INNOVATION COMMISSION POINTS THE WAY FOR ALABAMA’S ‘TRAILBLAZERS’

Alabama is on the brink of something big, according to the Alabama Innovation Commission (Innovate Alabama) formed by Governor Kay Ivey in July 2020. The Commission’s goal is to serve as a platform for innovators to engage policymakers, exchange ideas and identify policies that promote innovation in the state.

“Through the establishment of the Alabama Innovation Commission, I look forward to collaborating with our state’s leading innovators to develop a long-term strategy to create a more resilient, inclusive and robust economy,” Governor Ivey said. “Alabama has always had a rich tradition of developing technologies to move our state forward. Now more than ever, we must capitalize on future opportunities by engaging our state’s trailblazers to discuss new ideas and policies that support entrepreneurship, economic development and jobs.”

The commission was tasked with delivering recommendations designed to promote innovation in Alabama with specific strategies to enable success. The final report was delivered to the governor and statewide stakeholders in December. The Alabama Innovation Corporation board of directors was announced at the same time.

The Alabama Innovation Commission Report was produced in partnership with the Hoover Institution at Stanford University, the director of which is former Secretary of State and Alabama native Condoleezza Rice. Dr. Rice also serves on the Commission’s Advisory Council. “As we’ve seen from the commission and Hoover fellows’ research, Alabama has the assets primed for a successful innovation ecosystem,” she notes in the report’s Foreword. “The recommendations set forth in this report will further advance the state’s innovation ecosystem so that we inspire the next generation of innovators.”

The commission concentrated its research and efforts in five areas. Following are recommendations found in the report to illustrate where policy and programs are heading — or need to be heading — to achieve the Commission’s objectives. The full report and recommendations can be found at innovatealabama.org. 

Governor Kay Ivey

Photo courtesy of Governor’s Office/ Hal Yeager

Entrepreneurship and Access to Capital: 

• Create two Alabama Innovation Corporation-managed seed capital funds. 
• Create a $2 million annual grant program to provide nondilutive working capital (growth capital) targeted at high-growth companies in need of additional financing and present promising opportunities within targeted industry clusters.

“The recommendations set forth in this report will further advance the state’s innovation ecosystem so that we inspire the next generation of innovators.”
— Dr. Condoleezza Rice, director, the Hoover Institution at Stanford University, and member of the Alabama Innovation Commission’s Advisory Council.

• The Innovation Corporation should partner with the state to apply for and implement the federal State Small Business Credit Initiative (SSBCI) by assessing small business needs, engaging partner organizations and marketing programs to private sector participants.

Talent Attraction and Retention: 

• Create a program under the Alabama Innovation Corporation focused on incentivizing workers with requisite credentials and entrepreneurs with records of success to move to Alabama, which may include targeting former residents of Alabama. 
• The Alabama Innovation Corporation should create a retention program targeting talent in science, technology, engineering and math (STEM) fields at Alabama universities and colleges (or expand the 2021 Retain Alabama program). 

Increasing Commercialization:

• The Alabama Innovation Corporation should engage an industry-leading firm to perform a comprehensive study on Alabama’s innovative traded sectors (industry clusters that produce goods/services consumed outside of Alabama).
• After the Alabama Innovation Corporation completes the targeted sector study, use the data to identify Alabama’s key innovative communities and create Regional Innovation Hub designations that will fund and incentivize collaboration to build and advance innovation-focused ecosystems, ensuring opportunities for all innovation-based businesses throughout Alabama.

Bridging Digital and Economic Divides: 

• The Alabama Innovation Corporation should support the state, ADECA and ADEA in their goal of expanding high-speed broadband access across the state.
• The state should work with its partners to create an Open Data Council (ODC) that brings together a team of public and private citizens focused specifically on making non-sensitive data available to state agencies and members of the public.

Knowledge Economy: 

• Establish marketing programs in partnership with local workforce development partners to inform high school and university/college guidance counselors regarding job and career trends within the innovation and digital industry and the types of credentials needed to succeed in such innovation-related careers.
• Create and/or support pilot programs designed to increase science, technology, engineering and math (STEM) as well as entrepreneurship offerings in Alabama’s K-12 schools and measure outcomes to build into a broader program.
• Create an assistance program tailored to local/regional innovation and digital industry needs to fund nonprofits providing upskilling/reskilling programming to adults.
• “The Alabama Innovation Commission will provide a tremendous opportunity to partner with leaders from the public and private sectors to grow our great state,” said Greg Barker, president of the Economic Development Partnership of Alabama, when the Commission was announced. “The focus on innovation to deliver sustainable growth will benefit our entire state through new solutions and more job opportunities. I am excited to play an important role in building Alabama’s future.”