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Alabama Innovation Corporation approves budget, creates executive director position

The Alabama Innovation Corporation, a statewide public-private partnership tasked with promoting the state’s innovation economy, held its second board meeting in Birmingham last week.

During the meeting, the corporation’s board of directors approved the creation of an executive director position and its associated job description.

According to a release, the executive director position will be charged with overseeing strategic operations, staff management and program implementation for the corporation. The position will also assist in advancing the corporation’s mission through partnerships, developing core programs and managing innovation-oriented directives of the entity.

Additionally, the board adopted a budget and bylaws, and updated the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program.

Included in the $10 million budget is funding for the Innovate Alabama Matching Grant Program, the addition of administrative and professional staff and executive director, and strategic communications partners for marketing purposes.

Alabama State Finance Director Bill Poole, chair of the corporation board, indicated that the addition of an executive director would allow the entity to “lead the charge” in promoting the state’s innovation economy.

“With funds approved to hire an executive director, the Alabama Corporation is poised to lead the charge for strengthening Alabama’s ever-changing economy,” said Poole in a release. “The hiring of a dynamic visionary innovation leader will enable the Corporation to make significant gains to drive economic growth and ensure Alabama is marketed as a home for entrepreneurs to start and grow their businesses.”

The corporation’s board is expected to reconvene for its third meeting next month.

Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL