The program supports Alabama entrepreneurs and innovators, particularly underrepresented groups.
MONTGOMERY, Ala.— innovate al will open applications for the second round from the Innovate Alabama Supplemental Grant Program on Tuesday, January 17. Alabama-based recipients of the Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Phase I and Phase II grants are eligible to apply for up to $250,000 in supplemental funding.
The program supports Alabama entrepreneurs and innovators, particularly underrepresented groups such as women, minorities, and rural founders. In addition, the disbursement of funds will boost Alabama’s economy by boosting research and commercialization, developing exportable products and services, and fostering high-wage job opportunities.
“Alabamanians have always been innovators, from cutting-edge farming techniques and creating windshield wipers to inventing the first portable electric headphones and the Saturn V rocket that put humans on the moon,” said Cynthia Crutchfield, CEO from Innovate Alabama. “At Innovate Alabama, we are on a mission to continue to foster Alabama’s rich history of innovation by providing entrepreneurs with the capital and resources needed, through initiatives like our grant program, to cultivate a thriving business and life here in Alabama”.
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In July 2022, Innovate Alabama launched the inaugural Innovate Alabama Supplemental Grant Program, awarding more than $4.5 million in matching funds to 30 grant recipients in six Alabama cities to support the growth of their small businesses. After a successful first round of funding, the organization hopes to help more innovators put down roots in Alabama in 2023 and beyond.
“Thanks to the Innovate Alabama Supplemental Grant, our team has had the opportunity to invest in resources that help grow our business and the state’s expanding, collaborative entrepreneurial ecosystem,” said Dr. Karim Budhwani, CEO and Co-Founder of CerFlux, and first round grant recipient. “We are honored to receive this funding and grateful for Innovate Alabama’s leadership in advancing innovation within the state, while placing an emphasis on supporting higher-risk, higher-reward, broader-impact companies like CerFlux, which they seek to drive innovation from new insights to address some of the toughest challenges facing humanity.”
Eligible applicants must have had an active Phase I or Phase II SBIR or STTR grant on or after July 1, 2021. Phase I recipients are eligible to apply for 50 percent of their award up to $100,000, and Phase II recipients are eligible to apply for 50 percent of their award up to $250,000. Innovate Alabama’s Matching Grant Program awards are non-diluting, which means companies receive the money without giving up their company stock.
“It was amazing to see the impact the first round of funding had on so many Alabama businesses. By investing in unique technology startups like these, our state can compete on a national and global scale,” said Rep. Danny Garrett, Innovate Alabama board member. “As Innovate Alabama continues to help innovators put down roots here in Alabama, we look forward to continuing to expand the reach of the grant program to support more local entrepreneurs.”
The application for the first round of funding will open on Tuesday, January 17. Applicants are strongly encouraged to apply by 5:00 pm on February 17, 2023. Award notifications for the second round of funding begin in March.
Later this year, Innovate Alabama plans to open applications for the third round of grants.
For more information and to apply, visit innovatealabama.org/programs.
Editor’s Note: This story was originally published on alreporter.com.