About this programme
The Innovate Alabama Venture Studio is a studio model that works alongside corporate partners to identify high-potential ideas and turn them into venture-backable companies. It combines hands-on operational support, mentorship, and funding to help new ventures move from concept to market faster and with less risk.
The studio launched June 19, 2025, when Innovate Alabama announced a partnership with Harmony Venture Labs (HVL), a Birmingham-based venture studio led by founder and CEO Shegun Otulana. HVL brings its own studio playbook, covering ideation, prototyping, and scaling, to Alabama. Otulana described the partnership as "our answer to that gap: building real companies around real problems, with early customer validation and the backing to grow," referring to Alabama's persistent difficulty getting early-stage capital to founders.
Corporate partners are central to the approach: the studio says they help it tackle real-world problems while accelerating commercialization, building a pipeline of scalable, locally rooted startups in sectors including fintech, logistics, agtech, medical technology, industrial systems, and construction innovation.
A companion Venture Studio Fund provides capital directly to portfolio company spinouts, so promising companies can secure funding, attract talent, and scale without leaving Alabama. The stated goal, set at launch, is to have the studio launch 10 new companies and attract $10 million in venture capital by 2028, generating what Innovate Alabama describes as millions of dollars in economic impact across the state.
How to apply
- There is no public founder application process yet. The official page invites corporations, universities, or organizations interested in piloting solutions, mentoring startups, or co-creating innovation projects to reach out, and says to "stay tuned for more information."
Frequently asked
How much funding does the Venture Studio provide?
The official page does not disclose a per-company funding amount. A companion Venture Studio Fund provides capital to portfolio company spinouts, and the studio's 2028 goal includes attracting $10 million in venture capital, but no per-deal figures are published.
Can a founder apply directly to the Venture Studio?
The page does not describe a founder application process. It invites corporations, universities, or organizations interested in partnering to reach out, and says more information is coming.
Who operates the studio model?
Innovate Alabama partners with Harmony Venture Labs (HVL), a Birmingham-based venture studio led by founder and CEO Shegun Otulana, which brings its studio model, covering ideation, prototyping, and scaling, to Alabama.
What sectors is the studio focused on?
At launch, Innovate Alabama named fintech, logistics, agtech, medical technology, industrial systems, and construction innovation as focus sectors.
What does Innovate Alabama hope to achieve by 2028?
The studio's stated goals are to launch 10 new companies and attract $10 million in venture capital by 2028.
More funding in Alabama
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Boost (Innovation Depot)
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Innovate Alabama Capital Access Fund
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A $15 million evergreen fund making $100,000-$250,000 direct investments in pre-seed to Series A Alabama startups with a 1:1 private match.
LendAL
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State-backed credit enhancement that lowers lender risk so more Alabama small businesses qualify for loans, applied for through partner lenders.
Alabama Launchpad
Economic Development Partnership of Alabama (EDPA), in partnership with Innovate Alabama · Alabama
Alabama's longest-running pitch competition, awarding up to $100,000 plus $2,500 to every finalist in three industry tracks.
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.