Legislation would establish Alabama Innovation Corporation
If approved by the Alabama Legislature, the Alabama Innovation Corporation will act as a public-private partnership to promote initiatives to support statewide entrepreneurship, rural businesses, research and development at existing companies, and access to advanced technical skills that will drive a future workforce. (contributed)
The Alabama Innovation Commission, also known as Innovate Alabama, presented to the state Legislature House Bill 540, introduced by Rep. Bill Poole, which proposes the establishment of the Alabama Innovation Corporation. Sen. Greg Reed introduced Senate Bill 338 this week.
If the legislation becomes law, the Alabama Innovation Corporation will act as a public-private partnership to promote specific initiatives to support statewide entrepreneurship, rural businesses, research and development at existing companies, and access to advanced technical skills that will drive a future workforce.
“HB 540 is the latest example of the meaningful, forward-thinking work being accomplished by the Alabama Innovation Commission,” said Greg Canfield, Alabama commerce secretary and an Advisory Council member for the commission. “This legislation would advance our economy in meaningful ways, creating more technology-based jobs and growth opportunities in all corners of the state.”
The Alabama Innovation Corporation will be tasked with making the state a hub for technology and innovation and supporting initiatives, projects and activities that will enhance this growth for the entire state.
“This is a crucial step forward for the state of Alabama,” said Poole, co-chair of the Alabama Innovation Commission. “As a result of the great work being produced by the Alabama Innovation Commission, the Alabama Innovation Corporation will launch the state forward as a true competitor in a 21st-century economy.”
The partnership is part of the Alabama Innovation Commission’s interim recommendations presented to the Legislature to develop and execute strategies that will drive innovation and entrepreneurship, as well as help attract and retain talent in Alabama.
“Alabama has been at the forefront of innovation for years and this is the latest example of how the state continues to develop solutions that will drive our economy forward,” said Reed, vice chair of the Alabama Innovation Commission. “The establishment of the Alabama Innovation Corporation will assist in our efforts to foster a more inclusive, robust and resilient economy across the state. I look forward to collaborating with my colleagues in the Legislature to pass this impactful legislation.”
Innovate Alabama was created by Gov. Kay Ivey in July 2020 as the state’s first commission focused on entrepreneurship, technology and innovation. It brings together private-sector experts and policymakers to develop forward-thinking policies that will create a more resilient, inclusive and robust economy for Alabama.
