Liabilities / Assets
46th percentile
Higher debt load relative to assets than 46% of similar nonprofits.
Elevate Ventures Inc
EIN 27-4118692 • 501(c)3 • Indianapolis, IN
Profile
Elevate Ventures is a venture development organization focused on building sustainable innovation and entrepreneurship cultures in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.18x
Liabilities / Revenue
67th percentile
Higher debt load relative to revenue than 67% of similar nonprofits.
Net Margin
12th percentile
Higher net margin than 12% of similar nonprofits.
Top Officer Pay
Score unavailable
No filing with officer rows is available for this organization yet.
Asset Growth
93rd percentile
Faster asset growth than 93% of similar nonprofits.
Revenue Growth
72nd percentile
Faster revenue growth than 72% of similar nonprofits.
Balance Sheet
Assets
Up$28,187,603
Up $16,197,172 (+135%) from 2023
Liabilities
Up$5,009,827
Up $2,631,814 (+111%) from 2023
Net Assets
Up$23,177,776
Up $13,565,358 (+141%) from 2023
Revenue
Down$9,243,556
Down $717,195 (-7.2%) from 2023
Expenses
Down$10,820,838
Down $800,246 (-6.9%) from 2023
Net Income
Up-$1,577,282
Up $83,051 (+5.0%) from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
- Assets
- $28,187,603
- Liabilities
- $5,009,827
- Net assets
- $23,177,776
- Revenue
- $9,243,556
- Expenses
- $10,820,838
- Net income
- -$1,577,282
Latest Detailed Filing
The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2022 to Dec 31, 2022
- Signed
- Nov 10, 2023
- Return Version
- 2022v5.0
- Gross Receipts
- $7,349,538
Mission and Program Overview
Mission
Successful communities share qualities that make them desirable places to live and work. A fundamental quality of such places is a thriving, sustainable entrepreneurial culture. Guided by this vision, we help regions and communities create entrepreneurial cultures, and encourage and develop business leaders of tomorrow. This has been our goal since inception, and we are the only organization in Indiana executing a strategy that advances entrepreneurs from within Indiana to create a thriving, robust pipeline of growth-oriented companies backed by critical capital and support. 2017 was another record year of capital investment. Elevate portfolio companies span 31 Indiana counties. From 2011 to 2017, Elevate funds under management deployed $70.56M in capital, with an additional $420M generated by co-investments and follow-on investments. For every dollar Elevate invests, other capital partners invest $6.70, based on data available through April, 2018 with more than 1,200 investors.
Elevate Ventures is a venture capital organization focused on building sustainable innovation and entrepreneurship cultures in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders. We invest in high-potential cross-sector innovative companies with a minimum $500M TAM at the pre-seed, seed, and early stages.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments in Publicly Traded Securities | $5,307,685 | $5,116,469 | ▼ $191,216 |
| Savings and Temporary Cash Investments | $5,015,553 | $3,227,818 | ▼ $1,787,735 |
| Accounts Receivable | $705,000 | $1,491,549 | ▲ $786,549 |
| Cash and Non-Interest-Bearing Accounts | $550,458 | $518,548 | ▼ $31,910 |
| Pledges and Grants Receivable | $747,498 | $215,000 | ▼ $532,498 |
| Prepaid Expenses and Deferred Charges | $54,678 | $159,602 | ▲ $104,924 |
| Land, Buildings, and Equipment, Net | $26,982 | $78,886 | ▲ $51,904 |
| Receivable From Disqualified Prsn | $0 | $0 | → $0 |
| Receivables From Officers Etc | $0 | $0 | → $0 |
| Investments Other Securities | $0 | - | - |
| Investments Program Related | $0 | - | - |
| Loans From Officers Directors | $0 | $0 | → $0 |
| Total Assets | $13,635,821 | $13,172,198 | ▼ $463,623 |
