What support does a region receive when it licenses Alabama Launchpad?
As a licensee of Alabama Launchpad, you get the following support:
- Key point of contact at EDPA
- Your dedicated EDPA staff point provides an on call resource to answer questions, coordinate training, and support you in running your program
- Startup support
- A kick-off meeting to discuss the program and licensing process
- Access to Alabama Launchpad competition process and standards, all detailed in a constantly updated instructional playbook
- A half day training session including webinars, materials and on-call training with EDPA staff
- Technology & Tools
- Resources for entrepreneurs including: business plan guidelines, how-to videos, training webinars
- Cloud-based application and judging portal to collect, review and process applications
- Business plan and feedback templates for applicants
- Data collection and reporting engine
- Checklists, calendars and templates provided for competition
- Access to discounted market reports from qualified vendors
- Best practices insights
- Shared best practices to help run your regional competition
- Access to a network of experts
- Access to regular best practice-sharing sessions
- Insights from other competitions on key questions
- Fundraising support
- Materials, templates, and statistics to support fundraising
- Guidance on best practices for fund raising
- Data and key performance indicators for engaging funders
- Judge and mentor recruiting support
- Help in evaluating experienced judges (qualifications, roles and responsibilities are provided)
- Evaluation criteria and scoring standards for judges
- Mentor recruitment support to identify the best mentors and access to a support network in LinkedIn
- Marketing support
- Marketing and branding instructions and materials to help promote your regional competition
- Logos for marketing and social media
- Webpage hosted Alabama Launchpad’s website
- Tracking & Reporting
- Defined key performance indicators (KPIs)
- Tools to track key performance indicators over time
- Off-the-shelf reports for tracking KPIs
- Benchmarking against the state on KPI performance
How much does it cost?
To participate, regions must pay both an annual license fee and provide a minimum amount of prize money. The annual license fee for Alabama Launchpad is $25,000 and the minimum amount of prize money is $50,000 (though we suggest a best practice of $100,000).
What is expected of regions to apply?
Regions are expected to raise prize funds, provide a licensing fee, provide local leadership for the program, recruit local judges and engage in best practice sharing with other regions.
Can EDPA run my regional effort?
If you need support to run your competition but can’t dedicate a staff person to it, EDPA staff can lead your regional competition acting as your regional coordinator during competition cycles. The cost is $15,000 per cycle. This is in addition to the annual $25,000 license fee.
How many times should a region run the competition?
We recommend regions run their competition as often as possible (up to 4 times per year) however we understand this may not be feasible. We therefore request the competition be run at minimum once per year.
How does Alabama Launchpad hold entrepreneurs accountable?
Accountability is very important given the non-dilutive nature of funds distributed by Alabama Launchpad. We have learned over 10+ years how to balance accountability with burden for entrepreneurs. We help you ensure accountability in 3 ways: First, we evaluate companies in part based on the likelihood that they will produce jobs and generate capital investment in your region. Second, we contract with the winners to ensure they stay in their region for a period of 5 years or face penalties. Last, we track applications across the network of competitions run each year to ensure entrepreneurs do not inappropriately go after multiple competition rounds.