Gov. Kay Ivey has awarded a $580,000 grant to give a lift to innovation and entrepreneurship in Alabama.

The grant to the Economic Development Partnership of Alabama will help support the Alabama Launchpad, a program that encourages entrepreneurship in the state and nurtures new business startups.

“Innovation is alive and well in Alabama, and now more than ever as we work to rise above the coronavirus pandemic, we need every resource and program available to regain our footing,” Ivey said. “This program is a true representation of the American and the Alabama spirit to beat the odds at a time when we need it most.”

Alabama Launchpad supports annual business plan competitions and provides contacts and guidance in the business, banking and academic areas to help participating startup businesses succeed.

The Alabama Department of Economic and Community Affairs is administering the grant from the Alabama Research Alliance Trust Fund. Interest earned by the trust fund supports projects pertaining to new technology and innovation.

Gov. Ivey notified Steve Sewell, EDPA executive vice president, that the grant had been approved.