Innovate Alabama critical to state’s economic future
Alabama has long been recognized for its success in industrial and manufacturing recruitment. Our state offers aggressive incentives and support to attract major multinational corporations, consistently creating new jobs year after year. These efforts have been and continue to be crucial for Alabama’s economy, particularly in areas of high
unemployment. As we acknowledge those successes, it’s equally important to recognize the limits of this approach. Many employers may not be large enough to qualify for state incentive packages, even though they too can provide good-paying jobs for Alabamians. Innovate Alabama is playing a critical role in bridging these gaps.
If Alabama is to remain competitive in a 21stcentury economy, we need to invest in the growing number of industries’ talent, and opportunities that are rapidly emerging and will drive our future.
Unlike traditional industrial recruitment programs, Innovate Alabama is focused on building an economy that leverages technology, innovation, and entrepreneurship to create high-paying, sustainable jobs right here in our state. Its mission is multifaceted: to attract capital, retain talent, and diversify Alabama’s economy in response to consumer demand.
This will be increasingly important in industries specific to defense, agriculture, technology and an increasing number of small business ventures.
Alabama’s venture capital network is currently behind the curve compared to most states in the country, meaning many promising small businesses struggle to secure the funding needed to succeed. Many of our state’s best and brightest would like to start businesses, work, live and raise a family in Alabama, but this lack of capital makes that extremely difficult. And they often leave Alabama to pursue their dreams in other states.
We need to provide our own entrepreneurs the opportunity to utilize the resources they need to remain in Alabama and contribute to our economy. We’re responding to a new market demand. That’s where Innovate Alabama comes in.
Innovate Alabama has allowed us to successfully attract external investment while ensuring that Alabama entrepreneurs maintain majority ownership, preventing their companies from relocating out of state once they scale. In doing so, we keep the economic benefits – and the jobs – right here at home.
Equally important is talent recruitment and retention. Our state’s universities are producing more college graduates than ever before, yet far too many are leaving Alabama to seek opportunities elsewhere. We see far too many of those students who our state has invested in so heavily leave to contribute to the economies of Nashville, Tennessee, Atlanta, Georgia, Dallas, Texas, and other out-of-state destinations.
Innovate Alabama is critical in addressing that challenge by creating pathways for these graduates to build their careers locally, helping to ensure that the investment Alabama makes in higher education benefits our state first.
At its core, Innovate Alabama is about supporting Alabama-owned businesses – real Alabamians creating jobs in their communities. While it may not generate the large ribboncutting events that accompany major industrial announcements, its impact is profound.
Each win – a business funded, a graduate retained, a rural entrepreneur supported – compounds over time, strengthening our state’s economy in ways that are sustainable and farreaching.
Innovate Alabama is not just a strategic vision for a stronger, more diversified, and more resilient Alabama. Its success will enhance our state’s economic health, our workforce, and the generations of Alabamians who want to call this place home.
We should not lose sight of this vision. Innovate Alabama is small in appropriation but monumental in potential.
Danny Garrett is a member of the Alabama House of Representatives, chairman of the House education budget committee and serves on the Innovate Alabama Board of Directors.
