HB609 Summary

• Creates the Innovate Alabama Matching Grant Program under the Alabama Innovation Corporation to provide matching grants to businesses that receive federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer Research (STTR) awards.

• Matching grant amounts are limited to the lesser of 50% of the federal award or $100,000 for Phase I awards and $250,000 for Phase II awards.

• Requires grant recipients to maintain their primary place of business in Alabama, have at least one top executive resident in the state, and keep at least 75% of employees in Alabama for five years after receiving the grant.

• Prioritizes matching grants for entities conducting funded research with specified Alabama institutions including HudsonAlpha Institute for Biotechnology, Southern Research Institute, and historically Black colleges and universities, with focus on underrepresented companies.

• Requires the corporation to develop a marketing campaign and provide application assistance to underrepresented companies and historically Black colleges and universities regarding federal SBIR and STTR programs.