Overview
The purpose of the Alabama Launchpad Governor's Business Plan Competition is to promote and reward marketable, high-growth, innovative ventures that have the potential to grow rapidly, transform an industy, attract future funding, and add to the diversity of Alabama's economy. The competition is for new, independent ventures in the seed, start-up or early growth stages, or for the expansion of an existing business into a new high-growth market.
Please see the links on the left for additional information including a calendar, eligibility requirements, and to register for the competition.
The Governor's Business Plan Competition occurs over four phases (different panel of judges will be used in each phase) :
Phase I
During Phase I, participants are asked to submit a brief business concept of no more than two pages. Phase I submissions should provide a general overview of the product or service, identify a target market, provide an overview of the competition, and provide preliminary financial information. Phase I is non-competitive and optional. Each submission will be reviewed by a panel of experts in entrepreneurship and technology start-ups. Each submission will be reviewed by at least three reviewers, and teams will be provided feedback from the panel.
Phase II
Phase II is expected to be an "extended executive summary" limited to four pages in length. The Phase II submission is an expanded version of the Phase I submission and should provide a more detailed explanation of the business concept. Teams are provided with a required format and will be graded on specific criteria by a different panel of judges from the previous phase. Scores will be aggregated and the top 20 teams will advance to the next phase. All teams will be provided feedback and advice from the judes.
Phase III
Phase III of the competition is the development of a full Business Plan, however submissions are limited to ten pages. As in the previous phase, plans will be graded by a third group of judges, and aggregate scores will determine who advances to the finale. As in past rounds, feedback is provided.
Phase IV
Phase IV will consist of the top eight teams from Phase III. Each Team will be required to submit a revised Business Plan (based on feedback from Phase III) for review by a panel of judges prior to the Alabama Launchpad Finale. Oral presentations will be made before the panel of judges and a larger audience of interested parties. Presentations will be limited to 12 minutes, followed by 10 minutes of Q&A. The remaining 12 semi-finalists will have the opportunity to participate in a poster session at the final competition venue.
Frequently Asked Questions
What type of business ideas are eligible?
Alabama Launchpad is for high-growth, innovative ideas in early or expansion stages. There are some restrictions, so please refer to the Requirements & Eligibility page for more information on specific businesses that are excluded from the competition.
How do I register for the competition?
Registration for the 2009-2010 competition will begin on Monday, August 31st, 2009. Once registration opens, please visit the Registration page and follow the instructions.
Why is there a $50 application fee?
The application fee helps Alabama Launchpad recoup some costs of the competition and administrative expenses. Participants are able to pay either by PayPal or by mailing a check. More information is provided in the Phase I instructions.
Who judges the business plans?
Alabama Launchpad recruits individuals with backgrounds in technology and high-growth entrepreneurship to participate as judges. We have used people from the Alabama venture community, successful entrepreneurs, strategy consultants and others how work regularly with start-ups. We have used a few individuals from out-of-state in order to get a different perspective. View past judges.
If you are interested in being a judge in the competition, please contact Glenn Kinstler.
How are plans judged?
Our judges evaluate the plans on the quality of the opportunity, the depth of thought, and the thoroughness and clarity of the proposal. Each judge scores specific sections of the business plans using predetermined criteria. These scores are aggregated, and the highest scores advance in each round. In the end, the opinions of the judges are subjective. However, each plan is reviewed by multiple judges in order to minimize disparity.
Do teams see their scores?
Yes, each team will receive their scores and feedback from all judges. However, teams will not be able to see scores for other teams.
Are teams eliminated in Phase I?
No, Phase I is non-competitive and optional. Each Phase I submission is reviewed by a panel of experts who then provide valuable feedback to the teams. No team is eliminated in this phase. Teams can still register after the Phase I deadline but will not be able to submit plans for review prior to Phase II.
If my team wins, how will the money be distributed?
If your team is among the three winners, you and the leadership of Alabama Launchpad will consult and make arrangements for payment. It should be noted that the team must form an incorporated business before payment will be made - checks are not written to individuals. Please review the requirements & eligibility section for more information. Alabama Launchpad reserves the right to make payment in stages based on milestones developed with the teams.
Should the business be incorporated prior to the competition?
No, the proposed business does not need to actually be incorporated before or during the competition. However, winning proposals must be incorporated before prize money is disbursed.
