Alabama Launchpad of EDPA and Alabama Power Foundation Partner for Alabama Launchpad’s Social Impact Competition
BIRMINGHAM, Ala. (Aug.15, 2022) – Alabama Launchpad, a program of the Economic Development Partnership of Alabama (EDPA), is proud to announce its partnership with the Alabama Power Foundation, launching the first statewide Alabama Launchpad: Social Impact Competition. This inaugural Social Impact Competition is fit for entrepreneurs who are intent on making a positive impact on society through their startup.
Applications are open Monday, Aug. 15 – Thursday, Sept. 15, 2022. Applicants must be committed to fostering both economic growth and social impact in the state of Alabama. To apply today, please click here.
Alabama Launchpad offers entrepreneurs nondilutive funding, but just as importantly, robust one-on-one mentorship with experts in a variety of business functions. After weeks of preparation and invaluable expertise, finalists will showcase their company in a pitch competition. These companies will compete for a combined $75,000.
Alabama Launchpad is comprised of finalists in two stages of its competition: those in the concept stage, who are usually pre-revenue and compete for $25,000, and those in the early seed stage, who are looking to accelerate the growth of their existing business and compete for $50,000. According to Pitchbook, Alabama Launchpad is the state’s most active early seed funding source and, to date, has funded 108 startups and invested over $5.8 million in nondilutive funding. Its winning companies have a combined post-money valuation of over $850 million and have generated over 1,120 jobs across the state.
“We’re thrilled to invite businesses and entrepreneurs who want to make a positive difference to apply for our latest Alabama Launchpad competition,” said Miller Girvin, Executive Vice President of Innovation & Talent at EDPA. “So many entrepreneurs in Alabama are interested in both doing good in the community and doing well on their balance sheets, and we’re excited to help develop those companies in our next Launchpad cycle.”
The Alabama Power Foundation, which has been growing its involvement in social impact investing, is supporting this cycle of Alabama Launchpad. The Foundation has also been closely involved in the creation of the Alabama Benefit Corporation Association of Alabama, which provides expertise and resources to companies interested in becoming certified as benefit corporations in Alabama.
Benefit corporations, also known as B Corps, are for-profit enterprises that also have a public benefit as part of their mission. State lawmakers recently approved legislation for companies that want to become Alabama benefit corporations. Startups and entrepreneurs applying for the new Alabama Launchpad competition must meet the standards outlined in the new benefit corporation law regarding their business models.
Alabama Launchpad’s Cycle 2 2022 Finale will take place Aug. 30, in Huntsville, AL, at HudsonAlpha Institute for Biotechnology. To learn more and reserve tickets, please click here.
To learn more about the latest Alabama Launchpad competition, see social impact criteria and to submit an application, click here.
About Alabama Launchpad
Established in 2006, Alabama Launchpad is Alabama’s most active, early-stage seed fund investor, driving innovation and job growth through startup competitions and ongoing mentoring for Alabama entrepreneurs. Alabama Launchpad is made possible by the generous support from the Alabama Department of Economic and Community Affairs, the Alabama Department of Commerce, Blue Cross and Blue Shield Caring Foundation, Wells Fargo, Alabama Power and the Daniel Corporation Foundation. It is the state’s longest running business plan and pitch competition. Over the past 16 years, Alabama Launchpad has invested over $5.8 million into 108 Alabama startups. The winning startup companies have generated over 1,120 jobs for the state and have a combined post-money valuation of over $850 million. To learn more about Alabama Launchpad, please visit www.alabamalaunchpad.com.