Gorham Savings Bank has begun accepting applications for its 10th annual LaunchPad small business pitch competition.
The competition, which the bank has held since 2013, is a chance for entrepreneurs to pitch their early-stage businesses for a chance at a $50,000 non-dilutive grant from the bank. This year, the pitch competition will be a hybrid in-person and livestreamed event.
The bank begun accepting applications March 1 and will continue to do so until March 31 at 5:00 p.m. Entrepreneurs, startups, and established companies can enter via an online application. An early review process will narrow the field down to five finalists who will pitch at the big event, to be held June 7 in Portland.
Last year’s winner was HighByte, a Portland-based industrial software startup.
“LaunchPad is so much more than a check,” said Tory Penrod-Cambra, HighByte’s co-founder and chief communications officer. “It gave us the opportunity to refine our pitch and sharpen our story. LaunchPad prepared us to speak with future investors and ultimately close a $3.5 million funding round six months later. Winning gave us the exposure we needed, right when we needed it most. My advice to applicants is to tell your story. Hone in on what makes you unique and innovative and be specific about how you will use the funds!”
More than 550 participants from across the state and representing more than 25 industries have applied to LaunchPad since 2013. Besides HighByte, past winners include Casco Bay Creamery (2019), North Spore (2018), Good To-Go (2017), Flowfold (2015), and Bixby Chocolate (2014). In total, Gorham Savings Bank has provided more than $400,000 in non-dilutive grant money since the program started.
“Discovering an innovative and unique niche is hard; creating a business around it is even harder,” Steve deCastro, president and CEO of Gorham Savings Bank, said in a statement. “LaunchPad has given us a front row seat to Maine’s dynamic entrepreneurial community, which we’ve seen grow steadily over the last 10 years.”
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 Business Award.
Judges for this year’s competition are Kate McAleer, founder of Bixby Co. and winner of the 2014 LaunchPad event; Catherine Cloudman, co-founder of Apothecary by Design; and a third yet-to-be-named judge. Michelle Neujahr will emcee the competition again this year.
For more information on the LaunchPad program and application process, visit the website.
