Overview – Startup Competition

Prizes

Prizes

The following prizes will be awarded. Please note that these awards are suggested as maximum awards. If no company meets the evaluation criteria of what would be considered a “good” investment, judges are encouraged to award less than the maximum prize (including awarding no prizes).

All entrants receive valuable feedback

Judges and EDPA staff will provide synthesized feedback throughout the process. Feedback will come in the form of quantitative evaluations and judges comments. Finalists will also receive a memo with suggested concrete next steps.

Concept-stage prizes

The best concept will win the following package:

  • Up to $50K in cash
  • A market report (e.g., from Foresight Science and Technology, Inc., or equally qualified vendor)
  • $5,000 in AWS Promotional Credit valid for 1 year
  • A meeting at EDPA to define relevant Alabama-based companies for business development
  • For Birmingham-based companies, 3 months Free office space in the Innovation Depot (Offered to one winner per round; Smallest office space or an equivalent discount off a larger space)

Seed stage prizes

The best concept will win the following package:

  • Up to $150K in cash
  • A market report (e.g., from Foresight Science and Technology, Inc. or equally qualified vendor)
  • $5,000 in AWS Promotional Credit valid for 1 year
  • A meeting at EDPA to define relevant Alabama-based companies for business development
  • For Birmingham-based companies, 3 months Free office space in the Innovation Depot (Offered to one winner per round; Smallest office space or an equivalent discount off a larger space)

Accountability

Companies that win will be required to do 3 things:

  1. Remain in Alabama for a period of 5 years
  2. Provide a detailed report 3 months after winning providing an overall company update (50% of the cash prize will be contingent on submitting this report)
  3. Report regularly (e.g., monthly) on 3 metrics: total FTE count, capital investment made, and revenue generated. These reports will be requested for a period of 5 years.

 

If winners do not submit these data, ALP can claw back its investment with the potential for an interest charge as well (please see rules and eligibility for details).