Quality Check Standards
Submitted applications must pass a quality check, conducted by Alabama Launchpad staff, in order to be forwarded to our Launch Advisors for evaluation. Applicants are advised to review their applications prior to submitting them to ensure that they will pass the quality check. Non-compliance on any one item will result in the application being rejected.
- App must be submitted on-time.
- Video cannot be over 90 seconds. No exceptions.
- Video must not be listed as “Private” on the platform selected by the user (YouTube or Vimeo). Videos marked as “Unlisted” are permitted.
- Application fee must be paid by the application deadline.
Applicants eligible to receive funding will be evaluated according to a set of evaluation criteria (“criteria”). Subject matter experts, whom we’re calling Launch Advisors, will evaluate and score each applicant with respect to each criterium for an initial assessment and decide which applicants move forward as Finalists. After Finalists are chosen, Launch Advisors will assist the Finalists in business operations, plans, and pitch in preparation for the final competition with a volunteer judging panel. The judging panel will use the below criteria to determine which Finalist will be awarded Alabama Launchpad funding.
The Criteria are:
- APPLICATION: Is the application clear, logical, and understandable?
- PROBLEM: Is the problem that the applicant is addressing clear, well-defined, and substantive?
- SOLUTION: Is the solution that the applicant has created or identified realistic and valuable?
- MARKET: Does the applicant understand the company’s total addressable market and the portion of the market they can serve and obtain? Is this market large enough to support a sustainable business, and does the applicant have a reasonable chance of capturing a portion of that market?
- COMPETITION: Does the company have a solution that will be competitive in the market? Does the company have a reasonable understanding of the competition?
- CUSTOMER: Does the applicant demonstrate knowledge of the company’s customer, the customer’s need, and the company’s value proposition to the customer?
- TRACTION: Does the company show any traction, through customer discovery, trials, sales, or revenue?
- REVENUE: Does the applicant have a clear, logical strategy to achieve revenue, and long-term, a path toward sustainability?
- COSTS: Does the company have reasonable financial projections, including costs (e.g., unit cost, customer acquisition costs, etc.)?
- TEAM: Does the applicant have the ability to create a sustainable, scalable business venture? This will involve the following determinations:
- Does the applicant demonstrate the ability to create the solution?
- Does the applicant have the right team for this venture or knowledge of the skills needed to create the right team?
- Does the applicant have an understanding of the risks of the business venture?
- PRESENTATION (for finalists pitching to judges at the finale): Did the applicant communicate in a clear and compelling way, making a convincing case for Alabama Launchpad’s investment in the company?