Support for innovation and entrepreneurship in the state of Alabama is growing, and young people are a key piece of the puzzle.
Alabama struggles to retain out-of-state students who come to the state for education, however. Just 20% of out-of-state students are retained one year after graduation in Alabama, according to a report from the Economic Development Partnership of Alabama. More than 34,000 students graduated from Alabama universities and colleges with bachelor’s degrees in 2020, according to the report, which called those graduates "students that could build our state’s economy by working for its companies, large and small, established and emerging, as well as by living and contributing to its communities."
But not all of those students are being retained.
On Dec. 14, Innovate Alabama CEO Cynthia Crutchfield and its board of directors hosted a State of Innovation Day celebration. The event highlighted the progress made throughout the year and the organization's vision for the future. Board members spotlighted initiatives like the Supplemental Grant Program and Innovate Alabama Tax Credit Program as well as STEM education efforts and talent development.
"A few years ago, the Innovation Commission released a really impactful report to explain how vital it is for the state of Alabama to support innovators and entrepreneurs to grow our state. And in just a short amount of time, we've made leaps and bounds in opportunities to empower entrepreneurs to stay in Alabama, grow their business in Alabama, hire more in Alabama and grow roots in our state," said Britney Summerville, Innovate Alabama Board of Directors member and founder of Birmingham Bound.
Summerville highlighted how young people are pivotal to the success of those efforts.
"We need a spotlight on how amazing it is to work in innovative environments in our state," Summerville said. "We need to expose young people to these innovative opportunities to grow their companies in the state and also experience what it's like to live in Alabama and be a part of our future."
Crutchfield concurred that young people play an important role.
"One of our pillars is talent development," she said. "And so we do reach into the school systems K-12, as well as higher ed, to make sure that we are touching our students throughout their education journey. We're paying particular focus to higher ed and making sure that those students understand that there are opportunities in the state of Alabama post-graduation, and then specifically reaching out to our HBCUs to make sure that they too see themselves in the knowledge economy that we're trying to build for the future."
Crutchfield added that both continuing and building additional programs is key to retaining those young people.
"We're looking to expand the FuelAL program," she said. "We're looking to expand the HBCU Innovation Experience. Those are key programs that I think are just really scratching the surface. So we want to be more intentional as we go forward and make sure that we're not only engaging them, but showing them what is possible in terms of professions or even if they decide to start a company, we want them to be able to understand our ecosystem as they make those decisions."
FuelAL connects undergraduate and graduate students to a region and its employers through activities that showcase Alabama’s assets, from sporting events and downtown concerts to beachside festivals and hikes.
Innovate Alabama HBCU Innovation Experience is a program that aims to encourage the retention and attraction of inclusive talent in Alabama.
