Innovate Alabama has opened its fourth round of applications for its supplemental grants program.
The program awards funds to Alabama 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).
“Since launching in 2022, the Innovate Alabama Supplemental Grant Program has provided nearly $10 million in funding to Alabama-based recipients of federal Phase I and II SBIR/STTR grants,” said CEO Cynthia Crutchfield. “This program is vital to Alabama entrepreneurs and innovators, while also displaying Alabama as a prosperous ecosystem for innovators around the country to grow their businesses.”
TODAY: Applications are open for the #InnovateAlabama Supplemental Grant. This program offers extra support to small businesses with active Federal SBIR or STTR grants. Move your idea from concept to commercialization and apply today at https://t.co/ogHmUQ2vuA. pic.twitter.com/wkharKIJBn
— Innovate Alabama (@InnovateAlabama) January 16, 2024
A media representative for Innovate Alabama commented on the role it plays in the state’s economy.
“By providing funds to innovative small businesses, Innovate Alabama is modernizing the state’s economy and ensuring Alabama plays a vital role in generating technologies that will shape the world. The future of the United States economy is a knowledge-based economy, and Alabama is on its way to being at the forefront of that economy thanks to Innovate Alabama.”
Out-of-state businesses can apply for the program with a 12-month window, after receiving grant funds, to relocate to Alabama and meet the other residency requirements.
Companies that have received SBIR/STTR Phase I or Phase II awards on or after July 21, 2021, are eligible to apply for 50% of their award up to $100,000 for Phase I and $250,000 for Phase II.
The application for the fourth round of funding will close 5 p.m. CT Feb. 16. Award notifications will begin in March.
Innovate Alabama has awarded more than $9.6 million in grant funding since its beginning in 2020.
Austen Shipley is a staff writer for Yellowhammer News.
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