Gorham Savings Bank has announced the return of the LaunchPad business pitch competition after being forced to cancel the 2020 competition due to COVID-19.
The competition, which the bank created in 2013, has traditionally featured entrepreneurs pitching their business ideas on a stage in front of a live audience and panel of judges. But this year, because of ongoing concerns over COVID-19, the competition will be streamed live so friends, family, and supporters can watch from the comfort of their homes.
The winner receives a $50,000 grant from the bank. An additional contestant will receive the Emerging Business Award, which comes with a $10,000 grant, as well as $10,000 in in-kind business- and marketing-related services.
The bank began accepting applications March 1 for the 2021 contest and set an application deadline of Thursday, April 1 at 5:00 p.m. Entrepreneurs can apply online here.
“We’re truly excited to bring LaunchPad back this year and can’t wait to review the applications. We know we are going to learn a lot about how Maine’s small businesses have adapted and innovated to meet the new reality and address new needs and challenges,” Steve deCastro, Gorham Savings Bank’s president and CEO, said in a statement. “Innovation, agility and entrepreneurial thinking is critical to the economic vitality of Maine and we look forward to our grants helping a few small businesses launch themselves to the next level.”
Five finalists will be invited to compete live in-studio on Tuesday, June 1, at AV Technik in Scarborough, at which time the winner will be announced. The following judges will select the winner based on criteria that includes viability and scalability:
- Kate McAleer, founder, Bixby & Co. and 2014 LaunchPad winner
- Catherine Cloudman, principal and board member, Village Fertility; co-founder, Apothecary by Design
- Ford Reiche, entrepreneur and founder, Safe Handling
More than 550 participants from across the state and representing more than 25 industries have applied to LaunchPad since 2013. Past winners include Bixby Chocolate (2014), Flowfold (2015), Good To-Go (2017), North Spore (2018), and Casco Bay Creamery (2019). In total, Gorham Savings Bank has provided more than $300,000 in non-dilutive grant money since the program started.
