Reviewed by: Pat Byington
Innovate Alabama + Harmony Venture Labs launch state’s first venture studio
Reading time: 3 minutes
Alabama’s thriving startup scene is growing, thanks to the recent launch of the state’s first public-backed venture studio led by Innovate Alabama and Birmingham-based Harmony Venture Labs.
In other words, they’re using resources to help jump start new, fast-growing companies that help local economies thrive. Read on for details.
A startup engine for Alabama
The goal of Innovate Alabama Venture Studio and Fund is to launch scalable startups that solve real-world problems in Alabama’s industries, including agriculture, healthcare, fintech and industrial systems.
This new initiative is aiming to:
- Launch 10 new companies by 2028
- Attract at least $10 million in venture capital
- Spark long-term job creation + economic impact across Alabama
By partnering with in-state companies and hiring local talent, the mission is to turn ideas into thriving companies that stay right here in Alabama.
Turning ideas into businesses
Founded by Shegun Otulana, Harmony Venture Labs (HVL) has a strong track record of turning ideas into businesses. Now, with backing from Innovate Alabama, HVL will manage both the studio and a connected fund to get these startups off the ground.
“When I started launching startups in Alabama, the opportunity to build was always here—but capital and attention weren’t. This studio partnership is our answer to that gap: building real companies around real problems, with early customer validation and the backing to grow.
As these ventures succeed, they attract capital, which draws more talent, and together, they fuel the next generation of startups. That’s how we create a lasting engine for innovation—one that raises Alabama’s tech profile and drives meaningful economic impact for its citizens.”
Shegun Otulana, founder + CEO, Harmony Venture Labs
Backing Shegun and HVL is a team of statewide leaders like Mary Beth Grant, program director for Innovate Alabama’s Capital Access Initiative, and Britney Summerville, Innovate Alabama board member and chair of the initiative.
“The venture studio model gives us a unique opportunity to build with intention by developing startups that are not only innovative but also aligned with Alabama’s economic priorities. By partnering with in-state companies and tapping into local talent, we are creating businesses designed to grow in Alabama and stay in Alabama, generating long-term value and local job opportunities.”
Mary Beth Grant, program director, Innovate Alabama Capital Access Initiative
Learn more at Sloss Tech, Thursday, June 26
If you’re headed to Sloss Tech this Thursday, June 26, you’re in luck—Shegun and Mary Beth will be taking the main stage at 2PM for a fireside chat where they’ll dive deeper into the announcement.
Learn more about Sloss Tech 2025 + purchase tickets.
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