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Innovate Alabama has opened applications for the fourth round of the Innovate Alabama Supplemental Grant Program. Recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are once again eligible to apply for up to $250,000 in supplemental funding through the program. Previous recipients of the Innovate Alabama funding include aerospace technology companies, government contractors and artificial intelligence pioneers around Alabama.
The grant program supports Alabama entrepreneurs and innovators, and the funding will bridge the gap between eligible, deserving small businesses and the resources they need to thrive. The grants will boost Alabama’s economy through job growth, community development and a workforce that signals to entrepreneurs around the country that Alabama is a good place to grow their businesses as well.
“Since launching this program in 2022, the Innovate Alabama Supplemental Grant Program has been one of our most successful efforts,” said Innovate Alabama CEO Cynthia Crutchfield. “We have been encouraged by the overwhelmingly positive response to the three previous rounds of funding and are looking forward to continuing the program in 2024.”
In total across three rounds, the Innovate Alabama Supplemental Grant Program has infused more than $9 million in 50 innovative small businesses in Alabama and paved the way for more small businesses around the country to look at Alabama as a rich entrepreneurial ecosystem where they can grow their business, thanks to new rules laid out in last spring’s Game Plan legislation. Out of state businesses are now eligible to apply for the Innovate Alabama Supplemental Grant Program and have a 12-month window after receiving grant funds to relocate to Alabama and fulfill the other residency requirements if selected to receive a grant.
Eligible applicants have an active Phase I or Phase II SBIR or STTR grant. Phase I recipients are eligible to apply for 50 percent of their award up to $100,000. Phase II recipients are eligible to apply for 50 percent of their award up to $250,000. Innovate Alabama Supplemental Grant Program awards are non-dilutive, meaning businesses receive the money without giving up shares of their company.
The application for the fourth round of funding will close at 5:00 p.m. CT on February 16, 2024. Award notifications for this round of funding will begin in March. To learn more and apply, visit innovatealabama.org/programs/supplemental-grant-program.
