Governor Ivey recommends $20 million increase in funding for Alabama Innovation Fund

The State Science and Technology Institute reports that Alabama Governor Kay Ivey has recommended $32.4 million for the Alabama Innovation Fund in her FY 2023 Executive Budget. That’s a $20 million increase over the approved amount in FY 2022.

“Innovate Alabama” and the Alabama Innovation Corporation, both established in 2021, receive funding through the Alabama Innovation Fund, and the “Innovate Alabama Matching Grant Program” makes matching grants of up to $250,000 to businesses and organizations that received Small Business Innovation Research or Small Business Technology Transfer grants.

Last year Ivey signed legislation establishing the Corporation, a public-private partnership to serve as a catalyst for the state’s growing innovation economy, along with legislation that created the matching grant program to promote research and development in the state. Both were recommendations that came from the separate Alabama Innovation Commission.

In a recent meeting, several members of the Commission shared the next steps in growing the state’s innovation economy with Alabama economic developers. Here’s a link to an article summarizing that session.

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