Alabama Launchpad Cycle 1 2023
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 criteria (“Criteria”). Subject matter experts ("Launch Advisors") will score each applicant with respect to each criterium for an initial assessment and decide which applicants move forward as finalists ("Finalists"). After Finalists are chosen, Launch Advisors will assist the Finalists in business operations, plans, and pitches in preparation for the final competition with a volunteer judging panel (the "Panel"). The Panel will use the below Criteria to determine which Finalist will be awarded Alabama Launchpad funding.
The Criteria are:
- PRODUCT: Launchpad is seeking companies with realistic, valuable solutions that meet the customer’s needs and that have a positive and profound economic impact. Even better: if the product uses a unique technology or approach to the customer’s problem, and if the problem is both urgent and important to the customer and the world.
- CUSTOMER DISCOVERY & TRACTION: The Panel looks for companies that have shown significant customer discovery work, as well as potential for traction through things like pilots, trials, sales, capital raised, and social impact to the customer base. Winning concept stage companies show promising feedback from potential customers, while seed stage companies show movement toward product-market fit.
- MARKET: Winning companies have a clear understanding of their customers and the market they are entering, including its competitive landscape. Ideally, the market is both large enough to support a profitable, scalable business and growing, and the company has a competitive advantage in the market, especially considering the proposed social impact of the company.
- TEAM: The Panel values strong teams and/or founders that have the skills to create their proposed solution, the team to grow the business (or the ability to create such a team), and a competitive advantage that will make it more difficult for others to create a similar product or solution.
- LOCAL AND ECONOMIC IMPACT: Winning companies have the potential to create large numbers of, and/or high-paying, jobs as well as to generate wealth in the state - and plans for reaching that level of scale and impact.
- FINANCIALS: Winning companies have an understanding of their costs and financial projections, as well as a realistic strategy for achieving financial sustainability.
- USE OF FUNDS: The Panel values companies with a clear strategy for using Alabama Launchpad funds and a demonstrated need for such funding.
- OTHER: The Panel may consider other Criteria not listed herein. The Panel, at their sole discretion, and without prior notice to the Finalists, may consider other Criteria not listed herein and alter, amend, or change Criteria. The Panel has sole discretion to determine whether a Finalist has met the Criteria. The Panelists may adopt new or amended Criteria during a Competition. The Panel may consider the Criteria differently than they have been considered in the past.