Innovate Alabama has opened applications for the fourth round of the supplemental grant program.
The program awards funding to Alabama businesses that receive Phase I or Phase II awards through the federal Small Business Innovation Research Program (SBIR) or the federal Small Business Technology Transfer Program (STTR).
“Since its inception in 2022, the Innovate Alabama Supplemental Grant Program has provided nearly $10 million in funding to Alabama-based federal Phase I and II SBIR/STTR grant recipients.” said CEO Cynthia Crutchfield. “While this program is critical to Alabama’s entrepreneurs and innovators, it also showcases Alabama as a rich ecosystem for growing their businesses for innovators across the country.”
Today: Now accepting applications #InnovateAlabama Subsidy. This program provides special support to small businesses with available federal SBIR or STTR grants. Take your idea from concept to commercialization and apply today. https://t.co/ogHmUQ2vuA. pic.twitter.com/wkharKIJBn
— Innovate Alabama (@InnovateAlabama) January 16, 2024
Innovate Alabama media representatives commented on the role Alabama plays in the state's economy.
“By providing funding, innovative Small and medium-sized enterprises, innovate Alabama modernize the state's economy; Alabama They play a vital role in creating the technologies that shape the world. The future of the U.S. economy is a knowledge-based economy; Alabama is on its way to being at the forefront of its economy thanks to innovate Alabama”
After receiving a grant, out-of-state businesses have 12 months to apply to the program to relocate to Alabama and meet other residency requirements.
Companies that receive an SBIR/STTR Phase I or Phase II award on or after July 21, 2021 are eligible to claim 50% of the award amount up to $100,000 for Phase I and $250,000 for Phase II. there is.
Applications for the fourth round of funding will close on February 16th at 5:00 PM Central Time. Award notification will begin in March.
Innovate Alabama has awarded more than $9.6 million in grants since its founding in 2020.
Austin Shipley is a staff writer at Yellowhammer News.
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