Gorham Savings Bank has begun accepting applications for its eighth annual LaunchPad small business competition.
The competition, which the bank has held since 2013, features entrepreneurs pitching their business ideas on a stage in front of a live audience and panel of judges. The winner receives a $50,000 grant from the bank.
The bank is accepting applications beginning March 1 through April 1 at 5:00 p.m. Entrepreneurs, startups, and established companies can enter via a simple online application. An early review process will narrow the field down to five finalists who will pitch at the event, to be held June 2 at USM’s Hannaford Hall in Portland.
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.
In addition to the top prize, there’s an additional $10,000 grant, along with $10,000 of in-kind business and marketing-related services, for the winner of the Emerging Idea Award. Last year’s winner was MyBodyModel.
“Over the past eight years, we’ve witnessed some remarkable things happen to our past LaunchPad winners and finalists—awards, recognition, growth and some great successes. It’s always exciting for us at the bank to be a small part of their stories,” Steve deCastro, president and CEO of Gorham Savings Bank, said in a statement. “As a community bank we strive to be a force for good and each year LaunchPad affords us the opportunity to give another promising Maine business a hand up.”
Two preliminary judges—Becky McKinnell, founder of iBec Creative, and Richard Petersen, president of MaineHealth and CEO of Maine Medical Center—will review applications and help select five businesses to compete in the live competition on June 2.
For more information on the LaunchPad program and application process, visit the website.
