December 7, 2023


Moving Forward

Innovate Alabama Network designates TROY’s IDEA Bank as a member and awards a grant that will enhance offerings for local start ups

Troy University’s Notion Financial institution has been admitted to the Innovate Alabama Community and awarded a grant that will support fund a users software that will ultimately end result in new business enterprise successes for Alabama’s Wiregrass.

“This is a fantastic testomony to not only the development we’ve manufactured at the Notion Lender as a collaborative hub, but also to our plans to continue increasing Alabama’s entrepreneurship ecosystem via both of those college student and local community support,” stated Lynne George, the Plan Bank’s director.

The Idea Vault Podcast Studio is available now. (TROY photo/Joey Meredith)
The Concept Vault Podcast Studio is available now. (TROY photo/Joey Meredith)

Now with the “Innovative Alabama Network Designation” and a $114,430 grant from Innovate Alabama, the Plan Bank will start the Concept Bank Membership Software, which is a company incubator application with supplemental business office spaces, a information creation studio, a shoppable storefront and more.

“The Innovate Alabama Network is a important phase ahead to expanding the entrepreneurial and innovation surroundings in Alabama,” stated Innovate Alabama CEO Cynthia Crutchfield. “By supplying funding and methods to our nearby communities, nonprofits and bigger education and learning establishments, we are creating a statewide network for innovation programming and catalyzing entrepreneurship in all of our communities, the two rural and urban.”

The Idea Financial institution opened in 2018 with the Tiny Business enterprise Enhancement Middle at Troy College as its initial tenant. Its structured programming formally started in 2021 and has considering the fact that released seven new ongoing courses, hosted a lot more than 25 specific-topic workshops, served extra than 250 TROY pupils via consulting and educational plans, and has provided collaborative area to a lot more than 15 exterior corporations. In just two decades, the Concept Financial institution has fostered much more than 50 new organization strategies from students and assisted with the startup of 15 student-owned enterprises. It is a component of the Sorrell College or university of Enterprise.

The Innovate Alabama Community grant will assist the Strategy Bank with Period I of its Membership Method that will contain minimal renovations and additions to the existing 1st-flooring resources and plans. A Stage II program will renovate the building’s next floor.

In addition to the renovations and written content creation studio, a single of the most vital elements of the Membership System will characteristic a 5-7 days accelerator program that will act as a non-educational impressive entrepreneurship education and learning method that takes people by way of the should-know measures to launching their tips. The Thought Accelerator System will deliver education and mentorship to aspiring business people who are not learners enrolled in an entrepreneurship curriculum at TROY. The plan will protect topics in Notion Development and Marketplace Analysis, Advertising and marketing and Product sales, Functions Framework, Economical Modeling and Pitching Techniques.

George said a further unique job bundled in the grant is the Notion Store, a storefront with a different entrance to the TROY downtown sq. where by Notion Financial institution users will have the possibility to apply for vendor area that makes it possible for them to offer solutions in a neighborhood brick-and-mortar shop found inside of a well known browsing district.

About the Idea Bank

The mission of the Plan (Innovation, Layout, Entrepreneurship Accelerator) Lender is to establish Troy University and Troy, Alabama into a regional heart for financial expansion by producing entrepreneurial assets and collaboration prospects for our local community of learners, faculty, personnel, alumni, neighborhood organizations, and leaders. The Thought Bank aims to assistance scholar-centric entrepreneurship and new ventures in the southeast Alabama location by delivering pupils with the know-how, assets, and help program to launch their tips locally

About Innovate Alabama  

Innovate Alabama is Alabama’s to start with statewide general public-personal partnership focused on entrepreneurship, technological innovation and innovation with a mission to aid innovators mature roots below in Alabama. Innovate Alabama was founded to implement the initiatives and recommendations set forth in the Alabama Innovation Commission’s report, together with intelligent coverage answers that will make a extra resilient, inclusive and robust financial state to continue to be competitive in a 21st-century world. With founding CEO Cynthia Crutchfield main the demand, Innovate Alabama is also built up of a board of 11 innovation leaders appointed by Gov. Ivey, collaborating throughout sectors to advance industries, drive technological know-how and facilitate an surroundings wherever innovation and entrepreneurship thrive. Master extra about Innovate Alabama at

"Innovate" is the name the tune at Troy University's IDEA Bank, located in a former bank building on Troy's historic downtown Square. (TROY photo)
“Innovate” is the name the tune at Troy University’s Concept Financial institution, situated in a previous bank constructing on Troy’s historic downtown Sq.. (TROY photo)