Lots of us think we have great ideas. But only the best of the best can walk away with an Alabama Launchpad win and a serious financial boost to their business. So do yourself a favor - get familiar with our competition. Look over the process, size up the expectations, fine-tune your proposition (there are many helpful hints right here), then go for it. Only those who enter can win.
ADVICE TO ENTRANTS
Here are a few key points on how to succeed in the competition. Following these points will not guarantee success, but will help with your overall chances for success.
- Follow instructions – It is very important that you follow all application instructions. Given how many applications we receive, the first cut is always for those who do not follow instructions. All applications will be reviewed by Alabama Launchpad staff and must meet all of the quality check standards listed.
- Review the evaluation criteria – You should review the evaluation criteria for the competition. All applications will be reviewed by Launch Advisors and judges based upon these criteria.
- Define your customer clearly – Most businesses fail to launch because they don’t have a clear sense of who their customer is or what their customer wants. Get this right. We want to see that you have spent time defining your customer and engaging in discovery!
- Build a solid team that can succeed – The second biggest reason why companies fail is that the team is not built to win. One of the main criteria Launch Advisors and judges use to evaluate applications is the quality of the team. Work hard to work well together. Listen to feedback and be flexible!
- Submit an overview video – Submitting a video is another important step towards successfully advancing in the competition. Videos should be “content-rich” spending the majority of time introducing you, your team, and your company. With only 90 seconds to use, we do not expect a comprehensive look into your business. This is about the Launch Advisors getting to know a bit about you, your company, and why you’ve decided to pursue this venture.
- Listen to feedback – Many teams fail to listen to feedback received. Demonstrating a willingness to adapt and listen to feedback from Launch Advisors and judges is critical to ultimately succeed. We know it’s hard to make yourself step out of the daily grind of the business to work on the business, so time spent with our Launch advisors is not just recommended, it’s required.