A Birmingham-based startup was picked as the winner of Alabama Launchpad's early-seed stage competition.
Croux, founded by Jennifer Ryan and four co-founders, claimed $50,000, winning the early-seed stage competition. Croux, a former Alabama Launchpad concept stage winner, connects talent with flexible work opportunities in the hospitality industry. Formed by founders from the restaurant and hospitality space, Croux leans on the idea that the future of the industry starts with better treatment of its people through flexible work, benefits and fast payment.
“Hospitality was born here in the South,” Ryan said. “We want Alabama to be a place where it’s revitalized. Alabama Launchpad has allowed us to build Croux to, in-turn, rebuild the hospitality industry. We’ve filled nearly 6000 shifts in the last 12 months and put about three quarters of a million dollars into the hands of hourly workers. Tourism and hospitality drive a big chunk of our economy, and we have to get it right. We bring the war stories and the understanding; it’s personal for us to get this right.”
Auburn-based VivoSphere LLC, co-founded by Yuan Tian and Elizabeth Lipke, won the concept stage prize of $25,000. The company creates more human-like tissue for more human-like drug response, aiming to reduce false positive drug candidates at early stages to avoid costly failure during clinical stage. Vivosphere was born out of research conducted at Auburn University by Tian, a postdoctoral researcher, with Lipke as his adviser.
“It took a lot of hard work to get to this day,” Tian said. “It’s certainly an encouragement for us to go forward, especially in the state we call home.”
The winners competed in a field of 11 finalists to earn a combined $75,000 in non-dilutive funding in the Alabama Launchpad Cycle 2 2023 Finale. Alabama Launchpad, a program of the Economic Development Partnership of Alabama, partnered with Innovate Alabama to host the finale at The Park at Auburn University on Thursday.
Each finalist company received two months of mentorship, through both one-on-one and group session training with startup founders and business experts, to prepare for the finale judging panels.
The early-seed stage companies were evaluated by three judges: Ellen Holladay, independent board director and former CIO for Motion Industries; Richard Nelli, executive in residence at ATDC; and Isaac M. Cooper, CEO and managing partner at IMC Financial Consulting LLC.
“Judging the seed stage competition for Alabama Launchpad has been an incredible experience,” said Holladay. “The quality of presentations reflected the thoughtful approach that each founder has taken to develop a marketable solution to address a real problem, while providing a positive impact to our local economy.”
The concept stage competition included a panel of three judges: C. Vivek Lal, founder, executive chairman and CSO at Alveolus Bio; John Walker, co-founder of The Osprey Group; and Avanti Paul, former COO of Southern Research.
“The pitch competition unveiled an extraordinary reservoir of talent, offering a glimpse into the immensely promising entrepreneurial future of Alabama,” Lal said.
Alabama Launchpad has now funded 115 Alabama startups since its inception in 2006. Over the past 16 years, Alabama Launchpad has awarded more than $6 million in non-dilutive funding to the winning companies, which today have an estimated combined post-money valuation of more than $1 billion and employ more than 1,300 people.
The program has funded growing companies like TaxxWiz, CHONEX, Vulcan Line Tools, Immediate and more by offering non-dilutive prize money for its pitch competition. The Alabama Launchpad Cycle 3 2023 applications are now open, and the deadline to apply is Sept. 7.
