83.7 F
Mobile
75.8 F
Huntsville
78 F
Birmingham
52.7 F
Montgomery

Alabama Launchpad chooses finalists for Cycle 1 2023

Alabama Launchpad is proud to announce that Launch Advisors have selected 10 finalists to participate in Cycle 1 2023.

The finalists will compete for a combined $75,000 at a public finale scheduled to take place April 20 in Tuscaloosa.

Alabama Launchpad, a program of the Economic Development Partnership of Alabama,  features entrepreneurs in two stages of development: Those in the concept stage, who are usually pre-revenue, and those in the early seed stage who are looking to accelerate the growth of their existing businesses. According to Pitchbook, Alabama Launchpad is the state’s most active early seed-funding source.

To date, Alabama Launchpad has funded 112 startups and invested more than $6 million in
nondilutive funding. Its winning companies have a combined post-money valuation of more than $1 billion and have generated more than 1,300 jobs across the state.

“In its 16th year, Launchpad is proud of the role that it has played within the Alabama startup ecosystem,” said Miller Girvin, executive vice president of Innovation & Talent at EDPA. “In 2022, winning companies crossed the $1 billion valuation mark, a number that only continues to grow. We look forward to seeing all of our Cycle 1 Launchpad finalists move through this mentorship process, taking their companies to the next level.”

The five concept stage finalists competing for $25,000 are:

  • PowerTechs of Birmingham helps energy companies repurpose their workforce to Renewables. Its main competitive advantage is our online simulator-based skills assessment measuring not only practical knowledge but also safety compliance, communication and even work attitudes.
  • NanomediGene focuses on developing nanotechnology and drug delivery systems that improve the quality of life for patients facing chronic diseases. The Birmingham-based company’s first product is a nanoparticle-engineered drug for patients who undergo dialysis, with which they hope to increase surgery success rates and reduce healthcare costs.
  • Dani Cheesecake creates gourmet no-bake cheesecake in a jar, offering over 40 handmade flavors. Based in Opelika, the founder started her company to raise money for her son’s college and has since participated in Auburn’s business accelerator.
  • Welcomed Benefit Corporation is a lifestyle brand from Birmingham that enables people of all abilities to live their best lives through innovative, beautifully designed products for accessibility and inclusion, educational content, thoughtful resources and supportive community.
  • Cahaba Fire Company develops innovative products for fire departments and first
    responders. The Trussville-based company’s goal is to produce high-quality, innovative products necessary for emergency responders to do their jobs safer, faster and more reliably.

The five companies in the early seed stage, who will be competing for $50,000, are:

  • Sweet Home Spirits of Leeds seeks to capture the hearts of Alabamians with its branding and product line and evoke a love for one’s home by presenting quality spirits and products with a familiar trope in “Sweet Home.”
  • Daughters Baking specializes in “naked-style” cakes – a style that showcases all the unique and delicious layers of the cake. Based in Birmingham, they offer cakes large and small for all types of moments and events.
  • Harmony Diagnostics is transforming the way we test for sexually transmitted infections. Based in Huntsville, its innovative solution offers a cost-effective, rapid and reliable method for testing in the privacy and comfort of one’s home.
  • Idyllo helps you execute home improvement projects with professionals you trust. The Birmingham company helps homeowners find local vendors they trust, while also connecting the vendors themselves to a strong, potential customer base.
  • Domestique Coffee is a coffee, hospitality and lifestyle brand from Birmingham that is providing Alabama with coffee-based cultural experiences. It believes in “easy access to high quality coffee.” Its vision is to make simple and healthy coffees available for customers everywhere they go.

Don’t miss out!  Subscribe today to have Alabama’s leading headlines delivered to your inbox.