Sen. Greg Reed celebrates success of Innovate Alabama

Innovate Alabama, a landmark economic development program, was celebrated by Gov. Kay Ivey, former Secretary of State Condoleezza Rice, and State Senate President Pro Tempore Greg Reed, who serves as Vice Chair of the Innovate Alabama Board of Directors.

Last month’s event was attended by legislators, business leaders, and dignitaries from around the state and nation.

Reed (R-Jasper), who authored the legislation establishing Innovate Alabama, discussed the impact that Innovate Alabama was having on the state’s economy with Capitol Journal’s Todd Stacy.

“This is a great opportunity tonight as we’re celebrating,” Reed said. “We were seeing all of these companies one after another that were receiving awards that were a part of the network telling stories today. We have heard stories all day today on I hired 10 people, I hired five people, we got a $20 million contract from the U.S. government, this happened, that happened all as a result of what Innovate Alabama has been working on.

“When you look at what Innovate Alabama is doing – it is preparing Alabama for what’s going to be the economy of the future – the knowledge-based economy, high-tech opportunities, retaining talent, being able to have super well-trained workers all of those things are beneficial to every part of the state.”

Innovate Alabama has a grant program to help companies expand and grow.

“The grant programs which are just small grants in comparison; but to help these entrepreneurs bridge from one spot to the next to be able to see to the growth of their business. And that was one of our goals from the very beginning,” Reed said. “To see all of that come to pass, it is a lot of fun tonight.”

According to Reed, the one major commonality between the two parties is economic development and Innovate Alabama provides that bridge.

“When it comes to economic development and ways to grow Alabama’s economy that impacts every legislator,” he said. “It impacts every person in Alabama. We want to work for topics in rural Alabama, issues for urban Alabama, broadband internet access that gives you options for the economy to continue to grow.

“I think we have seen a true bipartisan approach on economic development topics for years now and its important.”

Reed said that the success of Innovate Alabama also makes it easier to ask the Legislature for similar initiatives or more resources for economic development projects.

“When you are able to go back to your colleagues and say thank you for your help, thank you for your support,” he said. “I know that was an idea that was not something you thought about but you were willing to listen to me and now as a result here are the statistics.

“It worked and it is going to be better as time goes along. That makes it real easy the next time you are offering a request or an allocation for things like Innovate Alabama.”

The regular legislative session start Feb. 6 and economic development will be discussed, Reed said.

“I think there is going to be more economic development news,” he said. “I think we are going to have some more economic opportunities to where we are adding things to the Game Plan being able to take the next step, and a lot of that is being developed now and I think a lot of that is going to be important.”

Despite criticism about economic incentives and spending on development by the Legislature, this approach has yielded the lowest unemployment rates in state history as well as increasing state revenue to record high levels even with tax cuts.

“We have got a great economy in Alabama that is yielding great budget receipts, so we are going to have additional surpluses to carry forward in the budget,” Reed said. “We are going to have to decide what to do with those so that is going to be real important. It will be a very busy session with a lot going on right from the get-go.”

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