This is a big win for Birmingham’s business incubator, which has been developing a number of programs and initiatives to build up the city’s entrepreneurial sector.
The funds were supplied by the U.S. Small Business Administration in partnership with the White House as part of the 2015 Growth Accelerator Fund Competition. There were 80 winners selected from a field of 180 finalists, which had been narrowed down from a total of 400 applicants nationwide.
Innovation Depot CEO Devon Laney said Velocity will launch in 2016. The program pairs aspiring entrepreneurs with current tenants of the Depot to help guide them through the process of starting a business.
“As the only recipient in Alabama for 2015, Innovation Depot is thrilled to have been selected as a winner of the SBA’s Growth Accelerator Fund Competition. This award recognizes the critical economic development role Innovation Depot will continue to play in our region’s startup and entrepreneurial communities as we launch new programs such as Velocity and Depot/U,” Laney said. “Our goal is to support and foster the growth of these early-stage companies so they become sustainable long term and provide continued economic impact for the Birmingham region.”
As a winner of the competition, Innovation Depot will be required to submit quarterly reports for one year, including metrics such as job creation, funding and investments, startups launched and any corporate sponsors that are obtained.
August 4, 2015