$1.4 Million Grant To University Of Alabama Establishes Alabama Power Innovation Fund

By University of Alabama

The University of Alabama has been awarded a $1.4 million grant from the Alabama Power Foundation to support business innovation, entrepreneurship, small business growth and talent retention in the state.

The gift, which will establish the Alabama Power Endowed Innovation and Talent Retention Fund, will develop and sustain resources dedicated to business innovation and entrepreneurship, creating a lasting positive economic impact on the state of Alabama and its residents. Managed through the Office of the Vice President for Research and Economic Development, the fund will enhance existing efforts while empowering the university to identify new ways to inspire and support a new wave of business growth in the state with a specific focus on talent retention.

“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.”The University of Alabama is committed to ensuring student and faculty entrepreneurs thrive by providing access to cutting-edge resources and expertise necessary to innovate and accelerate bold new ideas in business and technology. In recent years, UA’s role in startup and small business has become the focal point for innovation and entrepreneurship within the state and region.

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