The Alabama Innovation Corp. has launched a first wave of grants to support entrepreneurs and small business owners across the state, with the goal of helping them expand and advance Alabama’s innovation economy.
A total of 31 awards were presented to 30 winners who will share more than $4.5 million through the Innovate Alabama Supplemental Grant Program. The recipients are in six cities across the state.
The diverse group of entrepreneurs can use the grants to grow their businesses in Alabama in a variety of ways, from boosting their research or commercialization efforts, to refining their products or technologies, to hiring staff, according to a news release from Alabama Innovation Corp.
“Thanks to the Innovate Alabama Supplemental Grant Program, the work of the Alabama Innovation Corporation and the Alabama Legislature, 30 small businesses across our state will have the opportunity to commercialize their technology to help solve global issues,” Gov. Kay Ivey said. “We are proud to support these entrepreneurs and business leaders who will leave a lasting impact on Alabama’s economy and pave the way for future generations of Alabamians.”
“In order to ensure that Alabama can compete in the 21st century economy, we must continue to pursue policies and initiatives that support the recruitment and retention of innovative companies and talent in our state,” said Bill Poole, state finance director and Alabama Innovation Corp. chair.
“Initiatives such as the Innovate Alabama Supplemental Grant Program encourage our state’s leading entrepreneurs to build their businesses right here at home, where they have the capital and resources to confidently do so,” Poole added.