| Other Assets Total | $1,227,967 | $2,364,326 | ▲ $1,136,359 |
| Liabilities | |||
| Deferred Revenue | $2,361,103 | $1,710,000 | ▼ $651,103 |
| Accounts Payable and Accrued Expenses | $126,471 | $949,273 | ▲ $822,802 |
| Other Liabilities | $0 | $186,940 | ▲ $186,940 |
| Total Liabilities | $2,487,574 | $2,846,213 | ▲ $358,639 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $8,863,005 | $8,802,404 | ▼ $60,601 |
| Net Assets With Donor Restrictions | $2,285,242 | $1,523,581 | ▼ $761,661 |
| Total Net Assets Fund Balance | $11,148,247 | $10,325,985 | ▼ $822,262 |
| Total Liabilities and Net Assets / Fund Balance | $13,635,821 | $13,172,198 | ▼ $463,623 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $78,886 | $125,028 | $203,914 |
| Other Assets Org | $186,940 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| - | Chief Executive Officer through July 2022 | FT | $159,361 | $340,725 | $500,086 |
| - | General Counsel and Secretary | FT | $219,695 | $78,562 | $298,257 |
| - | Chief Financial Officer | FT | $203,741 | $88,059 | $291,800 |
| - | Partner | FT | $181,438 | $85,234 | $266,672 |
| - | Chief Operating Officer | FT | $162,533 | $79,891 | $242,424 |
| - | Entrepreneur-in-Residence | FT | $129,896 | $66,570 | $196,466 |
| - | Chief Investment Officer Through April 2022 | FT | $78,932 | $78,762 | $157,694 |
| - | Chief Executive Officer as of July 2022 | FT | $137,500 | $7,288 | $144,788 |
Board Members and Trustees
| Name | Title |
|---|---|
| - | Board Chair |
| - | Board Member |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $1,666,835
- Program Service Revenue
- $4,600,980
- Investment Income
- $183,539
- Other Revenue
- $40,001
- All Other Contributions
- $83,263
- Change in Net Assets
- $-1,488,287
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $6,491,355
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $675,472
- Other Revenue Adjustments
- $0
- Total Revenue per Audited Statements
- $7,166,827
- Total Revenue per Form 990
- $6,491,355
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $4,486,031 |
| Grants and Similar Amounts Paid | $1,762,468 |
| Other Expenses | $1,731,143 |
| Total Fundraising Expense | $442 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $1,778,212 | $538,950 | - | $2,317,162 |
| Grants to Domestic Orgs | $1,762,468 | - | - | $1,762,468 |
| Current Officers, Directors, Trustees, and Key Employees | $1,068,581 | $323,602 | $442 | $1,392,625 |
| Fees for Services Other | $261,005 | $259,367 | $0 | $520,372 |
| Other Employee Benefits | $336,604 | $101,935 | - | $438,539 |
| Information Technology | $122,669 | $112,307 | - | $234,976 |
| Payroll Taxes | $148,082 | $44,844 | - | $192,926 |
| Advertising | $119,275 | $55,839 | - | $175,114 |
| Travel | $124,545 | $31,825 | - | $156,370 |
| Pension Plan Contributions | $111,126 | $33,653 | - | $144,779 |
| Fees for Services Legal | $131,500 | $11,086 | - | $142,586 |
| Occupancy | $18,177 | $115,354 | - | $133,531 |
| Insurance | $7,585 | $63,799 | - | $71,384 |
| Fees for Services Accounting | $42,761 | $24,494 | - | $67,255 |
| Depreciation Depletion | $367 | $32,291 | - | $32,658 |
| All Other Expenses | $17,063 | $10,955 | $0 | $28,018 |
| Office Expenses | $6,505 | $14,717 | - | $21,222 |
| Conferences and Meetings | $4,189 | $11,226 | - | $15,415 |
| Other Expenses | $4,562 | $10,437 | - | $4,562 |
| Interest | - | $1,216 | - | $1,216 |
| Fees for Services Lobbying | - | $1,068 | - | $1,068 |
| Total Functional Expenses | $6,168,616 | $1,810,584 | $442 | $7,979,642 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $7,989,089 |
| Expenses per Audited Statements | $7,979,642 |
| Total Expenses per Form 990 | $7,979,642 |
| Expenses Not Reported on Form 990 | $9,447 |
