Reviewed by: Lacey Muenstermann
3 ways Alabama can attract more startups + other business news now
Reading time: 4 minutes
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Alabama is always looking to lure new businesses to the state, but specifically, the state has set its sights on startups, hoping to get more entrepreneurs to launch businesses here in Alabama.
We spoke with an industry expert from the University of North Alabama’s Sanders College of Business & Technology to discuss how Alabama can become a hotbed for business startups.
How Alabama can nurture its business startup culture
The business climate in Alabama has evolved over the years, but state leaders have made efforts to lure entrepreneurs and encourage local startups.
But what makes Alabama attractive to entrepreneurs?
We spoke with UNA Sanders College of Business & Technology professor Mitch Hamm about the startup environment here in the state.
Hamm said Alabama can significantly enhance its entrepreneurial ecosystem by focusing on three critical areas:
- Entrepreneurship education
- Talent attraction and retention
- Startup incubators and accelerators
“These efforts, combined, can create a dynamic environment that encourages innovation and sustains long-term economic growth in Alabama.”
Mitch Hamm, director of Innovation and Entrepreneurship at UNA
Hamm said by integrating robust entrepreneurship programs into the curricula of colleges and universities, the state can nurture a new generation of innovators equipped with the skills and mindset necessary to launch successful ventures.
“Implementing initiatives aimed at attracting and retaining skilled professionals, such as offering competitive incentives and promoting the state’s affordable living and high quality of life, will ensure a steady supply of talent for burgeoning startups.”
Mitch Hamm, director of Innovation and Entrepreneurship at UNA
Hamm added that establishing and supporting startup incubators and accelerators can provide entrepreneurs with essential resources, mentorship, and networking opportunities, fostering a supportive community where startups can thrive and grow.
Marshall Space Flight Center engineer receives prestigious award
An engineer at NASA’s Marshall Space Flight Center in Huntsville received the American Institute of Aeronautics and Astronautics (AIAA) Engineer of the Year award during its awards gala at the John F. Kennedy Center for Performing Arts in Washington.
Kurt Polzin, chief engineer for the Space Nuclear Propulsion Office at Marshall, was given the honor after overseeing NASA’s nuclear propulsion technology development and maturation efforts for the last three years.
“What we do today will enable science missions and human exploration beyond anything humans have ever achieved for current and future generations of scientists and explorers.”
Kurt Polzin, chief engineer for the Space Nuclear Propulsion Office at Marshall Flight Center
Before his current role, Polzin was the Space Systems Team lead in Marshall’s Advanced Concepts Office. He joined NASA in 2004 as a propulsion research engineer.
Unemployment rate in Huntsville + Decatur among lowest in Alabama
Alabama’s unemployment rate dropped slightly in May, from 3.1 percent in April to 3.0 percent in May.
Labor force participation rate for May held steady at 57.5 percent. The percentage of prime-age workers increased by one-tenth of a percentage point to 79.2 percent over the month.
Over the year, this number increased by 1.6 percentage points from 77.6 percent.
Here’s how the unemployment rate looks for local metros in May:
| Huntsville | May 2024: 2.0% | April 2024: 2.2% | May 2023: 1.7% |
| Decatur | May 2024: 2.0% | April 2024: 2.2% | May 2023: 1.7% |
| Florence/Muscle Shoals | May 2024: 2.5% | April 2024: 2.7% | May 2023: 2.2% |
A look at the North Alabama real estate market
In May 2024, Huntsville home prices were down 7.9 percent compared to last year. Here’s how the market looks in some of our North Alabama communities:
| Huntsville | Median home price: $322,500 | Median days on the market: 37 |
| Madison | Median home price: $441,102 | Median days on the market: 48 |
| Decatur | Median home price: $237,000 | Median days on the market: 56 |
| Florence | Median home price: $235,250 | Median days on the market: 30 |
| Athens | Median home price: $319,900 | Median days on the market: 64 |
| Guntersville | Median home price: $362,500 | Median days on the market: 52 |
Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.
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