Grant program available for innovative small businesses
The Alabama Innovation Corporation (Innovate Alabama) has opened applications for the Innovate Alabama Supplemental Grant Program to bridge connections and resources for innovative small businesses. In addition to helping the state’s leading entrepreneurs and innovators, dispersing these funds will grow Alabama’s economy by stimulating research and commercialization, developing exportable products and services and creating and retaining high-wage jobs in skilled occupations.
“The Innovate Alabama Supplemental Grant Program is the latest way our state is creating an attractive business environment for pioneering ideas that will change our world,” said Governor Kay Ivey. “Alabamians have the grit, determination and creativity to make these ideas a reality, and with Innovate Alabama’s supplemental funding, these small businesses will take their ideas from concept to commercialization.”
The Innovate Alabama Supplemental Grant Program awards funds to Alabama-based companies that have been granted Phase I or Phase II awards through the Federal Small Business Innovation Research Program (SBIR) or Federal Small Business Technology Transfer Program (STTR). If you have received SBIR/STTR Phase I Awards, you are eligible to apply for 50% of your SBIR/STTR grant up to $100,000. If you have received SBIR/STTR Phase II Awards, you are eligible to apply for 50% of your SBIR/STTR grant up to $250,000. These program grants are non-dilutive, meaning you get the money without giving up shares of your company.
According to a 2021 report by the U.S. Small Business Administration, Alabama is now among 20 states that have implemented supplemental grants for both Phase I and Phase II SBIR/STTR winners.
“Accessible capital is routinely among the greatest needs of our state’s entrepreneurs,” said Alabama Director of Finance and Alabama Innovation Corporation Chair Bill Poole. “Innovate Alabama wants to bridge connections and resources like this grant program to support these innovative small businesses generating transformative research and technology.”
The deadline to apply is August 1, 2022 at 5 p.m. CDT. Awards will be announced on August 22. Click here to apply.
The Alabama Innovation Corporation is Alabama’s first statewide public-private partnership focused on entrepreneurship, technology and innovation. The Board of Directors was appointed December 2021 to implement the initiatives and recommendations set forth in the Alabama Innovation Commission’s report, including forward-thinking policies that will create a more resilient, inclusive and robust economy to remain competitive in a 21st century world. Click here for more information.