Q: What should I expect?
- Alabama Launchpad receives applications during its open application period.
- A set of qualified Launch Advisors covering core business areas and various industries review all applications - and decide who's moving forward as finalists. During this time, all applicants get access to multiple high-value seminars covering key business topics.
- Finalists receive weeks of one-on-one mentorship, pitch coaching, and seminars all designed to improve their businesses - and make them more competitive for the finale. Alabama Launchpad has hand-picked Launch Advisors to help with various elements of a startup's growth, from sales and finances to product specifics and hiring. These mentoring sessions are mandatory, so expect to spend at least an hour per week dedicated to Alabama Launchpad, not including practicing your pitch!
- THE FINALE: Behind closed doors, finalists pitch to a panel of judges, which is comprised of business executives, startup founders, investors, and/or other experts. After the closed-door session, finalists condense their pitch to a 90-second version, before a live audience. Ultimately, only one concept company walks away with $25,000, and one seed company with $50,000. This prize money is delivered in two tranches: the first within 30 days, and the second after winners have completed milestones designed by the competition judges.
Q: How do I qualify for the competition?
A: To qualify as eligible, a business must have (1) raised not more than $1 million in equity capital, and (2) received no more than $2 million in revenue. evaluation criteria.
Q: How will my application be evaluated?
A: Generally speaking, judges will review your application based on these evaluation criteria.
Q: What must be submitted in order to apply?
A: Please review the application page for exact criteria.
Q: What is the difference between concept and seed stage?
A: A concept stage company is generally pre-revenue. Concept stage companies have more than an idea; they often have a prototype or MVP (Minimum Viable Product), and perhaps customers on a trial basis. A company in the concept stage could have revenue if it is a pivot for an existing business.
A seed stage company has revenue and customers, even on a small basis. A seed stage company has a working product. These companies have sometimes raised equity capital at some level or are in the midst of raising equity capital. Remember, in order to be eligible for Alabama Launchpad, a company has to have less than $1 million raised in equity capital.
Alabama Launchpad applicants are responsible for choosing their competition stage. Please note: concept stage winners can go on to apply and win the seed stage competition in a later cycle, but seed stage winning companies cannot compete in the concept stage competition.
Q: Is there a fee to apply?
A: The application fee is $150.00 (Paid through Paypal, credit cards accepted). The application fee is required when you submit your completed application but is not required to begin an application. Application fees offset some of the costs of administering the program and help to ensure that only serious candidates are entering.
Q: What information do I put in the video pitch presentation?
A: Your video should introduce your founding team and explain why you are building the company and the product you’re building. We are not looking for an edited, expensive marketing video. We want to learn more about you and your company in a quick, simple, and personal way.
Q: What should I include in my pitch deck?
A: Please see the deck template included in the application for further details. This deck is meant to guide you on the content included, not its graphical style. Broadly speaking, we are looking for information on your problem, solution, product, traction, revenue model, market size, competitors, competitive advantage, team, and needs.
If you have any other questions, please feel free to contact us at email@example.com.