Troy hosts Alabama Launchpad finals

Published 9:09 pm Friday, November 15, 2019

Alabama Launchpad, a program of the Economic Development Partnership of Alabama, hosted its Cycle 4 finale event Thursday at the Emporium in downtown Troy.

During the event which seven finalist companies compete in one of two stages of competition: those in the concept stage, who are usually pre-revenue, and those in the early seed stage, who are looking to accelerate the growth of their existing business. According to Pitchbook, Alabama Launchpad is the state’s most active early-seed funding source.

The companies competing in the concept stage for $50,000, were:

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• Bluewater Hemp, a hemp processing company taking advantage of Alabama’s new laws regulating hemp production

• Community Owned Grocery Stores, a new business model creating stakeholder-owned grocery stores in food deserts in Birmingham

• TruSpin Nanomaterials, a company with a new method for creating nanomaterials at a cost-effective price

• Yente, a software company enabling users to find deals on brand new cars from auto dealers

The companies in the early seed stage, who were competing for $100,000, were:

• Chonex, an agriculture business turning chicken manure into high-value fertilizer with black soldier fly larvae

• GLOW, an app allowing users to book professional beauty services like spray tans, makeup, and hair styling, to their home at their convenience

• Watts.AI, a company digitizing electronic parts descriptions

“It’s exciting to see such innovative, early stage companies starting in Alabama,” said EDPA President Steve Spencer. “Alabama Launchpad is committed to helping these companies stay and grow in Alabama by offering them opportunities to gain access to early stage funding and a network of support for their businesses.”