| Expenses Not Reported on Financial Statements | $0 |
| Other Expense Adjustments | $0 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| Carbon Solutions LLC | St Paul, MN | 501(c)(3) | SBIR Phase 1 Matching Grant | $150,000 |
| Kovina Therapeutics Inc | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $150,000 |
| Compact Medical Inc | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $100,000 |
| Tessellated Inc | South Bend, IN | - | SBIR Phase 1 Matching Grant | $100,000 |
| Ball State University | Muncie, IN | 501(c)(3) | Nexus Higher Education Grant | $50,000 |
| Cascade Metrix LLC | Fishers, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Covert Defenses LLC | West Lafayette, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Dencoda LLC | West Lafayette, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Independence Science LLC | West Lafayette, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Indiana Institute of Technology Inc | Fort Wayne, IN | - | Nexus Higher Education Grant | $50,000 |
| Indiana University Research | Detroit, MI | - | Innovation Voucher Program Grant | $50,000 |
| Levisonics Inc | New Orleans, LA | - | SBIR Phase 1 Matching Grant | $50,000 |
| Opalgenix Inc | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Probari Inc | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| R Kumar dba Ateios | Newderry, IN | 501(c)(3) | SBIR Phase 1 Matching Grant | $50,000 |
| Rescue Biomedical | West Lafayette, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Rose-Hulman Institute of Technology | Terre Haute, IN | - | Innovation Voucher Program Grant | $50,000 |
| Teichos Laboratories LLC | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Wavelogix Inc | Noblesville, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| Wik Devices LLC | Zionsville, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| ZS System LLC | Lafayette, IN | - | SBIR Phase 1 Matching Grant | $50,000 |
| University of Notre Dame du Lac | Notre Dame, IN | - | Elevate Nexus Entrepreneurship Support Organization Grant | $29,000 |
| BCI Solutions Inc | Bremen, IN | 501(c)(3) | SBIR Phase 1 Matching Grant | $24,963 |
| TayCo Brace Inc | South Bend, IN | - | SBIR Phase 1 Matching Grant | $24,878 |
| CreateAbility Concepts Inc | Indianapolis, IN | - | SBIR Phase 1 Matching Grant | $12,701 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- Yes
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Loans from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
| Receivables from Disqualified Persons | $0 | $0 | → $0 |
| Receivables from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Right-of-Use Liability | $186,940 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- Business relationship with 35% controlled entity
- No
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- No
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Line 15B PROCESS TO ESTABLISH COMPENSATION OF OTHER OFFICERS
“The CEO has the authority to hire and set initial and ongoing compensation of other officers and key employees. The board is made aware of staff reviews, salaries, bonuses, and benefits on an annual basis.”
Form 990, Part VI, Line 8B Documentation of meetings held by committees of governing body
“There are no committees with authority to act on the behalf of the governing body.”
Form 990, Part VI, Line 11B Review of form 990 by governing body
“The form 990 was reviewed in detail by the CFO and CEO. A draft of the form 990 was reviewed by the CEO and CFO October 24, 2023. The final draft was then distributed to the audit committee on October 24 and the full board of directors on November 6, 2023. Board members were encouraged to review the 990 and submit questions to the audit committee before electronic filing.”
