Application Cycle Open


The Portal Fund is a 501(c)3, early-stage investment fund designed to accelerate the entrepreneurial ecosystem of south Alabama and the central Gulf Coast region. The Portal Fund will attract, retain, and support high-growth ventures by providing access to seed capital, office space, structured mentoring, an entrepreneur-in-residence, industry leaders, and other resources to encourage rapid growth.

The Portal Fund plans to make investments into high-performing startups and entrepreneurs beginning in 2020.


  • General Questions
    • What is the mission of the Portal Fund?

      The mission of the Portal Fund is to retain, support, and accelerate the central Gulf Coast’s highest-performing startups and to attract startup activity aligned with local industry clusters by providing access to founder-friendly, early-stage capital, and other essential resources.

    • Why should I apply for funding from the Portal Fund?

      The Portal Fund is a founder-friendly funding source for high-performing startups in the central Gulf Coast and southwest Alabama region. If your startup is currently located outside of this area, we offer a suite of incentives to relocate your venture to our resource-rich region.

      The fund provides entrepreneurs with up to $250,000 in exchange for a convertible note as well as additional services designed to rapidly scale your venture. Portfolio companies will have access to affordable office space in Innovation Portal, a regional innovation and entrepreneurial hub in Mobile, Alabama. Additionally, entrepreneurs will gain access to mentors, subject matter experts, and an entrepreneur-in-residence, who will prepare them for introductions to Innovation Portal’s network of investors.

    • How does the Portal Fund differ from angel investors and private equity firms?

      The Portal Fund differs from other funding sources by being a founder-friendly, 501c3 fund with considerable non-monetary resources designed to support high-growth startups. The fund encourages founders to maintain an attractive cap table for future investors by utilizing a convertible note with terms unique to each deal. Additionally, any return on investment will be reinvested to continue cultivating future entrepreneurs and startups.

      This fund is also mission-driven. It is geographically rooted in south Alabama with the goal of retaining and attracting high-performing entrepreneurs with scalable startups. It is also designed to accelerate the larger entrepreneurial ecosystem of south Alabama and the central Gulf Coast by supporting entrepreneurs who work in emerging technologies or who are innovating within the prominent industries of our region.

      In line with that mission, portfolio companies are required to remain headquartered in the south Alabama region (eligible counties include Mobile, Baldwin, Escambia, Conecuh, Clarke, Choctaw, Monroe and Washington) for two years. Any transitions into the south Alabama market must occur within three months of executing the investment contract.

    • Does the Portal Fund take equity in the recipients?

      Yes. The Portal Fund uses a convertible note, which would eventually convert to a percentage of equity in the venture. Deal terms will be determined on a case-by-case basis and will take a range of factors into consideration, such as investment risk, market and industry trends, runway to revenue, and management team.

    • If I am selected for investment by the Portal Fund, what will I need to agree to?

      The Portal Fund has four primary requirements for invested ventures:

      1. Execute a convertible note.
      2. Operate a significant portion of the business (at least 51% of the founding team or 1 founder plus 51% of the staff) in the south Alabama region for two years, beginning within three months of executing the investment contract. The eligible counties in Alabama for locating your business include Mobile, Baldwin, Escambia, Conecuh, Clarke, Choctaw, Monroe, and Washington.
      3. Participate in subject matter expert, mentoring, and entrepreneur-in-residence meetings.
      4. Maintain operational transparency with The Portal Fund by providing quarterly reporting on jobs created, revenue generated, and follow-on capital for as long as the business is in operation.

    • Does the Portal Fund work to connect me with the follow-on capital providers?

      The Portal Fund works diligently to connect entrepreneurs (through social events, shared office space, direct introductions, and more) to a robust network of investors, venture capital firms, and private investors across the southeastern United States.

    • How is the Portal Fund funded?

      The Portal Fund is a 501(c)3 resource funded by our incredible donors who are deeply committed to innovation-based economic development. Click here to see the current sponsors of the Portal Fund. Additionally, any return on investment will be reinvested to continue cultivating future entrepreneurs and startups.

