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Small Business

UAH secures $500,000 for new business incubator

Rendering of the Invention to Innovation Center to be built at the University of Alabama in Huntsville

UAH continues to find additional funding sources for its $12M business incubator designed to help support startups in high-tech fields while creating an additional network for collaboration and growth in Huntsville.

The proposed Invention to Innovation Center (I2C) is receiving an additional $500,000 from the U.S. Dept. of Commerce Economic Development Administration (EDA) which will go toward the construction of the Virtual Proof of Concept Center (POCC): The Growth & Acceleration of Products (GAP) Project. This is the university’s effort to further ideas and technologies toward the marketplace.

UAH received $3M from the EDA in September and had originally hoped to secure all funding before the end of 2015, but university leaders have revised its timetable for the incubator.

“The I2C is in the planning stage now and will be somewhere around a 33-month effort,” says UAH Office for Proposal Development director Dr. Virginia “Suzy” Young, “This task will help us put in place the necessary processes to get a head start on the center’s mission by providing a ‘virtual proof of concept’ center so we can be ready to operate as soon as possible.”

UAH was among 25 awardees receiving a total of $10M in funding from the EDA.

February 8, 2016

Small Business

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