Form 990, Part VI, Line 12C Conflict of interest policy
“Every board member, officer and employee are required to sign annually a Conflict-of-Interest Statement disclosing actual or potential conflicts of interest with the organization. The Compliance Officer has been appointed by the Board to review the disclosure statements and ensure compliance with the Conflict-of-Interest Policy. Additionally, each board member, officer, and employee are required to disclose actual and potential conflicts of interest in advance of the completion of the organization's investment transactions through Elevate and its subsidiary entities. If there are conflicts of interest that arise that are not related to the organization's investment activities, the board members and staff must disclose the conflict or potential conflict to the compliance officer and abstain from any decision-making as it pertains to the conflict.”
Form 990, Part VI, Line 15A Process to establish compensation of top management official
“The compensation committee engages outside compensation consultants from time to time to review CEO compensation package, to evaluate for appropriateness and compare compensation for similarly qualified persons at similar organizations. The last study was conducted in September 2020. Annually, the compensation package of the chief executive officer is reviewed by the organization's independent compensation committee and is then reported to the board of directors for approval. Any board member with a conflict of interest was not involved in the deliberations or approval. The salary review process is contemporaneously documented in the minutes.”
Form 990, Part VI, Line 19 Required documents available to the public
“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (IRC) Section 6104. These documents are not available to the public at this time.”
Filing and Contact Details
Filer
- Filer Name
- Elevate Ventures Inc
- EIN
- 27-4118692
- Phone
- 3172520258
- Address
- 50 East 91st St 213, Indianapolis, IN 46240
Signing Officer
- Name
- Christopher Day
- Title
- Chief Executive Officer
- Signed
- 2023-11-10
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 2010
- Legal Domicile
- In
- Voting Board Members
- 8
- Independent Board Members
- 6
- Employees
- 34
- Volunteers
- 6
Preparer
- Firm
- Crowe Llp
- Address
- 9600 Brownsboro Road Suite 400, Louisville, KY 40241-3902
- Preparer
- Rachel Spurlock
- Phone
- 5023263996
Supplemental Narrative
Additional Explanations
Form 990, Part XI, Line 9 GAIN ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP
“Elevate Ventures is reporting a gain on investment in Indiana 21st Century Fund, LP as an other change in net assets. For the purpose of the financial statements and Form 990, any potential consolidation of the Indiana 21st Century Fund, LP was not considered and instead is included as an equity investment on the balance sheet. The gain on investment in Indiana 21st Century Fund, LP represents the change in value of Elevate's investment in Indiana 21st Century Fund, LP and is not a realized gain.”
Form 990, Part XI, Line 9 Other changes in net assets or fund balances
“Gain on investment in indiana 21st century fund, lp - 940063;”
Financial Statement Notes
Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
“The Internal Revenue Service has determined that Elevate is a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income. Elevate is not considered to be a private foundation. Current accounting standards require Elevate to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended December 31, 2022 and 2021, management has determined that Elevate does not have any tax positions that result in any uncertainties regarding the possible impact on Elevate's financial statements. Elevate does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Elevate recognizes interest and/or penalties related to income tax matters in income tax expense. Elevate did not have any amounts accrued for interest and penalties at December 31, 2022 and 2021.”
