QUESTIONS ABOUT ENTERING THE COMPETITION:
Q. How can I make my LaunchPad application stronger?
A. Review the Judging Criteria and watch our “Before You Apply” video to learn more from the LaunchPad Judges themselves about what they look for in an application. To make your application stronger, be sure to validate any statements or claims with financial information whenever possible.
Q. I don’t have the resources or time to film a video for my application. Will that hurt me?
A. Absolutely not. We want to give all applicants equal opportunity, which is why it’s your choice to answer the question with either a video or a written response.
Q. Can I save my application and come back to it later?
A. Yes! We know small business owners are pulled in lots of different directions, and we want to be sensitive to that. Get started by creating your account. Just don’t forget to submit your application before the April 1 deadline.
Q. I know the deadline is April 1, but what time? Do I have all day to put the finishing touches on my application?
A. The deadline for entry to the 2020 LaunchPad competition is 5:00pm on Wednesday, April 1. If you have any issues with the application or uploading processes, email firstname.lastname@example.org.
Q. I know the award is $50,000—but what is that? A loan? Will I need to pay it back?
A. The $50,000 award is a grant, so it does not need to be paid back. The mission of LaunchPad is to help fund the growth of Maine businesses by providing one of the most critical ingredients—capital. It’s one tangible way that Gorham Savings Bank can show its support for entrepreneurs and new businesses in Maine.
QUESTIONS ABOUT THE REVIEW PROCESS:
Q. Once I apply, when will I hear whether I’ve been selected as a 2020 LaunchPad finalist?
A. All applicants will be notified by Friday, May 8, 2020. We greatly appreciate your patience as our semifinal judges review every one of the hundreds of applications.
Q. If I’m selected as a finalist, how long do I have to prepare for the live pitch event?
A. All finalists will be notified three weeks before the live event, which is on Tuesday, June 2, 2020 at USM in Portland. We will also host an orientation for finalists the week before the event to help familiarize them with the event space and the night’s agenda.
QUESTIONS ABOUT THE EMERGING IDEA AWARD:
Q. My business is very early-stage. Can I apply for the Emerging Idea Award?
A. We know you’re busy running your business, so we kept it simple. All LaunchPad applicants are automatically considered for both prize levels, the $50,000 grant and the Emerging Idea Award. No separate application is required.
Q. What do judges look for in an Emerging Idea Award finalist?
A. The judging criteria for the Emerging Idea Award is the same as for our $50,000 grant: viability, scalability, uniqueness, management, and impact. Additionally, our judges look for a promising small business at a stage where the business and marketing-related services could help launch them to the next level.
Q. If I’m selected as an Emerging Idea Award finalist, how long do I have to prepare my pitch video?
A. All finalists will be notified by Friday, May 8, 2020. If selected as a finalist, the Emerging Idea Award pitch videos will be due to GSB a week prior to the live event on Tuesday, May 26, 2020.
QUESTIONS ABOUT THE LIVE LAUNCHPAD EVENT:
Q. Do I have to RSVP to attend the live event?
A. We strongly encourage you to RSVP in advance, although it is not required. There is no cost to attend LaunchPad. The event is about celebrating Maine’s entrepreneurial spirit, so the more the merrier—but seating is limited. (That’s why you should really RSVP.)