Launchpad, the statewide business-pitch competition, has named the five businesses that will compete next month for a chance to win $50,000.

More than 180 businesses applied this year for the chance to compete in the sixth annual Launchpad competition, created by Gorham Savings Bank in 2013 as a way to support early-stage companies.

The five finalists are:

  • American Roots, a Westbrook-based manufacturer of custom apparel using all U.S.-sourced raw materials.
  • Bangs Island Mussels, a Portland-based aquaculture company that raises mussels, scallops, and kelp.
  • Blue Ox Malthouse, based in Lisbon Falls, produces malt from Maine-grown grain that is used in the beer-brewing process. Joel Alex, Blue Ox Malthouse’s founder, was a previous finalist from the 2016 Launchpad competition.
  • North Spore, a Westbrook-based grower of gourmet mushrooms for retail and commercial use.
  • Wallace James Clothing Co., a Portland-based company that provides design, development, and production services for clothing designers.

The owners of these five businesses will compete at the final Launchpad live-pitch event taking place the evening of June 5 at the University of Southern Maine’s Hannaford Hall in Portland.

The judges who will determine the winner are Chris Claudio, co-founder and CEO of Winxnet; Steve Campbell, founder and CEO of Pro-voke, a management consulting firm; and Catherine Cloudman, an owner and CFO of Village Fertility Pharmacy (acquired in 2016 by Portland’s Apothecary by Design, which adopted the name).

Last year’s $50,000 prize was won by Good To-Go, the Kittery-based maker of dehydrated gourmet meals designed for active adventurers. The other previous winners were Flowfold in 2013, Pika Energy in 2014, Bixby & Co. in 2015, and Fluid Farms in 2016.

In addition to the $50,000 grand prize, Gorham Savings Bank last year introduced the Emerging Idea Award, which comes with $10,000 in cash and an additional $10,000 in in-kind marketing, business development and public relations services. The finalists for that award are:

  • Farm Drop, based in Cape Elizabeth, an online e-commerce platform that will connect people with local farm-grown produce.
  • Home Care Business Services, based in Falmouth, which provides software to help home-healthcare providers manage their paperwork and record keeping.
  • NavigatER, a healthcare-innovation startup co-founded by an Emergency Department physician at Maine Medical Center that seeks to improve the patient experience by increasing transparency and communication through the use of technology.
  • Pocket Parks, which operates a campground at Acadia National Park.
  • Sofia Fima, a handbag designer based in Lewiston.

Each finalist for the Emerging Idea Award will have the opportunity to submit a 60-second pitch video, which will be played at the event. The winner will be announced the same evening.

“Access to capital is still the main hurdle most small businesses face,” Steve deCastro, president of Gorham Savings Bank, said in a statement. “Seeing the wide-range of applicants from small businesses statewide is truly inspiring. The excitement around the competition demonstrates the strength of entrepreneurship in Maine.”