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| IRS990/Desc | 0 | Elevate Ventures was founded in 2011 to assist the Indiana Economic Development Corporation (IEDC) manage a portfolio of direct capital investments in high-growth Indiana companies and make capital more accessible to Indiana entrepreneurs. Through a subsidiary partnership with the Indiana Economic Development Corporation (IEDC), Elevate manages both direct and indirect investment funds. The separately reportable partnership holds the investment capital and portfolio income/expense and reports earnings via the IRS form 1065 U.S. Return of Partnership Income. Elevate receives state funding from the Indiana Economic Development Corporation (IEDC) to manage these investment funds through a Professional Services Agreement and a management fee arrangement for the various funds. Over the last decade, the team at Elevate Ventures has worked alongside partners statewide to boost Indiana's innovation and entrepreneurial success throughout our state. Successful startups are key to our economic futures-and innovation is what will move our state forward. Indiana startup founders, supported by investors, work tirelessly to make their businesses successful and are a testament to the innovation culture that is taking hold here. This work, coupled with the efforts of Indiana's gubernatorial leadership, legislators and statewide entrepreneurial partners, has been instrumental in Indiana's momentum. While we have made remarkable progress, Indiana still has a long way to go if we truly aspire to be one of the top states in the country that through innovation and entrepreneurism create successful companies, investors and communities of vision and boldness. This is a global race, a new world, and a chance for us to take this momentum further and accelerate our progress aggressively. In 2022, Elevate was ranked the #1 Most Active VC in the Great Lakes Region for the sixth year in a row by Pitchbook. CB Insights named Elevate the most active VC By Unique Tech Investment in Indiana as well. Elevate Ventures investment programs include fund-of-fund investments, direct investments, grants and grant-matching programs. Since inception in 2011, Elevate Ventures has invested $152.3M in 507 startups which has been leveraged against $2.1B in private co-investment from 2,555 co-investors. The Direct Investment Programs invest in high-growth Indiana startups. The 21 Fund (21F) invests in early-stage companies, generally at or near the series A stage. In 2022, 21F dollars were used in 7 transactions totaling $3.8M in invested capital. The Return Fund is used to make investments in early-stage companies, typically around Series A stage. The Return Fund was used to complete 7 transactions totaling $5.6M in 2022. The Angel Fund III IANF3 is SSBCI dollars used to invest in seed-stage companies. In 2022, Elevate completed 11 transactions totaling $3.5M through Indiana Angel Fund III. The Angel Fund IANF2 is used to invest in seed-stage companies. In 2022, $4.3M across 17 transactions was used from the IANF2 fund. The Community Ideation Fund (CIF) invests in companies at the ideation stage. CIF invested $260K in 13 transactions. The Smart and Advanced Manufacturing/Manufacturing Expansion Fund (SAM/MEF) is used to invest in companies innovating within the manufacturing industry. In 2022, SAM/MEF invested $675K across 4 transactions. In addition, Elevate launched the Caresource Diversity and Social Impact Fund totaling $2.5M in 2021. In 2022, 2 transactions were completed totaling $1.5M. In 2021, the State of Indiana approved the expansion of the grant-matching SBIR/STTR program to include Phase II. Elevate maintained management of both the Phase I program, and the Phase II program. Combined in 2022, both programs resulted in $1.81M being granted/invested through 34 transactions. Elevate Ventures Portfolio Companies generated 2,904 jobs with an average salary of $88K totaling an annual payroll of $256M. This annual salary is double the median household income of Indian |
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| IRS990/MissionDesc | 0 | Elevate Ventures is a venture capital organization focused on building sustainable innovation and entrepreneurship cultures in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders. We invest in high-potential cross-sector innovative companies with a minimum $500M TAM at the pre-seed, seed, and early stages. |
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| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | In 2022, Elevate began the process of rebranding and expanding its "Regional Entrepreneurship and Innovation Partnerships" (REIP) program outside of the boundaries of the partnership regions to a state-wide, industry vertical specific approach. While the existing partnership regions continued to operate throughout the year, Elevate provided "Entrepreneurial Services" state-wide, aligning the Entrepreneurs-in-Residence (EIRs) with their industry expertise and adding new EIRs to support specific industries and initiatives. The following narrative includes both region-specific as well as industry and diversity initiatives. To support the migration to a state-wide, industry vertical focus, Elevate hired an EIR to be focused on life sciences - therapeutics, medical devices, diagnostics, and digital health. Elevate developed a vertical-specific