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Innovate Alabama has announced recipients for the fourth round of the Innovate Alabama Supplemental Grant Program, awarding nearly $4 million to 22 small businesses including 5 minority- and women- owned small businesses. Since August 2022, the program has awarded over $13 million in total to 68 grant awardees. For the first time, the Supplemental Grant Program has expanded beyond the borders of Alabama, recruiting five new businesses to relocate to the state per the funding requirements, which state that grant recipients have a 12-month window after receiving grant funds to relocate their headquarters and the majority of their teams to Alabama.
The funding from the grant program is a vital link for Alabama entrepreneurs, connecting companies with promising technologies or research with the necessary resources for success. By fostering job creation and community advancement, and cultivating a robust workforce, these grants are poised to energize Alabama’s economy. They send a strong message to entrepreneurs nationwide, affirming Alabama as an ideal environment for business expansion and development.
Of the 22 recipients, 17 of the small businesses are currently based in Alabama and received an average of more than $175,000. The remaining 5 out-of-state recipients are required to relocate their headquarters to Alabama from Delaware, Florida, Illinois and Wyoming within the next 12 months as part of the funding agreement.
“With this new round of funding, we are proud to continue providing opportunities to our homegrown businesses while also recruiting new businesses to the state,” said Innovate Alabama CEO Cynthia Crutchfield. “This largest class of Supplemental Grant recipients to date is a testament to the growth of what Innovate Alabama is working to accomplish by increasing access to resources for businesses across the state.”
Selected Alabama entrepreneurs who previously received federal Phase I or Phase II SBIR or STTR grants were awarded up to $250,000 of supplemental funding to support the growth of their small businesses. The funding is non-dilutive, meaning recipients do not have to give up equity in their company. This round’s in-state Innovate Alabama Supplemental Grant recipients are located in Auburn, Birmingham and Huntsville.
Recipients from this round of the Innovate Alabama Supplemental Grant Program include the following small businesses:
- Adjuvax LLC
- Alveolus Bio
- Biomineral Systems LLC
- Bluejireh
- CerFlux, Inc.
- Dynamac Microwave, Inc.
- Eikon Research, Inc.
- Endomimetics, LLC
- Ethar, Inc.
- IERUS Technologies
- Impact Cooling Inc.
- iNOvodel, Inc.
- Linc Research, Inc.
- Nanoxort LLC
- Outpost Technologies, Inc.
- Pentamer Biologics LLC
- Reliant Technologies, Inc.
- RippleWorx, Inc.
- Systems Visions, LLC
- Vanquish Bio
- VETS, LLC
- XO Armor Technologies Inc.
Applications for the next round of funding will open in early June 2024 and will be found at innovatealabama.org/programs/supplemental-grant-program. Eligible companies should have received a federal SBIR or STTR award that is valid on or after July 1, 2023.
