Gorham Savings Bank has increased the prize for its annual LaunchPad business competition from $30,000 to $50,000, the bank said Thursday.
LaunchPad, now in its fourth year, is designed to help fund the growth of one promising, early-stage Maine business each year. The entry period for this year’s competition starts April 1 and ends at 5 p.m. on May 1, according to a Gorham Savings news release.
Applicants must submit a “viable business proposal” to compete, according to the LaunchPad Web page, gorhamsavingsbank.com/launchpad. No formal business proposals or supporting documents are required.
Finalists will be invited to attend a live pitch competition on June 7, at which the prize winner will be announced.
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