Gorham Savings raising LaunchPad purse to $50K
photo/Tim Greenway
Gorham Savings Bank President and CEO Christopher Emmons.
Gorham Savings Bank’s $30K LaunchPad Competition for early-stage companies will become the $50K competition in its fourth year this June 7, company President and CEO Christopher Emmons told Mainebiz.
“We see the $50,000 as a more meaningful amount for the business,” added Mark Girr, director of marketing and communications.
Applications for the competition will open April 1. The winner will be chosen June 7 during a “pitch off” at the University of Southern Maine's Abromson Center in Portland. Last year, 88 applicants were narrowed down to 10 semifinalists by six judges, then down to five by a public vote, according to Gorham Savings.
The five finalists each had seven minutes to pitch their business plan before a group of three judges: Chris Claudio, CEO of Portland-based IT firm Winxnet; Michelle Neujahr, director of Southern Maine Community College's Entrepreneurial Center; and Melissa Smith, president and CEO of South Portland-based fleet card and corporate payments service company WEX Inc.
Gorham Savings said LaunchPad's mission is to "help fund the growth of a Maine business and help mitigate one of the biggest barriers for entrepreneurs — the lack of funding."
Emmons is quick to explain that the winnings are a grant, not a loan. Contestants use the money to buy equipment, for working capital and other needs.
Alternative energy company Pika Energy won the first competition, chocolatier Bixby & Co. the second and wallet- and tote-maker Flowfold the third.
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