The grant to the Economic Development Partnership of Alabama Foundation is helping fund the Alabama Launchpad program. The program provides opportunities for individuals with a business idea to receive expert guidance and establish working relationships in the business, academic and banking communities.
“Alabamians benefit when entrepreneurs can turn ideas into a viable businesses that create jobs,” Bentley said. “I am pleased to support this program that helps innovators take the steps necessary to develop a successful business.”
Alabama Launchpad is conducting three rounds of business-plan competitions in 2015 with winners receiving a share of up to $250,000 to develop their businesses. An Innovation Awards luncheon will be held to honor entrepreneurial achievement Sept. 2 in Birmingham.
Past Alabama Launchpad participants have created more than 305 jobs and raised more than $20 million in additional funding for their businesses.
The Alabama Department of Economic and Community Affairs is administering the grant from the Alabama Research Alliance Trust Fund, established by the state in 1981. Interest earned by the trust fund is used to support projects that promote innovation and new technology.
ADECA administers an array of programs supporting law enforcement and traffic safety, economic development, energy conservation, workforce development, water resource management and recreation development.
Bentley notified Angela Wier, vice president of EDPA, that he approved the grant.
MEDIA RELEASE/ ALABAMA DEPARTMENT OF ECONOMIC AND COMMUNITY AFFAIRS