Forty-Nine Teams Registered in Business Plan Competition, Others Can Enter Through Phase II

TUSCALOOSA, Ala. – To date, Alabama Launchpad has 49 teams registered to participate in a new business plan competition to fuel development of high-growth companies in Alabama and promote a climate of entrepreneurship. Ten of those teams are from The University of Alabama.

“We are extremely pleased with the response, but we would certainly like to have as many teams enter the competition as possible,” said Glenn Kinstler, Alabama Launchpad director.

“Submitted business plans range from biotechnology to information technology to new electronics to simple service organizations,” Kinstler said. “In this first year, prospective teams can enter directly into Phase II of the competition. Teams may begin submitting Phase II plans on Jan. 2 and may register to participate at any time between now and then. Of course, teams may visit the Web site or contact me directly for more information.”

The University of Alabama, along with four other state universities and the Economic Development Partnership of Alabama, are partners in the competition.

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.

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.

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