.
In addition to encouraging the state’s foremost business owners and innovators, dispersing these money will develop Alabama’s financial system by stimulating research and commercialization, building exportable products and solutions and services and making and retaining superior-wage employment in qualified occupations.
“The Innovate Alabama Supplemental Grant Plan is the hottest way our state is generating an interesting enterprise surroundings for groundbreaking tips that will adjust our environment,” stated Governor Ivey. “Alabamians have the grit, perseverance and creativity to make these ideas a fact, and with Innovate Alabama’s supplemental funding, these tiny organizations will acquire their tips from strategy to commercialization.”
According to a 2021 report by the U.S. Tiny Enterprise Administration, Alabama is now amid 20 states that have carried out strong supplemental grants for the two Stage I and Stage II SBIR/STTR winners.
“Accessible funds is routinely amid the biggest requirements of our state’s business owners,” reported Alabama Director of Finance and Alabama Innovation Corporation Chair Invoice Poole. “Innovate Alabama desires to bridge connections and assets like this grant software to support these ground breaking compact firms generating transformative study and technological know-how.”
“The Innovate Alabama Supplemental Grant Plan is the products of intentional collaboration between Alabama’s innovation ecosystem and my colleagues in the Alabama Legislature,” reported point out Sen. Greg Reed, President Professional Tempore of the Alabama Condition Senate and Vice Chair of the Alabama Innovation Corporation. “We passed laws final yr to pave the way for this program, and I am happy to see it come to fruition.”
Eligible candidates have an lively Stage I or Section II SBIR or STTR grant. Period I recipients are suitable to apply for 50% of their award up to $100,000. Phase II recipients are eligible to use for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant Method awards are non-dilutive, meaning enterprises get the cash with no providing up shares of their business.
“Small organizations that have secured SBIR/STTR grants from federal companies benefit from their technologies currently possessing been issue to scientific evaluation from gurus,” explained Dr. Michael Chambers, Affiliate Vice President for Investigate at the University of South Alabama and Alabama Innovation Corporation Board Member. “Alabama’s supplemental funding plan is an outstanding way for our condition to develop our overall economy by investing in regional technologies that may perhaps have worldwide impacts.”
The software for the to start with spherical of funding opened July 1. Candidates are strongly encouraged to use by 5:00 p.m. on Aug. 1, 2022. Award notifications for the first spherical of funding start Aug. 22. To learn extra and apply, check out innovatealabama.org/systems.
About the Alabama Innovation Corporation
The Alabama Innovation Company (Innovate Alabama) is Alabama’s very first statewide general public-non-public partnership concentrated on entrepreneurship, know-how and innovation. The Board of Administrators was appointed December 2021 to carry out the initiatives and tips set forth in the Alabama Innovation Commission’s report, which include ahead-pondering guidelines that will generate a extra resilient, inclusive and robust economic climate to continue being competitive in a 21st century planet. The Alabama Innovation Company is produced up of a board of 11 ex-officio and at-huge innovation leaders appointed by Gov. Ivey, collaborating throughout sectors to advance industries, push technological innovation and aid an natural environment the place innovation and entrepreneurship prosper. Master a lot more about Innovate Alabama at www.innovatealabama.org