Innovate Alabama has announced the recipients of its fourth annual Innovate Alabama awards. Grant ProgramIt awarded nearly $4 million to 22 small businesses.

Seventeen of the 22 grant recipients are currently based in Alabama, receiving an average of more than $175,000. For the first time, the grant program expanded beyond Alabama state lines, resulting in five new companies relocating to the state, consistent with the funding requirement that grant recipients be able to relocate their headquarters and majority of their operations within 12 months of receiving the grant.
Team to Alabama.

As part of the funding agreements, the five recipients are required to relocate their headquarters from Delaware, Florida, Illinois and Wyoming to Alabama within the next 12 months.

“With this new funding, we are proud to continue providing opportunities for local businesses while also attracting new businesses to our state,” said Cynthia Crutchfield, CEO of Innovate Alabama. “Our largest number of grant recipients to date is a testament to the growth of what Innovate Alabama is trying to accomplish by increasing access to resources for businesses across the state.”

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Innovate Alabama is Alabama's first statewide public-private partnership focused on entrepreneurship, technology and innovation with the mission of “helping innovators put down roots in Alabama.” Since August 2022, its grant programs have awarded a total of more than $13 million to 68 grant recipients.

“Funds from our grant programs are a critical link for Alabama entrepreneurs, connecting companies with promising technologies and research with the resources they need to succeed. By promoting job creation and community development and cultivating a strong workforce, these grants are poised to jump-start Alabama's economy. These grants send a powerful message to entrepreneurs across the nation that Alabama is an ideal environment for business expansion and development,” Innovate Alabama said.

Charles Vaughn is a contributing writer for Yellow Hammer News.