HudsonAlpha Biotechnology Institute has been designated an Innovate Alabama Network leader, earning funding for two key initiatives to strengthen entrepreneurship across the state.
The designation connects HudsonAlpha to a network of other designated communities, nonprofits and higher education institutions across the state, and provides access to funding to further shape and expand Alabama’s entrepreneurial ecosystem.
This designation and the associated funding will enable the institute to support entrepreneurs and small businesses within and outside the biotech ecosystem, fund support programs for innovators commercializing novel technologies, and strengthen Alabama’s biotech ecosystem.
In addition to the Innovate Alabama Network designation, HudsonAlpha also received a $250,000 grant to build two collaborative spaces across the state. The Innovate Alabama grant will fund a shared lab at the HudsonAlpha Biotech Campus in Huntsville, supporting startups and entrepreneurs with small research and development operations and minimal capital.
The grant will also fund a maker space at the Izell Rees Community Center at the former Grandview School in Dothan, a collaboration through HudsonAlpha Wiregrass that will provide space and resources for small businesses and innovators to bring their ideas to life and develop new technologies.
“We are incredibly grateful to Innovate Alabama for advancing entrepreneurship and innovation in our state,” said Carter Wells, vice president of economic development for HudsonAlpha. “We are honored to be part of the Innovate Alabama network and look forward to continuing to work with like-minded, innovative organizations. Creating small shared labs in Huntsville and Dothan for entrepreneurs and startups to develop their ideas significantly lowers the barriers to innovation.”
“HudsonAlpha is firmly aligned with the goals of Innovate Alabama and we look forward to strengthening our state’s innovation economy.”
To date, HudsonAlpha has received Innovate Alabama tax credits in the AgTech Accelerator, and many of the residential affiliates have received funding through the Innovate Alabama Supplemental Grant Award Program. 15 fast-growing agricultural technology startups from around the world have graduated from the AgTech Accelerator after a rigorous selection process from hundreds of applicants. After being selected from over 1,000 applicants, these companies spent 12 weeks in Alabama networking, refining their business plans, honing their pitches, and growing month by month.
Since graduating, the first 15 companies have raised millions of dollars in additional capital. Finally, after participating in the AgTech Accelerator, some out-of-state companies have chosen to relocate parts of their operations to Alabama.
HudsonAlpha plans to continue the AgTech Accelerator for the next two years and attract an additional 20 AgTech companies to Alabama, made possible thanks to the Innovate Alabama Tax Credit Program.
HudsonAlpha is home to over 45 resident, independent and affiliated biotech and agtech companies of varying size, scope and history that benefit from the laboratory ecosystem and Innovate Alabama. Several affiliated companies have also been recipients of Innovate Alabama supplemental grants.
Do not miss it! Subscribe now Get the top Alabama news stories delivered to your inbox.
