Innovate Alabama is making strides in building a thriving innovation economy by investing in two venture capital firms, gener8tor Alabama and Measured Capital, through its InvestAL program. The investments aim to close the venture capital gap for early-stage startups in Alabama and strengthen the local innovation ecosystem. Charlie Pond, executive director of SSBCI programs at Innovate Alabama, highlighted the importance of these investments in advancing the state’s economic strategy. The InvestAL program supports growth through equity-based investments, bringing capital to founders building in Alabama across various sectors.
Innovate Alabama has already made 17 direct investments, supporting companies in biotech, life sciences, Ag tech, and professional services. The initiative is spreading statewide, with strong partnerships in innovation hubs like Innovation Depot and Innovation Portal. The collaboration with gener8tor Alabama and Measured Capital, experienced venture firms with deep local engagement, further enhances the impact of the program.
Gener8tor Alabama focuses on high-growth startups valued under $10 million, while Measured Capital takes a data-driven approach to early-stage investments in transformative sectors. The support from Innovate Alabama strengthens these firms’ abilities to assist Alabama-based startups and drive sustainable economic growth. Pond emphasized the catalytic effect of these investments, creating job opportunities and accelerating the growth of startups.
With an increasing number of applications and high-quality applicants, Innovate Alabama is reallocating capital to meet the demand for funding. Pond expressed enthusiasm for the progress made in the state’s innovation landscape, emphasizing the transformative impact of these investments. The results are already visible, with Alabama emerging as a thriving hub for innovation and entrepreneurship. Pond is optimistic about the future, stating that Alabama is becoming a place where innovation not only exists but thrives.
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