Alabama Launchpad, a program of the Economic Development Partnership of Alabama, is entering partnership with the Alabama Power Foundation, launching the first statewide Alabama Launchpad: Social Impact Competition.
This inaugural Social Impact Competition is intended for entrepreneurs who are committed to fostering economic growth and social impact in the state of Alabama through their startup. Applications are open until Sept. 15.
Alabama Launchpad offers entrepreneurs non-dilutive funding and one-on-one mentorship with experts in a variety of business functions. After weeks of preparation, finalists will showcase their companies in a pitch competition. These companies will compete for a combined $75,000.
Alabama Launchpad is comprised of finalists in two stages of its competition: those in the concept stage, who are usually pre-revenue and compete for $25,000, and those in the early seed stage, who are looking to accelerate the growth of their existing business and compete for $50,000.
Alabama Launchpad has funded 108 startups and invested more than $5.8 million in non-dilutive funding, according to a press release from Alabama Launchpad. Its companies have a combined post-money valuation of more than $850 million and have generated more than 1,120 jobs across the state.
“We’re thrilled to invite businesses and entrepreneurs who want to make a positive difference to apply for our latest Alabama Launchpad competition,” said Miller Girvin, executive vice president of innovation and talent at EDPA. “So many entrepreneurs in Alabama are interested in both doing good in the community and doing well on their balance sheets, and we’re excited to help develop those companies in our next Launchpad cycle.”
The Alabama Power Foundation, which is supporting this cycle of Alabama Launchpad, has also been closely involved in the creation of the Alabama Benefit Corporation Association of Alabama, which provides expertise and resources to companies interested in becoming certified as benefit corporations in Alabama.
State lawmakers recently approved legislation for companies that want to become Alabama benefit corporations. Startups and entrepreneurs applying for the new Alabama Launchpad competition must meet the standards outlined in the new benefit corporation law regarding their business models.
Alabama Launchpad’s Cycle 2 2022 Finale will take place Aug. 30 in Huntsville at HudsonAlpha Institute for Biotechnology.
