September 18, 2024 · Entrepreneurs, Innovation, News, Stories
Alabama Founders Take Center Stage at the 2024 Fast Company Innovation Festival
This week, Innovate Alabama is taking center stage at the 2024 Fast Company Innovation Festival in New York where Alabama’s strengths in innovation will be on full display for startup founders, investors and business leaders across the country to see. As Alabamians know, the state offers a unique advantage for entrepreneurs who are looking for the right place to put down roots: a home base where the dollar goes farther than in larger cities across the country. Now, these 10,000+ participants will know it, too.
When asked to name an innovation hub, Alabama may not come to mind for many people. This week’s panel at the Fast Company Innovation Festival, “Innovate Alabama: Driving the Future of Innovation,” took that oversight to task. With a rich history in revolutionizing technology from windshield wipers to biomedical research, Alabama is emerging as a leader in the innovation space, and for good reason. With a jampacked room and palpable excitement in the air, the three panelists – all Alabama innovators – shared their personal journeys, what separates Alabama from other hubs and how others can get in on the ground floor of a burgeoning tech ecosystem.
The panelists included:
- Britney Summerville, board member, Innovate Alabama; founder, Birmingham Bound
- Shegun Otulana, founder and CEO of Harmony Venture Labs
- Tamar Blue, founder and CEO of MentalHappy
Innovation in a Post-Covid World
As entrepreneurs look to the future, the rapid evolution of the technological landscape is an unavoidable factor. But Alabama founder and Innovate Alabama Board Member Britney Summerville is not intimidated. In fact, she is excited for the future of innovation in the state. “We’re doing it different in Alabama,” Britney shared. “Innovators are growing and thriving in the tech ecosystem in the state.”
The panel highlighted initiatives, like Innovate Alabama’s SBIR/STTR Supplemental Grant Program and InvestAL, both of which are already leading the charge toward a thriving tech economy future.
Alabama’s Tech Economy Future
One thing is certain: Alabama’s tech economy future is bright. And stakeholders across the country are taking notice. CNBC recognized Alabama as the #1 Most Improved State for Business. With 2.2 percent growth over the past five years, momentum is not slowing down. Tamar Blue, founder of healthtech platform MentalHappy and an InvestAL portfolio company, emphasized that founders across the country, just like her, are taking notice and choosing to relocate their business to Alabama. Moving from the Bay Area to Alabama was a “no brainer” for the company. Tamar highlighted, “Alabama has become a health care hub, creating a great pipeline of talent for us.” She added, “Capital, which is crucial for startups, is being raised in non-traditional ways. And at the end of the day, securing the funding we need is what truly matters.”
A Unique Value Proposition
An unexpected driver behind all of Alabama’s economic growth lies in the quality of life that entrepreneurs can experience outside of their 9 to 5. Boasting over 1,300 miles of trails, 4,200 caves, 97 beaches and 132,000 miles of rivers, the state is a beautiful place to call home. Panelists underscored the fact that innovators often find the best of both worlds in Alabama: a supportive environment for a thriving business and a relaxing home base.
The Bottom Line
The innovators on the stage were in agreement on one major point: Alabama is a great place to live and grow a business. Shegun said it well. “At the end of the day, you’ll find talent, capital and a great community in the state. And Innovate Alabama is working to create even more success stories.”
Innovate Alabama wrapped up the day by hosting a reception to celebrate the 10th annual Fast Company Innovation Festival, providing an opportunity to elevate the work of Alabama innovators on a national stage. Britney Summerville offered remarks and energized the crowd, officially launching a week filled with thought-provoking discussions and meaningful connections, showcasing the work Innovate Alabama is doing to help innovators grow roots in the state.
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