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Jeremy Gray
Representative | Auburn, AL

Innovation Alabama State Matching Funds Award

Idea Category: Equity & Opportunity, Jobs and Entrepreneurship

Problem

In the State of Alabama, historically there have not been incentives of any kind for startup companies to be attracted to bring their business to the State. The problem was when dealing with STTR and SBIR matching funds, technology startups typically go to the federal level to receive these funds and there are no matching funds that aid them on the State level. In Alabama, when you receive the federal funding that’s all you are eligible to receive. However, in other states there exists a program to match the funds received at the federal level with state funds, creating more of an incentive for businesses to startup in other surrounding states. Through the Innovation Creation Commission created by the Governor of Alabama, I was able to bring HB 609, a bill that would provide matching funds for startups as a means to ensure more businesses stay in the state.

Solution

The solution is simple: ensure that the State of Alabama is able to market itself to viable startups and business, by allowing tech companies to receive additional funding, in this case, up to $100k on the first phase and $250k on the second phase in matching grants.