  • Application Details
    • When can I apply for funding from the Portal Fund?

      The Portal Fund will have one application cycle in 2020. The application deadline will be announced at a future date.

    • What is the selection process?

      There are several rounds of evaluation for the The Portal Fund, which include an initial written application, a video interview, an in-person pitch and a final interview. The Portal Fund Investment Committee (PFIC) will oversee the final selection process for investment opportunities.

    • Who is the Portal Fund Investment Committee (PFIC)?

      The PFIC is a group of Innovation Portal stakeholders who have significant experience and a wide range of expertise. The committee will base their decisions on the scalability of the startup, the strength of the investment opportunity, the potential impact on the region (economically, culturally, and otherwise) as well as the skills, assets, and value added by the management team.

    • How will I know if I made it to the next phase of the application? Will I be notified if I do not advance?

      All applicants will receive a notification of whether or not the applicant has advanced to the next round of review. Communication will take place via email.

    • Are you required to present in-person on Pitch Day?

      Yes, in-person representation by at least one member of the founding team is required in order to be considered for funding.

    • How will the Portal Fund protect the materials submitted in the funding application?

      The Portal Fund limits access to application materials to its staff, PFIC, and Board of Directors. Additionally, considerable steps are taken to limit access to these documents. However, there will be no confidentiality obligation by any recipient of the documents submitted for funding. We ask that you not share in your application any information you feel to be highly-confidential in nature.

  • Portal Fund Eligibility
    • What kind of startup may apply?

      Startups from every industry that have a high potential for rapid growth are invited to apply, and particular consideration will be given to startups that are utilizing emerging technologies or are aligned with regional industry activity (aerospace, med-tech, shipping & logistics, ship building, chemical, etc.). The scalability and growth rate of each applying venture will be subject to considerable scrutiny. Startups should demonstrate a plan to reach national or international markets within two to three years. Additionally, applicants should demonstrate considerable development within the core function of the business, with minimum developments including prototype testing, launching a minimum viable product, acquiring beta users, etc.

      Applicants do not need to have previously worked with Innovation Portal staff or participated in Innovation Portal programs to apply.

    • What criteria will you use to decide which companies receive funding?

      The Portal Fund administrators and PFIC will consider the following characteristics of the startup and management team:
      • The innovative nature of the product, technology, or service
      • The scalability of the business model
      • The total business development to-date, such as letters of intent, sales, growth rate, impact on users, social value, partners, etc.
      • The state of the industry or market and competition
      • The qualities of the entrepreneur and the entrepreneurial team, including talent, diversity, and qualities that add value to the company and the overall community.

    • Are there geographical and/or team-size requirements?

      All funded ventures will be required to move their headquarters or a significant portion of operations to the south Alabama region for at least two years. Furthermore, at least 51% of the founding team or one founder plus 51% of the staff will be required to work and live full time in the region for at least two years. This period will begin within three months of executing the investment contract. There are no requirements or restrictions of team size.

    • May non-profits apply?

      The Portal Fund will not consider applications submitted by nonprofits, although social enterprises with for-profit business models are encouraged to apply.

    • Does it matter where I am currently located?

      The Portal Fund welcomes applicants from across the globe.

    • Will you fund competing companies?

      Although we aim to diversify our investments, we may fund companies that compete in some capacity. This may be inevitable, and we will strive to support each company equally.

    • Is there a limit on the number of applications per entrepreneur or startup?

      There is no limit to the number of times a startup or an entrepreneur can apply to the Portal Fund. If an entrepreneur is the founder of multiple startups seeking funding from the Portal Fund, the individual is allowed to apply with multiple ventures so long as she or he discloses this detail in each application.

    • May I submit someone else's idea or venture?

      Submissions must be the original idea of the applicant, or the applicant must have written consent to submit another’s idea. This detail must also be disclosed in the application.

    • Do applicants need to disclose any funding already received?

