The Alabama Innovation Corporation board of directors held its first meeting on Friday, March 4.
Established through legislation signed by Gov. Kay Ivey, the Alabama Innovation Corporation is charged with implementing policies designed to make the Yellowhammer State a hub for technology, innovation and entrepreneurship.
The board was officially seated in December when the Alabama Innovation Commission simultaneously unveiled its policy recommendations that the board will pursue.
The corporation’s board of directors, chaired by state finance director Bill Poole, will partner with the private sector, governmental entities and lawmakers to craft programs and policies to support the state’s innovation sector.
Gov. Kay Ivey expressed excitement over the board’s work to foster a culture of innovation throughout Alabama’s economy.
“The Alabama Innovation Corporation will steer our state toward innovation and economic prosperity,” said Ivey. “I look forward to seeing how these leaders who represent all corners of the state will work together to fuel Alabama’s success in a twenty-first century economy.”
The Alabama Legislature in 2021 appropriated $10 million to the Innovation Corporation, with $5 million of the funds being utilized for the Innovate Alabama Matching Grant Program. The program will grant funds of up to $250,000 to awardees of the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
According to a release, the board also discussed the implementation of a loan guarantee program for Aspiring Alabamians, an Opportunity Zone Impact Fund program, an evergreen seed fund, statewide marketing efforts, and outdoor recreation as a recruitment and retainment tool.
State Finance Director Bill Poole commended Ivey and the legislature for their support of the corporation’s mission to bolster Alabama’s innovation economy.
“I’m energized to see what this next chapter holds as the Innovation Corporation implements the commission’s recommendations and forges new solutions as Alabama’s entrepreneurial ecosystem continues to grow,” Poole stated. “I’m grateful for Governor Ivey’s leadership and the State Legislature’s support as we work to prepare Alabama for the ever-changing economy and market Alabama as a home for all to live, work, and play.
The Innovation Corporation is expected to hold its second board meeting next month.
Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL
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