HudsonAlpha’s Navigate: A Boost for Startups

Thanks to a welcoming environment, new ventures are blooming everywhere. Business development initiatives are ushering in the golden age of the entrepreneur. 

The state Alabama has a long-established business-friendly reputation through its enthusiastic support of innovative and emerging companies. Many entrepreneurial ventures have enjoyed long and successful histories, especially here in the Rocket City.

HudsonAlpha is an undisputed leader as a business incubator for all things Biotech. Therefore, it was a logical choice for the Economic Development Partnership of Alabama (EDPA) to invite HudsonAlpha to to develop and implement Navigate, a business mentoring program. 

Over the years, EDPA has invested heavily in new business startups, over $4 million, in fact. Through its efforts, the state endeavors to seek, attract, and retain world-class talent across a diverse variety of interests and industries. What’s more, EDPA supports minority, women-owned, and rural businesses, thus ensuring that every type of entrepreneur has an opportunity to succeed in Alabama. Support also includes enhancing digital resources to mitigate the “digital divide” and to promote entrepreneurship throughout the state. 

Navigate is a fitting name for a program specifically designed to help startup businesses successfully find their way through the entrepreneurial process.

The first seeds of Navigate were planted in 2019, when the Economic Development Partnership of Alabama (EDPA) received a grant from the Appalachian Regional Commission (APC). This grant was for implementing a business mentoring program in north Alabama. 

EDPA approached HudsonAlpha to develop a suitable business mentoring program, one specifically geared towards startups and entrepreneurs. In its quest for a top-notch program, the HudsonAlpha business development team looked to the Massachusetts Institute of Technology and its Venture Mentoring Service (MIT-VMS) and obtained licensing for use of its methodology, materials, and curriculum. 

Navigate is a volunteer-based business mentorship program for entrepreneurs at HudsonAlpha, as well serving all of North Alabama. Mentors come from a variety of business backgrounds, such as CEOs; C-Suite executives; subject matter experts in a particular field, such as law or finance; and a wide assortment of serial entrepreneurs. 

Startups seeking to refine their business plan and hone crucial management skills can receive objective business advice on their strategy, all in confidence. Aspiring entrepreneurs are eager to participate because they can get candid feedback from a variety of mentors, experts who are passionate about transferring their valuable knowledge to entrepreneurs in north Alabama.

Navigate serves to benefit the entrepreneur, the mentor, and the community, as well. Entrepreneurs receive in-person bias free input. Participating mentors have the opportunity to share their passion, insights, and valuable knowledge. 

“It’s a very specific program focused on business mentoring,” said Alex Cate, HudsonAlpha’s Director of Entrepreneurship Programs. “It’s about startups, mentoring entrepreneurs, and meeting them where they are.”

Navigate provides a solid foundation to help new business venture grow into strong, successful revenue generating organizations, ones that require a dedicated labor force. A win for the entrepreneur is a win for the community.

For more info: https://www.hudsonalpha.org/biotech-mentors/