      Yes, applicants must disclose all sources of previously-received funding.

  • How to Apply
    • What do I have to do to begin the funding application?

      You must go to our F6S Application, create an account, and complete the entire application.

    • How do I update my entry?

      If your startup hits significant milestones that were not included in your original application, please let us know by emailing

      An example of a noteworthy update would be the launch of your beta product; whereas re-forecasting your financials for year five is not an acceptable update. We will amend your original application with these updates so they are taken into consideration by the PFIC.

    • What should be addressed in the final pitch?

      If you are selected for the final round of the application process, be sure to address the following questions during your pitch:

      • What is the mission and vision of the organization?
      • What is the product, service, or technology, and how is it innovative?
      • What is the business model, and how is it scalable? How has the business been validated?
      • What are your streams of revenue?
      • Who is the management team? What expertise, experience, or characteristics do they have that add value to the business?
      • What is the customer acquisition and/or marketing strategy?
      • What is the value of your industry and what are its relevant trends?
      • What is your total addressable market, and what percentage of that market do you plan to obtain?
      • Who are your strategic partnerships?
      • How does this business create and capture value?
      • Why is your startup unique or different, and why does it matter?
      • Who are the direct and indirect competitors?
      • What are the barriers to entry for your industry and where does your startup fit in the marketplace?
      • What is financial summary to-date? What are your financial projections? What are your financial assumptions? What are your projected costs and revenue?
      • Why would this business be beneficial to the central Gulf Coast (specifically south Alabama) region?
      • How does the business intend to utilize the PortAL Fund Investment?
      • How does the business plan to measure the return on the investment?

    • Why do you ask for my social security number?

      The Portal Fund performs a basic background check as part of its application process. Only relevant founders or owners of the organization are subject to a background check, not employees. This process is meant to ensure that there are no significant outstanding financial responsibilities and no fraudulent activity. This is not a credit check. Your credit score will not be accessed, and running this report will not affect your credit score. We conduct these background checks through a popular service called LexisNexis. We will not require background checks for equity stakeholders who are accredited venture funds or angel investment groups.

    • I am not a U.S. citizen, and I do not have a social security number. Is that a problem?

      That is not a problem. You will be asked for other identifying information if you are selected to be a finalist. You will also be asked to provide references.

  • Additional Questions
    • Will the Portal Fund provide guidance to recipients as they relocate to south Alabama?

      Yes, the Portal Fund administrators will provide relocation support by assisting with searches for accommodations, by facilitating inclusion in various networks, by assisting with cultural assimilation, and by helping with all other questions or requests. The Portal Fund does not provide housing, but we can help to connect you with companies and services that help to find the right place for you and your company.

    • Am I required to work in Innovation PortAL's 358 St. Louis Street Facility?

      Not exactly. The Portal Fund’s portfolio companies are expected to have some presence in the St. Louis Street facility, but the entire company is not required to operate within the walls of the building. Companies are required, however, to have at least 51% of the founding team or one founder plus 51% of the staff working and living full-time in the southern Alabama region for at least two years, beginning three months after executing the investment contract. The eligible counties in Alabama for locating your business include: Mobile, Baldwin, Escambia, Conecuh, Clarke, Choctaw, Monroe, and Washington.

    • How will you know where a startup is located?

      Startups may be asked to provide proof of their business location. This may take the form of a lease agreement or business licenses.

    • How do you ensure that funds are used appropriately?

      To ensure the funds are used for their intended purpose, we require you to sign a comprehensive investment agreement before formally becoming a Portal Fund Venture.

    • What happens if our company fails?

      Not all startup companies succeed; we understand that. If your company fails during the period of investment, you will forfeit any additional funds but will not be required to “pay back” previously disbursed funds unless significant aspects of the investment agreement have been breached.

      If your business does fail, you, as an entrepreneur, will be encouraged to remain in south Alabama to start a new venture, or to join an existing startup. Failure happens, and we believe it is a learning experience that helps entrepreneurs to succeed in their next venture!

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