The program supports Alabama entrepreneurs and innovators, especially underrepresented groups.
MONTGOMERY, Ala. – Innovate Alabama will open applications for the second round of the Innovate Alabama Supplemental Grant Program on Tuesday, January 17. Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Grants (STTR) are eligible to apply for up to $250,000 in additional funding.
The program supports Alabama entrepreneurs and innovators, especially underrepresented groups, such as women, minorities, and rural founders. In addition, disbursement of funds will advance Alabama’s economy by stimulating research and commercialization, developing exportable products and services, and stimulating high-paying job opportunities.
“Alabamians have always been innovators – from advanced farming techniques and the creation of windshield wipers to the invention of the first portable electric hearing aids and the Saturn V rocket that took humans to the moon,” said Cynthia. Crutchfield, CEO of Innovate Alabama. “At Innovate Alabama, our mission is to continue fostering Alabama’s rich history of innovation by providing entrepreneurs with the capital and resources needed, through initiatives such as our grants program, to cultivate a thriving business and life right here in Alabama.”
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In July 2022, Innovate Alabama launched the first Innovate Alabama supplemental grant program, providing more than $4.5 million in supplemental funding 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 looks forward to helping more innovators get started in Alabama in 2023 and beyond.
“Through the Innovate Alabama supplemental grant, our team has had the opportunity to invest in resources that help grow our business and the state’s growing, collaborative entrepreneurial ecosystem,” said Dr. Karim Budhwani, CEO and co-founder of CerFlux, and first-round grant recipient. “We were honored to receive this funding and grateful for Innovate Alabama’s leadership in fostering innovation within the state while focusing on supporting higher-risk, higher-risk businesses. yield and broader impact, such as CerFlux, which seek to spur the innovation of new knowledge to address some of the most intractable challenges facing humanity.
Eligible applicants must have had an active Phase I or Phase II SBIR or STTR grant on July 1, 2021 or later. Phase I recipients can apply for 50% of their award up to $100,000, and Phase II recipients can apply for 50% of their award up to $250,000. Rewards from the Innovate Alabama supplemental grant program are non-dilutive, which means companies receive the money without giving up stock in their company.
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“It was amazing to see the impact the first round of funding has had on so many Alabama companies. By investing in startups with unique technology like these, our state is able to compete nationally and globally,” said Representative Danny Garrett, Innovate Alabama Board Member. “As Innovate Alabama continues to help innovators put down roots right here in Alabama, we hope to continue 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 p.m. 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.
To learn more and apply, visit innovativealabama.org/programs.
Editor’s Note: This story originally appeared on alreporter.com.