SB339 Alabama 2021 Session

Summary

Primary Sponsor

Greg J. Reed

Republican

Session

Regular Session 2021

Title

Alabama Innovation Corporation; incorporation; legislative findings, implementation of Small Business Innovation Research or Small Business Technology grants, board of directors, powers, contracts, investments, Sec. 41-10-800 to 41-10-810, inclusive, added

Summary

SB339 would create the Alabama Innovation Corporation as a public, state-separate entity to promote entrepreneurship and innovation through funding, investments, and partnerships.

What This Bill Does

It establishes the Alabama Innovation Corporation as a public corporation with a board of ex officio and at-large directors. It creates the Alabama Innovation Fund, an irrevocable trust managed by the board to fund the corporation’s activities from gifts, appropriations, and other lawful sources, with earnings reinvested. The corporation would have broad powers to enter contracts, invest, and support programs such as SBIR and STTR grants, accelerators, rural initiatives, and workforce development, while partnering with private sector, nonprofits, universities, and state agencies. It also sets governance and accountability measures, including advisory committees, reporting and audits, and dissolution or amendment processes.

Who It Affects

• Aspiring Alabamians and startups (defined by lower household net worth or related eligibility) who could access targeted funding, grants, and supportive programs.
• Businesses, nonprofits, universities, and government entities involved in economic development that may partner with, receive funding from, or contract with the corporation.

Key Provisions

• Creation of the Alabama Innovation Corporation as a separate public corporation with a governing board of ex officio and at-large directors.
• Establishment of the Alabama Innovation Fund as an irrevocable trust, managed by the board, funded by gifts, appropriations, and other lawful sources, with earnings reinvested into the fund.
• Authorization of broad powers to fund and operate programs (including SBIR/STTR grants, accelerators, research centers, and workforce development) and to engage with private sector, nonprofits, universities, and state agencies.
• Governance and oversight rules, including advisory committee, annual audits, quarterly public financial reporting, procurement exemptions for certain actions, and procedures for amendments or dissolution.

AI-generated summary using openai/gpt-5-nano on Feb 23, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Innovation Corporation