After the first round of judging, a selected group of Finalists will be announced in August. From there, the applications of the Finalists will go through the last round of judging by a panel comprised of past honorees, economic development leaders, and corporate partners of GrowFL.

Of those Finalists, the top 50 second-stage companies will be selected. Companies will be judged on a number of criteria including growth in number of employees; impact of the business in the job market; increase in sales and/or unit volume; current and past financial reports; innovativeness of the product or service; response to adversity; and contributions to aid community-oriented projects.