Innovate Alabama and Troy University’s IDEA Bank recently showcased new investments helping students and small businesses drive innovation in Southeast Alabama.

The event, held on Sept. 9 at the IDEA Bank on the Square in downtown Troy, highlighted how statewide resources are fueling entrepreneurship beyond Alabama’s major cities and creating opportunities for long-term economic growth. Since 2024, the IDEA Bank has fueled 66 businesses, awarded $17,000 in pitch funding to six local innovators and generated $14,000 in revenue through student-run ventures.

The showcase featured presentations from students and IDEA Bank members, tours of upgraded facilities and stories of how the program has become a launchpad for new businesses in Pike County.  The panel presentation featured Alden Barentine, 2024 IDEA Pitch Competition winner; Reanna Thompson, IDEA Bank Program and Marketing Coordinator; Jamarion Willie, 2025 IDEA Pitch Competition winner; Jared Hester, Incubator Tenant with Studio 207; and Jessica Goolsby, Incubator Tenant with Gooshead Insurance.

Innovate Alabama is Alabama’s first statewide public-private partnership focused on entrepreneurship, technology and innovation with a mission to help innovators grow roots here in Alabama. Innovate Alabama was established to implement the initiatives and recommendations set forth in the Alabama Innovation Commission’s report, including smart policy solutions that will create a more resilient, inclusive and robust economy to remain competitive in a 21st-century world.

“Investing in places like Troy is core to Innovate Alabama’s mission,” said Karri Green, Innovate Alabama Network program director. “Innovation can’t just happen in our urban centers. It has to reach every corner of our state, and the IDEA Bank is proving what’s possible when communities have the tools and support they need.”  

Through the Innovate Alabama Network, the IDEA Bank has received two grants to strengthen Troy’s entrepreneurial ecosystem. The first grant launched the IDEA Bank Membership Program, a community business incubator that connects students and local founders to mentorship, training and collaboration opportunities supporting the region’s growing economy.  A second grant positioned the IDEA Bank as the central hub for small businesses in the area, adding technology upgrades, renovated workspaces and resources such as financial and human capital support. These investments also funded a student-run retail store, giving students hands-on experience managing a business while showcasing original products and handmade items. 

“Programs like this make it possible for students to stay in Alabama, build businesses here and connect with the local economy in meaningful ways,” said Lynne Firmin George, director of the IDEA Bank. “Thanks to Innovate Alabama’s support, we’re creating real opportunities for the next generation of business leaders right here in Troy.”  

Community leaders echoed that sentiment, pointing to the broader impact of the IDEA Bank on Troy and the region.

“To see how the IDEA Bank has come to fruition is truly moving,” said Troy Mayor Jason Reeves. “The goal has always been to make our community stronger, help people fall in love with Troy and show what’s possible when business and education come together for the good of Alabama.” 

District 89 State Rep. Marcus Paramore said seeing the difference that the IDEA Bank is making not only for students, but also within the community is exciting.

“When I first ran for office, economic development was one of the biggest cornerstones in my campaign. It is truly what I wanted to see accomplished here in District 89,” Rep. Paramore said. “I remember when the idea for what would become the IDEA Bank was first mentioned by Dean Judson Edwards of the Sorrell College of Business. Creating what the IDEA Bank has become has been a long process, but it has been a great process. I want to thank Innovate Alabama for its investment in the IDEA Bank and in Troy.”