SB339 Summary

• Creates the Alabama Innovation Corporation as an independent public corporation to promote entrepreneurship, innovation, technology, research and development, and economic growth in Alabama.

• Establishes a board of directors consisting of three ex officio members (Governor, Speaker of the House, President Pro Tempore of the Senate) and four at-large directors appointed by the Governor with relevant business and innovation experience.

• Creates the irrevocable Alabama Innovation Fund to be funded through gifts, grants, legislative appropriations, investment income, and other sources, managed solely by the board for purposes of the corporation.

• Grants the board broad powers to support innovation including marketing the state, operating accelerators and incubators, funding STEM education, supporting startups and emerging technologies, and assisting recipients of federal Small Business Innovation Research and Technology Transfer Research grants.

• Exempts the corporation and its contracting entities from standard state procurement requirements and conflict of interest laws, while preserving public oversight through quarterly financial reporting and annual independent audits.