CRP partners with Huntsville/Madison County Chamber and Treble One on this initiative
HUNTSVILLE, Ala. (August 12, 2024) – Today, Cummings Research Park (CRP) announced it is launching a DefenseTech Accelerator in the Park this fall. The Huntsville/Madison County Chamber and Treble One are CRP’s partners in this initiative.
The Accelerator utilizes the Innovate Alabama Tax Credit program, which is a statewide initiative where local companies and individuals with significant tax liability can allocate 50% of their taxes to stay local. State tax liabilities that can be used for this program are the Alabama income tax, State insurance premium tax, State public utility license tax and State portion of the financial institution excise tax (FIET).
“This is a fantastic opportunity to continue to grow the small business defense industrial base right here in Huntsville,” said CRP Executive Director Erin Koshut. “Donating 50% of your tax liability keeps your tax dollars in our community to directly benefit growth of the industrial base at home. We are grateful to Synovus Bank, SimTech and Regions Bank for participating. We are still seeking tax credit donors.”
The CRP DefenseTech Accelerator will have two cohorts in the 2024-2025 year. Each cohort has five early-stage companies with innovative products who participate in a 12-week accelerator program designed to help grow and scale their products in the defense and commercial markets. The Accelerator is technology agnostic but is most interested in dual-use technologies. Companies will not only come from inside the state but also be recruited from outside of the state to locate in Huntsville. This Accelerator is about growing our in-defense industrial base with the next generation of small businesses focused on technology capabilities. We anticipate marketing for company participation in September and the first cohort will begin in early November. Our goal is for 75% of graduates to secure at least one prime contract with the U.S. federal government, secure at least one subcontract with a U.S. federal government prime contractor, partner with at least one prime contractor or OEM, or raise at least $100,000 in private capital funding within 12 months of their participation.
The CRP DefenseTech Accelerator is partnered with the Huntsville/Madison County Chamber and Treble One.
“While the CRP Executive Director is employed by the Chamber, even more important are the strong small business programs offered by our Chamber that will be utilized by Accelerator companies,” said Chip Cherry, Chamber President & CEO. “Each company in the Accelerator program will receive a one-year membership to the Chamber to ensure they can take full advantage of the benefits we offer to support their company growth.”
Treble One is the execution partner for this Accelerator program and has over 20 years of experience in supporting and growing small businesses in the defense market. Treble One’s mission is to help companies grow their business by applying technology to solve meaningful national security problems and help both the government and taxpayer maximize the investment of federal research dollars. Their experience and relationships will help translate to success in this program.
“Our country’s adversaries are developing major weapons systems nine years faster than the United States. These adversaries are appropriating intellectual property and rapidly integrating these capabilities into their military forces, which could potentially lead to a future conflict where the U.S. might find itself at a significant disadvantage,” said Chris Wimmer, Vice President of Business Development at Treble One. “It’s imperative that government, investment communities, startups, and primes unite to accelerate the defense ecosystem. Alabama’s unique blend of state incentives, driven by the strong leadership of Innovate Alabama, coupled with a dynamic defense ecosystem, and a visionary partner in the Huntsville/Madison County Chamber of Commerce and Cummings Research Park makes it the ideal combination to launch a DefenseTech Accelerator. Huntsville’s unmatched engineering talent and an emerging tech community, supported by the presence of over 25 of the top 30 federal government contractors, will revolutionize support to defense-tech and dual-use startups to spur economic growth and protect national security.”
Innovate Alabama has been a strong partner across the state and here in Huntsville. Their funding programs for innovation-led businesses, non-profits, and economic development organizations are changing the narrative and impact of innovation-led efforts in Huntsville and across the state.
“We are thrilled to announce these exciting private-public partnerships and witness the impactful work they accomplish together! Our tax credit program is specifically designed to cultivate a flourishing ecosystem in Alabama, where tech accelerators and businesses can thrive,” said Cynthia Crutchfield, CEO of Innovate Alabama. “Through tax credits, we aim to empower entrepreneurial support organizations to achieve their goals. We take pride in the numerous partners supporting our economic development organizations.”
This program has the potential to grow the next generation of defense small businesses right here in Huntsville, Alabama. The program will soon hire a director, lease office space in CRP East, and begin recruiting companies.
For more information on the CRP DefenseTech Accelerator or to discuss allocating your tax liability to the program, please contact Erin Koshut, Executive Director of CRP by email: [email protected]