checklist for life sciences companies to use in their preparation to pitch to Elevate - it includes items like their regulatory path timelines, patent and publication strategies, and fundraising plans. Elevate Northeast Indiana covers 11 counties in Northeast Indiana. The year 2022 was a big success as Elevate Northeast Indiana, the partnership led by Chair Dr. Michael Mirro, MD of Parkview Health System, achieved its 3-year goal of investments in the region. This included investments in new companies and follow-on investments in portfolio companies to achieve $15.1 million in combined direct investment and co-investment (since January 2020). Investments were in several industries, including Medical Device, Software as a Service (SaaS), and Hardtech. The region saw a significant improvement in the Midwest Startup Activity, improving ranking in the annual M25 Ventures Midwest Annual Report, and enhanced its ability to continue to deliver training and events in the region with the hiring of a new Entrepreneurial Ecosystem Manager. Elevate Southwest Indiana covers 5 counties. Elevate closed on 2 transactions totaling $220K. An additional $800K was leveraged as a result of past investments made in the region. Four events were executed throughout the year with participation from over 140 people. Companies that received investment from Elevate's direct investment funds employ a total of 74 people. Elevate is deeply involved with supporting the entrepreneurship and innovation efforts of many additional regional organizations including the Evansville Regional Economic Partnership and Junior Achievement. Start South Bend-Elkhart (SUSBE) covers the three North Central counties of Indiana, St. Joseph, Elkhart, and Plymouth. The partnership was renewed for its third three-year session, fully funded by regional family offices, donors, and stakeholders. The EIR dedicated to the region, has been in the role since 2020, and has assisted numerous entrepreneurs by coaching, mentoring, connecting them to resources, and working towards initial investment dollars in Elevate's numerous programs as well as preparing founders and teams to pitch to Elevate's investment team. Some venture funding activities include fully deploying the first LEAD fund tranche and partnering with the Flywheel Fund to gather 9 local angel investors to raise an initial fund to invest in Indiana-based companies. The Velocities region covers Monroe and Bartholomew counties. The EIR and Entrepreneurial Engagement Director held 745 one-on-one meetings with entrepreneurs and attended 626 pitch events. In 2022 Velocities supported 135 events that reached nearly 5000 community members in the region. These events included workshops like startup Saturday, pitch events ranging from Pitch Velocities to Elevate Nexus, and idea competitions like IGNITE Columbus. Companies from Monroe and Bartholomew counties raised over $1,700,000 from Elevate Ventures this year. This is nearly double any previous year's deployed capital into the region from Elevate. This number does not include the amount of leveraged capital raised by companies outside of Elevate fu |
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| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | The Elevate Nexus Program is the "nexus" of five main initiatives focused on Indiana higher education institutions and the communities they serve. Initiatives include: 1. Elevate Origins: foundational entrepreneurship training for early-stage startups and growth minded individuals 2. Nexus Pitch Competition: live pitch competitions that result in convertible securities instruments 3. Nexus Pitch Competition Matching Grants: Grants that go to organizations supporting the winners of the Nexus Pitch Competition that are equal to 10% of the awards. 4. Nexus Annual Conference: An annual conference that brings together faculty, department heads, and other entrepreneurial support organizations from across Indiana to explore new and leading ways higher-education institutions can engage entrepreneurs as well as share best practices, resources, and entrepreneurial-focused initiatives. 5. Higher Education Grants: centered around faculty and department heads working to develop entrepreneurship programming on their campus by providing $50K grants for the development and improvement of entrepreneurship In 2022, the Elevate Origins program was paused and migrated to a learning management system in order to allow a wider range of individuals to access Origins asynchronously. Around 100 participants piloted this new program at universities and colleges across the state. Most of these were students that were enrolled in entrepreneurship, innovation, or business courses at an Indiana higher ed in which the Origins curriculum was used. In 2022, $1.56M were invested in early-stage Indiana startups via the Nexus Pitch Competition via two regional competitions that culminate in one statewide competition per year. Each regional competition is comprised of three regions - Northern, Central, & Southern - and two levels - Pre-seed and Seed. 18 $20k, 3 $40k, 11 $80k, and 2 $100k investments were made via the Nexus Pitch Competition in 2022. In 2022, Nexus Pitch Competition Matching Grants were awarded to non-profit organizations listed by a winning startup as having supported their progress. |
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