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A bureau within the U.S. Department of Commerce
OIE Background

Office of Innovation and
Entrepreneurship (OIE)

Innovation Depot, Inc.


Birmingham, AL

Project Name

Birmingham Region Seed Accelerator: Velocity


Seed Fund Support

Award Amount

Federal Share

Non-Federal Share



Through the 1960s, Birmingham’s, major industries were formed around railroad, iron, and steel. The city served as a major industrial center and was a railroad hub in the south. Modern-day Birmingham is marked by a burgeoning startup scene in the financial services, healthcare, and technology industries. The University of Alabama at Birmingham (UAB) has spurred significant growth throughout the State, especially in the healthcare sector. Innovators now come to Birmingham to construct technologies to improve and advance existing healthcare solutions. To enable entrepreneurs in these sectors to scale companies in the region, Innovation Depot plans to create a fund and expects that, after five years of operation, that fund will have supported the creation of 50 companies and 246 jobs.