A $1.4 million grant will fuel business innovation, entrepreneurship, small business growth and talent retention in the state.
Alabama Power Foundation provided the funds to the University of Alabama to establish the Alabama Power Endowed Innovation and Talent Retention Fund.
The fund, which will be managed by the Office of the Vice President for Research and Economic Development, aims to develop and sustain resources dedicated to business innovation and entrepreneurship, creating a lasting positive economic impact on the state.
“We appreciate the strong partnership with the Alabama Power Foundation and our shared vision for what this fund will aim to accomplish,” said Dr. Russell Mumper, UA vice president for research and economic development. “Talent retention is a core theme of the office’s five-year strategic plan and aligns very well with the University’s public flagship mission.”
UA leaders hope to see the fund build on two programs in particular, The Edgeand The Cube. The Edge is an incubator and business accelerator partnership between the university, the West Alabama Chamber of Commerce and the city of Tuscaloosa.
The Cube allows students and faculty to explore ideas with cutting-edge technology at their fingertips. The fund also will potentially positively impact the Bama Technology Incubator, which helps transform patentable inventions into products.