HUNTSVILLE (June 21, 2024) — HudsonAlpha Institute for Biotechnology recently earned the Innovate Alabama Network designation and was awarded funding for two key initiatives to strengthen entrepreneurs across Alabama.
Receiving the Innovate Alabama Network designation will bolster HudsonAlpha’s work of recruiting and fostering innovation in Alabama. The designation connects HudsonAlpha to a network of other designated communities, nonprofits, and higher education institutions across the state and funding to further shape and expand Alabama’s entrepreneurial ecosystem.
Specifically, the designation and accompanying funding will enable the Institute to establish and further develop existing supportive programs that assist entrepreneurs, small businesses and innovators in developing and commercializing novel technologies, further strengthening Alabama’s biotech ecosystem and industry.
“Through the Innovate Alabama Network, we’re focused on developing a statewide network for innovation programming and catalyzing entrepreneurship in all of our communities, large and small,” said Cynthia Crutchfield, CEO of Innovate Alabama. “The program has become extremely competitive in the second round, with record-breaking engagement. As we continue to expand the Innovate Alabama Network, we’re eager to build on this momentum and create more resources that help foster connections among the designees.”
In addition to the Innovate Alabama Network designation, HudsonAlpha was awarded a $250,000 grant to build out two collaborative spaces across the state. The Innovate Alabama grant will fund a shared lab on the HudsonAlpha Biotech Campus in Huntsville to support startups and entrepreneurs with small research and development (R&D) operations and minimal capital. The grant will also fund a maker’s space in the Izell Reese Community Center at the former Grandview School in Dothan. This collaboration through HudsonAlpha Wiregrass will provide space and resources for small businesses and innovators to realize their ideas and develop new technologies.
“We are immensely grateful for Innovate Alabama driving entrepreneurship and innovation in Alabama,” said Carter Wells, HudsonAlpha’s vice president for economic development. “It’s an honor to be a part of the Innovate Alabama Network, and we will continue collaborating with like-minded, innovative organizations. Creating small, shared labs in Huntsville and Dothan for entrepreneurs and startups to develop ideas lowers a significant barrier to innovation. HudsonAlpha is solidly aligned with the goals of Innovate Alabama, and we look forward to strengthening our state’s innovation economy.”
HudsonAlpha’s biotech ecosystem has previously connected to Innovate Alabama. Many resident associate companies have been awarded funds through the Innovate Alabama Supplemental Grant Award program, and HudsonAlpha has previously received Innovate Alabama Tax Credits for the HudsonAlpha AgTech Accelerator.
Fifteen high-growth agriculture technology (agtech) startups from around the world have graduated from the AgTech Accelerator after being selected through a rigorous process from over 1,000 total applicants. After being selected, the companies spent 12 weeks networking in Alabama, improving their business plans, honing their pitch and growing month over month. Since graduating, those first 15 companies have raised millions in follow-on capital, with some companies from outside the state choosing to move part of their operations to Alabama after participating. Thanks to the Innovate Alabama Tax Credit Program, HudsonAlpha will continue the AgTech Accelerator for the next two years and is in the process of recruiting another 20 agtech companies to Alabama.
