The Economic Development Partnership of Alabama opens applications for its Cycle 4 Alabama Launchpad competition on Aug. 6. (graphic/EDPA)
Area entrepreneurs will soon have a chance to compete for cash investments through Alabama Launchpad.
A program of the Economic Development Partnership of Alabama (EDPA), and hosted by Troy University for the coming cycle, Alabama Launchpad applications open on Aug. 6 for “Cycle 4” at Troy. The deadline for applications is Sept. 4.
“We’re committed to supporting entrepreneurism in Alabama–especially the fast-growing Wiregrass, and we are excited to be a part of Alabama Launchpad’s efforts to turn new ideas into successful businesses,” said Senior Vice Chancellor Walter Givhan, who handles economic development issues for Troy University.
The quarterly pitch competition moves to different locations around the state and often draws out entrepreneurs from the region where it’s hosted. Start-ups compete in one of two tracks – “concept stage,” for entrepreneurs launching businesses, and “seed stage,” comprised of existing businesses accelerating growth.
A finale event is held and judges will select a concept startup to receive a $50,000 cash investment and a seed startup will received up to a $100,000 cash investment.
Alabama Launchpad started in 2006 to help high-growth companies “Start, Stay and Grow in Alabama.” It is the state’s largest virtual accelerator and early seed investor, and fosters innovation and job growth. In addition, it provides ongoing mentoring for launching and growing businesses in the state.
Since its inception, the program has invested more than $4.2 million in companies that have created more than 500 jobs and that have gone on to raise about $76 million in combined revenues and follow-on funding.
Five individuals experienced in entrepreneurship, investment and business management serve as judges throughout all phases of the competition.
To learn more about the competition, or to begin the application process, visit Alabama Launchpad at https://alabamalaunchpad.com.