UA, Four Other Universities Join EDPA in Business Plan Competition to Promote Business, Entrepreneurship

TUSCALOOSA, Ala. – The University of Alabama, along with four other state universities and the Economic Development Partnership of Alabama, have joined forces to create a new business plan competition to fuel development of high-growth companies in Alabama and promote a climate of entrepreneurship.

Alabama Launchpad will provide seed financing to high-growth businesses with three prizes of cash and in-kind services to be awarded annually.

The first place team receives $100,000 cash, plus in-kind services. Second place receives $50,000, plus in-kind services, and third place receives $25,000, plus in-kind services.

The competition is open to any venture with one team member who is affiliated with a founding university. Affiliations include: Student, faculty member, staff member, alumnus of five years or less, and former faculty member of three years or less.

Interested teams should submit an executive summary of 1,200 words or less that gives a description of the product or service, identifies a target market, describes the competitive landscape, and provides preliminary financial data. Registration is online at www.alabamalaunchpad.com. Deadline for submissions is Nov. 10.

Throughout the four-phase competition, Alabama Launchpad will provide unique opportunities for competing teams to receive expert guidance and establish working relationships among the business, academic and investment communities.

“Alabama Launchpad is exactly the type of business-university collaboration that is needed in order to create jobs and fuel economic growth within the state,” said James P. Hayes, Economic Development Partnership of Alabama president. “This collaborative effort will harness Alabama talent and allow us to support innovation at the root level.

For more information on the Alabama Launchpad business plan competition, visit www.alabamalaunchpad.com.

Alabama Launchpad was formed in 2006 as a not-for-profit corporation by founding partners The University of Alabama, the University of Alabama in Huntsville, Alabama A&M University, the University of Alabama at Birmingham, Auburn University and the Economic Development Partnership of Alabama.

The Economic Development Partnership of Alabama, or EDPA, which represents 68 of the state’s leading companies, also is participating, and will provide the central office for the program at the EDPA headquarters in Birmingham.