The Economic Development Partnership of Alabama Foundation will receive a $650,000 grant to fund Alabama Launchpad, a program that supports budding entrepreneurs across the state.
The grant, administered by the Alabama Department of Economic and Community Affairs, is from the 34-year-old Alabama Research Alliance Trust Fund, which endorses projects that encourage innovation and technology. Gov. Robert Bentley presented the award.
“We are grateful to Governor Bentley and the Alabama Research Alliance for this funding and their long-term partnership to support entrepreneurs,” said Angela Wier, EDPA vice president. “Working together, Alabama Launchpad leverages public and private resources to help innovative companies start in Alabama, grow in Alabama and stay in Alabama.”
In late May, 11 startups across the state were selected for EDPA’s annual Alabama Launchpad competition, which offers up to $250,000 in funding and mentoring to entrepreneurs. The companies are set to make their first pitches this morning at Evonik Industries in Birmingham.
After the first pitch session, select startups will advance to the finale on Aug. 27 at WorkPlay Theatre on 500 23rd St. in Birmingham. An Innovation Awards luncheon will be held Sept. 2 in Birmingham to recognize entrepreneurial achievement throughout the state.
ADECA said previous Launchpad participants have generated more than 305 jobs and $20 million in additional funding for their startups.
“Alabamians benefit when entrepreneurs can turn ideas into a viable businesses that create jobs,” Bentley said. “I am pleased to support this program that helps innovators take the steps necessary to develop a successful business.”
June 26, 2015