The state’s most active source of seed funding for start-ups selected 11 finalists in its latest competition.
Alabama Launchpad, a program of the Alabama Economic Development Partnership (EDPA), has announced the finalists for two stages of its competition: those at the concept stage, which are usually in pre-income, and those at the start-up stage. early, who are looking to accelerate the growth of their existing business.
Companies receive investments from the fund after a panel of judges determine they are the best among a round’s finalists.
Over its 15-year history, Alabama Launchpad has funded 102 startups with more than $ 5.6 million in non-dilutive money. The winning companies created nearly 900 jobs in the state and achieved a combined post-money valuation of over $ 400 million, according to the organization.
The conceptual phase finalists competing for $ 25,000 are:
Cheers: a food delivery service accessible by SMS, bringing you the most convenient and affordable meals from local restaurants to your home and office
Etrak Technologies: an IoT business with wearable technology and supporting apps that collect and analyze a user’s movements, helping predict and reduce overuse injuries
NanoXort: An Auburn-Based Startup That Creates Safe, Multifunctional Magnetic Resonance Imaging (MRI) Contrast Agents That Will Improve Diagnostic Accuracy And Provide Patients With Safer, More Effective Treatments
Pro Sports: a digital sports ecosystem specially designed for college fans to follow their favorite former athletes now in the pros
Solved!: a Madison-based company that uses proprietary math software to develop algorithms that dramatically reduce computational times involving large data sets
The aid project: a concept of community hub designed as a safe space for creatives, parents, professionals and companies to work, live, create and collaborate
Early-stage businesses, which will be competing for $ 50,000, are:
B’ham party: An Online Platform Helping Local Restaurants Use Dining To Increase Sales, Create Jobs And Reach More Customers
Compost for cultivation in the field: a former winner of the Alabama Launchpad concept stage that uses organic waste going to landfills to produce compost that is sold to farmers, landscapers and home gardeners
Sandler Scientist: a Montgomery-based medical company with an innovative and effective nasal rinse that delivers a better customer experience
Wealth edit: A digital ecosystem focused on women’s financial literacy through live lessons, a course library, office hours and community discussions
Excellent Life: An AI-powered mobile app that improves well-being by analyzing information captured from wearable devices and other sources to provide real-time information about a person’s health
As the competition progresses, each company will participate in workshops and seminars with coaches and business consultants who will share their field expertise. The cohort is made up of entrepreneurs from Auburn, Birmingham, Madison and Montgomery, Alabama, and a majority of founders identify as people of color.
Miller Girvin, EDPA’s executive vice president in charge of innovation and entrepreneurship, highlighted the strength of the startups participating in the competition.
âWe are impressed with the pool of applicants interested in the 2021 Alabama Launchpad Cycle 2 and look forward to moving forward with the eleven companies selected by our launch advisors,â said Girvin. âCycle after cycle, we are encouraged by the growth, engagement and creativity of entrepreneurs across the state. We are grateful to our launch advisors for bringing their expertise to strengthen these promising companies and look forward to seeing the growth of the finalists over the next six weeks through their mentorship.
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The two winners of last year’s competition, MOXIE and Culture Compost, received combined funding of $ 150,000. MOXIE is a company that creates high tech web solutions for industrial operations. Culture Compost is a company that aims to reduce landfill waste by producing compost.
Tim Howe is the owner of Yellowhammer Multimedia