Innovate Alabama will open a second round of its supplemental grant program next week.
The program, which awarded more $4.5 million in supplemental funding to entrepreneurs in July, is opening funding applications Tuesday. The deadline to apply is 5 p.m. Feb. 17. To apply, visit https://innovatealabama.org/programs/.
“At Innovate Alabama, we are on a mission to continue fostering Alabama’s rich history of innovation by providing entrepreneurs the necessary capital and resources, through initiatives like our grant program, to cultivate a thriving business and life right here in Alabama,” said CEO Cynthia Crutchfield.
Alabama-based recipients of Phase 1 and Phase 2 Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) are eligible to apply for up to $250,000 in supplemental funding.
Innovate Alabama gives support to Alabama entrepreneurs and innovators. The allocation of funds from the program will help to improve the state’s economy by:
- Driving research and commercialization
- Developing exportable products and services
- Spurring high-wage job opportunities
Birmingham’s Dr. Karim Budwhani, CerFlux CEO and founder, was a first-round recipient.
“We were honored to receive this funding and grateful for Innovate Alabama’s leadership in advancing innovation within the state while placing emphasis on supporting higher-risk but higher-reward and broader impact ventures, like CerFlux, that seeks to drive innovation from new knowledge to address some of the most intractable challenges facing humanity,” he said.
Eligible applicants must have had an active Phase 1 or Phase 2 SBIR or STTR grant on July 1, 2021, or later. Phase 1 recipients are eligible to apply for 50% of their award up to $100,000, and Phase 2 recipients are eligible to apply for 50% of their award up to $250,000. Innovate Alabama Supplemental Program awards are non-dilutive, meaning businesses receive the money without giving up share of their company.
Austen Shipley is a staff writer for Yellowhammer News.