ALABAMA LAUNCHPAD RULES
purpose of the Alabama Launchpad Startup Pitch Competition (“Competition”) is
to promote and reward high-growth, innovative ventures that have the potential
to grow and thrive in Alabama. The Competition is for ventures in concept or
early seed stages of growth.
Competition, a program of The Economic Development Partnership of Alabama
Foundation, Inc. (the “EDPA Foundation”), requires each company which
participates (each, a “Participant”) to agree to these rules and regulations. Disqualification
and/or forfeiture of prizes can result for Participants which fail to comply
with these terms and conditions.
Teams: Each Participant shall
be represented by a team (the “Team”) of one or more individuals (the “Team
Members”). While there is no restriction on the total size of each Team, Team Members
may not join more than one Team. All Team Members are expected to be active
participants throughout all phases of the Competition. Team members may not be
added after a Participant is accepted into the Competition. Team members must
be founders, employees, executives, or officers of the Participant.
The Participant’s venture shall not be based on a buy-out, a real estate
syndication, a tax shelter, a franchise, a distributorship, a spin-out from an existing
entity, or any concept which is not, at heart, developed by and belonging to
of Separate Entity Existence: The Participant must provide documentation of
its separate legal existence prior to the Competition. Each Participant shall
additionally provide the EDPA Foundation with its governing documents, an IRS
Form W-9 and any other documents requested by the EDPA Foundation.
and Intellectual Property Rights: Participants certify that the ideas and
concepts outlined in the submissions to the EDPA Foundation are the original
work of the Participants and the Team Members. If intellectual property (“IP”)
is involved in the venture, Participants must have obtained the exclusive legal
rights to use the IP during the Competition and for a five-year period
Participants: Winners in previous rounds of the concept Competition may not apply for
the concept Competition but may apply for the early seed Competition.
Investment and Revenue Requirements: Any external funding received by the Participant
or Team Members relating to the venture which is the subject of the Participant’s
entry must be identified and reported in the application form. A Participant is
not eligible for the Competition if such persons have raised equity capital for
the venture totaling $1 million or more from sources other than Team Members or
their friends and families, or if such persons have realized more than $2
million in sales for the venture in the twelve months immediately preceding the
Competition. Federal grants and awards (including funding from SBIR/STTR programs)
as well as awards from similar competitions are excluded from this restriction.
Headquarters: The Participant must
have commenced operations in the state of Alabama at the time of application,
such that the senior management of the Participant must reside in the state of
Alabama at the time of the Competition.
Competition consists of multiple rounds. During each phase, the judging panel
will eliminate Participants based on evaluation criteria and the judges’
judgement of which Participants have the greatest chance of success.
Competition Process Details: The judging panel will be comprised of multiple
individuals representing the investment community, entrepreneurs, and corporate
stakeholders. The same judging panel reviews all phases of the Competition. During
any phase of the Competition the judging panel may solicit additional information
prior to making a decision. Submission of all Competition materials and
distribution of judges’ feedback will be managed electronically. Data may be
retained by the EDPA Foundation. Each Competition will follow a posted schedule.
Teams with qualifying scores will advance to the final and are eligible to be
Advisors: EDPA Foundation will employ various business
consultants (“Launch Advisors”) to work with the Participants on various
elements of startup development. The
judging panel will consult with the Launch Advisors as to their views of the
and Application Fee: All Participants must apply
for the Competition and pay a $150 application fee. The application fee must be
paid at the time of submission.
At the time of making an application, all Participants shall execute and submit
a Waiver and Release and shall upload to the EDPA Foundation a Social Media
Release duly executed by, and binding up, each Team Member. The EDPA Foundation reserves the right to
require Participants and Team Members to execute additional agreements at any
General: Winners will be
required to execute a funding agreement within thirty days of the conclusion of
the Competition. Upon execution, no more than half of any prize money will be
paid to the Participant. The funding agreement and subsequent correspondence
may provide conditions set by Competition judges, which must be met prior to
the payment of any remaining prize money. Failure to meet such conditions may
result in a forfeiture of the remaining prize money.
and Use of Prize Money: The EDPA Foundation reserves the right to distribute any
award of prize money over time based on milestones achieved as determined under
the sole discretion of the EDPA Foundation. Prize money shall be used for the growth
and development of Participant’s venture which was the subject of the
Competition. Prize money shall not be used for repayment of personal investment
in the business or repayment of other debt. Winners are encouraged to consult
with a financial advisor prior to accepting the prize money to understand any relevant
tax implications to the business. The EDPA Foundation does not provide any tax advice
to winning teams.
and Repayment of Prize Money: If any Team Member or Participant makes a material
misrepresentation in connection with the Competition, or if a winning team does
not fully satisfy the above requirements or achieve satisfactory completion of
project milestones as imposed by the EDPA Foundation, the Participant may be disqualified
and may be required to repay any awards that have been received plus ten
percent interest, compounded annually.
Discretion of the EDPA Foundation
decisions made by the judges on all matters relating to the Competition are
final. The EDPA Foundation, at its sole discretion and without prior notice to
any party, reserves the unrestricted right to interpret these rules and
regulations and to alter, amend, or change Competition rules, regulations, or
awards. The EDPA Foundation has sole discretion to determine whether a
Participant and its Team Members have fulfilled the requirements herein. The EDPA
Foundation has sole discretion to adopt new or amended rules and regulations
during a Competition. The EDPA Foundation has sole discretion to apply rules
and regulations differently than they have been applied in the past.