The state of Alabama, near the bottom of the national rankings in its support of small business and entrepreneurship took a giant step to help solve that problem.

Innovation download The Alabama Senate this week unanimously passed HB 540 and HB 609, two bills geared toward the advancement of state’s economy. The passing of these bills serves to move Alabama full speed ahead, paving the way for a new era in innovation, technology, and entrepreneurship.

Both bills came about, based on interim policy recommendations that were made by the Alabama Innovation Commission, which was established in July 2020 by Gov. Kay Ivey. The bills were championed by Rep. Bill Poole (R-Tuscaloosa), Senate Pro Tem Greg Reed (R-Jasper), Rep. Jeremy Gray (D-Opelika), and Sen. Rodger Smitherman (D-Birmingham).

Huntsville’s HudsonAlpha Institute for Biotechnology, along with the many other organizations which support and advocate for entrepreneurs, see the Alabama Innovation Corporation as an entity that will strengthen current entrepreneurial efforts and promote new workforce initiatives, along with research and development.

“All of us at HudsonAlpha are grateful to Governor Ivey for her leadership and to every member of the Alabama Senate and the Alabama House of Representatives for passing these needed bills,” said Carter Wells, HudsonAlpha’s vice president for Economic Development. “We are deeply appreciative to the Alabama Innovation Commission for their efforts leading to this win for entrepreneurs in our state.”

The wheels have been in motion for nearly a year. The Alabama Innovation Commission, also known as Innovate Alabama, recommended key initiatives to improve the state’s innovation and entrepreneurial ecosystem.

Established by HB 540, the Alabama Innovation Corporation will serve as a public-private partnership, promoting specific initiatives in support of statewide entrepreneurship, rural businesses, research and development, and advanced technology skills – specialized skills needed for the rapidly growing Alabama workforce.

The corporation’s primary objective is to make Alabama a hub for technology and innovation, by supporting activities and initiatives that enhance growth throughout the state.

Under the management of a board of directors, the corporation will include representation by the governor, the Legislature, and six at-large directors.

The Innovate Alabama Matching Grant Program, created by HB 609, will provide matching funds to federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Research (STTR) awardees.