PRESS RELEASE: Idea Accelerator Program expands statewide in Alabama

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Residents to receive $5,000 to turn business ideas into reality 

Montgomery, Alabama (August 20, 2024) Applications are now open for Alabama residents to participate in the Builders + Backers Idea Accelerator this fall. Anyone with novel ideas is encouraged to apply to the 90 day virtual program. Those who are accepted in the program receive up to $5,000 to help them turn ideas into potential businesses or ventures. 

This statewide expansion is supported by Heartland Forward, Morgridge Family Foundation and Ford Foundation, building upon local investment.This expansion is part of a multi-year commitment to help expand opportunities for entrepreneurs across the state.

Anyone in Alabama can apply here by September 29, 2024. Residents with the most promising and innovative ideas will be selected to participate in a 90-day virtual program starting on November 7, 2024.

Since 2021, Heartland Forward has been committed to fostering early entrepreneurial ideas through the Builders + Backers Idea Accelerator. The City of Montgomery and Innovation Portal in Mobile currently offer the program to their city residents and will do so again in the upcoming Fall cohort, thanks in part to this new funding. The additional spots made available in Alabama with the support of Ford Foundation and Morgridge Family Foundation will also ensure that anyone with a novel idea anywhere in the state can put it into action, adding to the goal of funding and supporting more than 1,000 Builders across the heartland by the end of 2024. 

“This new funding builds on the work that started and continues strong with our partners in Mobile and Montgomery and at the state level with EDPA and InnovateAL as we strive to open a truly accessible, Universal Onramp to entrepreneurship and idea-stage funding to anyone in the state of Alabama,” said Donna Harris, CEO of Builders + Backers.  “Together with our partners and funders we can break down barriers to entrepreneurship and enable anyone to pursue their entrepreneurial dreams.”

“We are excited to welcome the first statewide cohort in Alabama to the Builders + Backers Idea Accelerator Program. Our work in Alabama shows the strength of public-private partnerships to elevate entrepreneurs from the Gulf coast to the foothills of Appalachia,” said Ross DeVol, president and CEO of Heartland Forward. “We can’t wait to see this cohort turn their ideas into heartland ventures.”

“Our goal is to create meaningful connections and invest in organizations that are doing good for the world. That’s why we’re thrilled to partner with Heartland Forward and Builders + Backers to assist entrepreneurs in fostering change in Alabama,” said Carrie Morgridge co-founder of the Morgridge Family Foundation. “We want to give them the tools and resources to build businesses for good in their communities.”

“Entrepreneurship is key to fostering growth across communities, and we are proud to help local entrepreneurs in Alabama pursue their dreams,” said Roy Swan, Head of Mission Investments at Ford Foundation. “We believe this program will benefit even more entrepreneurs and can’t wait to see their bright ideas spark into new businesses and ventures.”

To learn more about the Builders who have completed the Idea Accelerator program through the support of Heartland Forward and other partners, see here. For more information on how communities and businesses can support the statewide expansion of the Idea Accelerator Program, please contact Builders + Backers here..

About Heartland Forward:
Heartland Forward is a policy think-and-do tank dedicated to being a resource for states and local communities in the middle of the country. We do this by studying broad economic trends and building data-driven and community-tested partnerships, programs and policies to address the needs of the heartland – all while helping to change the narrative about the middle of the country and kick-starting economic growth.

About Builders + Backers:
Builders + Backers helps entrepreneurial dreamers become Builders who create and grow promising new companies. Our innovative, research-backed workshops, events, and programs, combined with our full stack of philanthropic and investment funds, work together to create a “Universal Entrepreneurship Onramp,” making it possible for anyone to bring their ideas to life and make a real impact in the communities they call home. 

About Morgridge Family Foundation: 
The Morgridge Family Foundation invests in leaders and organizations that are reimagining solutions to some of today’s biggest challenges. MFF offers vision, community, and resources to support a network of partners achieving their profound impact. Learn more at thinkmff.org.

About Ford Foundation:
The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.