The Alabama Innovation Corp. is now taking applications for the Innovate Alabama Supplemental Grant Program. The program allows recipients of Phase I and Phase II Federal Small Business Innovation Research and Small Business Technology Transfer grants to apply for up to $250,000 in supplemental funding.
“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,” according to Gov. Kay Ivey’s office.
Alabama is 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 Bill Poole, who is Alabama Director of Finance and Alabama Innovation Corporation Chair. “Innovate Alabama wants to bridge connections and resources like this grant program to support these innovative small businesses generating transformative research and technology.”
Eligible applicants have an active Phase I or Phase II SBIR or STTR grant. Phase I recipients are eligible to apply for 50% of their award up to $100,000. Phase II recipients are eligible to apply for 50% of their award up to $250,000. Innovate Alabama Supplemental Grant Program awards are non-dilutive, meaning businesses receive the money without giving up shares of their company.
The application for the first round of funding opened July 1. Applicants are strongly encouraged to apply by 5 p.m. on Aug. 1. Award notifications for the first round of funding begin Aug. 22. To learn more and apply, visit innovatealabama.org/programs.