The Alabama Innovation Commission, a platform for innovators to engage policymakers, exchange ideas and identify policies that can promote innovation further in the state, has produced a report to boost innovation and entrepreneurship in the state.
The commission and its advisory council were established in July 2020 with a charge to develop forward-thinking policy recommendations and ideas to create a more robust, inclusive economy that supports entrepreneurship, innovation and technology. The commission is led by Alabama Finance Director Bill Poole and state Sen. Greg Reed, as well as several politicians and leaders in the private sector. The advisory council, led by Alabama Power Executive Vice President Zeke Smith, included innovation leaders from across the nation, and a partnership with Hoover Institution research scholars led by Condoleezza Rice, to support the commission’s work.
Gov. Kay Ivey said Tuesday board members of the Alabama Innovation Corp., a public-private partnership established by the Legislature in 2021, will be responsible for implementing the initiatives and policy recommendations set forth in the report.
They will work on five major areas including entrepreneurship and access to capital; talent attraction and retention; increasing commercialization; bridging digital and economic divides; and creating a knowledge economy.
The report calls on leaders to identify and supporting opportunities to fuel entrepreneurial development at every stage of business growth. The report also calls for recruiting and retaining a workforce with the skills, knowledge and credentials necessary to create innovation ecosystems throughout Alabama.
The report also wants leaders and organizations to foster an environment that increases commercialization activities, research and development efforts as wells leverage initiatives and resources that support growth throughout Alabama. It emphasizes calling for the development of a skilled workforce ready to meet the demands of the future.
According to the report, there are specific calls to action to boost entrepreneurship and innovation statewide. These actions include developing a coordinated university and college retention program; creating a new program focused on talent retention beyond college and into fields that advance the state's economy; launching a national marketing campaign that promotes the innovation economy; creating entrepreneur mentorship networks; creating seed funds for startups through the corporation; establishing grant funding for startups; securing and deploying small business credit initiative funding; conducting comprehensive research on Alabama's innovation sectors; drafting a strategic roadmap; developing a university commercialization accelerator program; and pursuing federal grant funding for broadband expansion.
“These policy recommendations are a culmination of 18 months of hard work, time and effort from a variety of different highly qualified individuals and organizations working together to chart a strong path forward for our state’s economy, and I couldn’t be any happier with the product that the commission was able to produce,” Reed said. “This report outlines a road map to spurring entrepreneurship, startup businesses and innovation in our state, and I look forward to seeing the impact it will have on the future of Alabama.”
The Alabama Innovation Corp. will include many politicians and some local names on their board of directors. Rich Bielen, president and CEO of Protective Life, will be at-large director along with Dr. Michael Chambers, assistant vice president for Research Innovation at the University of South Alabama; Abe Harper, president of Harper Technologies; David King, president of Dynetics; and Britney Summerville, founder of Birmingham Bound. Poole of the Alabama Department of Finance will be chairman.
