Civic Intelligence

Startwheel Corp

EIN 47-4617002 • 501(c)3 • Virginia Beach, VA

Profile

Innovate Hampton Roads is dedicated to fostering the growth and development of the entrepreneurial and innovation ecosystems in Hampton Roads, VA focusing on education and by supporting startups through incubation, mentorship, networking, and strategic partnerships in order to drive economic vitality, job creation, and technology commercialization in the region.

PO Box 664Virginia Beach, VA 23451

www.startwheel.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.42x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

85th percentile

0.16x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

64th percentile

10%

Higher net margin than 64% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

73rd percentile

16%

Faster asset growth than 73% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

93rd percentile

128%

Faster revenue growth than 93% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Up

$111,205

Up $15,025 (+16%) from 2023

Liabilities

Down

$46,880

Down $1,361 (-2.8%) from 2023

Net Assets

Up

$64,325

Up $16,386 (+34%) from 2023

Revenue

Up

$297,137

Up $167,008 (+128%) from 2023

Expenses

Up

$267,360

Up $228,923 (+596%) from 2023

Net Income

Down

$29,777

Down $61,915 (-68%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150K$100K$50K$0-$50KAssets 2018: $586Liabilities 2018: $02018Assets 2019: $288Liabilities 2019: $02019Assets 2020: $57,213Liabilities 2020: $50,0002020Assets 2021: $35,848Liabilities 2021: $50,000Net Assets 2021: -$14,1522021Assets 2022: $5,609Liabilities 2022: $49,362Net Assets 2022: -$43,7532022Assets 2023: $96,180Liabilities 2023: $48,241Net Assets 2023: $47,9392023Assets 2024: $111,205Liabilities 2024: $46,880Net Assets 2024: $64,3252024

Highlighted filing

2024

Assets$111,205
Liabilities$46,880
Net Assets$64,325

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0-$100KRevenue 2018: $73,157Expenses 2018: $92,093Net Income 2018: -$18,9362018Revenue 2019: $105,550Expenses 2019: $105,848Net Income 2019: -$2982019Revenue 2020: $41,000Expenses 2020: $34,075Net Income 2020: $6,9252020Revenue 2021: $25,900Expenses 2021: $51,015Net Income 2021: -$25,1152021Revenue 2022: $65,008Expenses 2022: $94,609Net Income 2022: -$29,6012022Revenue 2023: $130,129Expenses 2023: $38,437Net Income 2023: $91,6922023Revenue 2024: $297,137Expenses 2024: $267,360Net Income 2024: $29,7772024

Highlighted filing

2024

Revenue$297,137
Expenses$267,360
Net Income$29,777

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 3, 2025
Return Version
2024v5.0
Gross Receipts
$297,137
Mission and Program Overview

Mission

Innovate Hampton Roads is dedicated to fostering the growth and development of the entrepreneurial and innovation ecosystems in Hampton Roads, VA focusing on education and by supporting startups through incubation, mentorship, networking, and strategic partnerships in order to drive economic vitality, job creation, and technology commercialization in the region.

Education of the innovation and entrepreneurial ecosystems in Hampton Roads, Virginia including managing an incubator, hosting Venture Out events, a weekly podcast, a calendar of events, and hosting the Virginia StartUp World Cup

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$82,691$111,205▲ $28,514
Total Assets$82,691$111,205▲ $28,514
Liabilities
Unsecured Notes Loans Payable$48,143$46,880▼ $1,263
Total Liabilities$48,143$46,880▼ $1,263
Net Assets / Fund Balance
Net Assets With Donor Restrictions$34,548$44,265▲ $9,717
Net Assets Without Donor Restrictions$0$20,060▲ $20,060
Total Net Assets Fund Balance$34,548$64,325▲ $29,777
Total Liabilities and Net Assets / Fund Balance$82,691$111,205▲ $28,514
Compensation and Service Providers

Board Members and Trustees

NameTitle
Paul HirschbielChairman
Tom MarsdenVice Chairman
AK SchultzDirector
Alan HagermanDirector
Blair DurhamDirector
Conaway HaskinsDirector
Derrick WilliamsDirector
John FinguerraDirector
John ParisDirector
Jolie SpiersDirector
Kevin LeslieDirector
Mark JohnsonDirector
Nancy GrdenDirector
Paul NoldeDirector
Toi HunterDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Tim RyanIndependent Contractor acting as Executive DirectorArcphor, 507C Victory Blvd Suite 156, Yorktown, VA 23693$120,000
Revenue and Support

Revenue Composition

Contributions and Grants
$139,368
Program Service Revenue
$157,769
Investment Income
$0
Other Revenue
$0
All Other Contributions
$5,144
Change in Net Assets
$29,777
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$267,360
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$199,125$22,125-$221,250
Occupancy-$12,804-$12,804
Interest-$1,304-$1,304
Depreciation Depletion-$1,264-$1,264
Office Expenses-$1,064-$1,064
Travel$844--$844
Other Expenses$0$240$0$240
Conferences and Meetings$55--$55
Total Functional Expenses$228,559$38,801$0$267,360
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

In 2024 the organization was staffed and managed with 3 individuals who were 1099 contract employees. In 2025 all of IHR management are now full employees (no longer 1099 contract emplpyees.

Form 990, Part VI, Section A, Line 9

Tom Marsden, Vice Chairman, 4525 Columbus Street, Suite 200, Virginia Beach, VA 23462; Jolie Spiers, 101 W. Main Street, Suite 800, Norfolk, VA 23510; Alan Hageman, 4570 Marlwood Way, Virginia Beach, VA 23462; Nancy Grden, 3 Commercial Place, Suite 1320, Norfolk, VA 23510; Paul Nolde, 400 Granby Street, Suite 115, Norfolk, VA 23529; Mark Johnson, 150 W. Main Street, 14th Floor, Norfolk, VA 23510; John Paris, 222 Central Park Avenue, Suite 1700, Virginia Beach, VA 23462; AK Schultz, 730 West 20th Street, Norfolk, VA 23517; Blair Durham, 520 E. Main Street, Suite 4, Norfolk, VA 23510; Kevin Leslie, 4111 Monarch Way, Suite 200, Norfolk, VA 23508; Toi Hunter, 3 Commercial Place, Suite 1320, Norfolk, VA 23510; Derrick Williams, 1341 Crossways Blvd., Chesapeake, VA 23320; Conaway Haskins, VIPC, 313 East Broad Street, Richmond, VA 23219; John Finguerra, 2844 Crusader Circle, Virginia Beach, VA 23453

Form 990, Part VI, Section B, Line 11B

Board Members are emailed a copy of the 990 tax return before it is submitted.

Form 990, Part VI, Section B, Line 15

The Executive Committee of the Board reviews annually the compensation of the Executive Director after reviewing comparable Executive Directors compensation in comparable not-for-profit organizations in the Hampton Roads, Virginia Region.

Form 990, Part VI, Section C, Line 19

All documents and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Startwheel Corp
EIN
47-4617002
Phone
7573620436
Address
PO BOX 664, VIRGINIA BEACH, VA 23451
Doing Business As
Innovate Hampton Roads

Signing Officer

Name
Paul Hirschbiel
Title
Chairman
Phone
7573620436
Signed
2025-06-03

Organization Details

Principal Officer
Paul Hirschbiel
Formed
2015
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
25
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

In 2024, Innovate Hampton Roads (IHR) introduced the Virginia Regional Startup World Cup as a new program service, formalized via an MOU with Pegasus Tech Ventures and StartUp World Cup. At the event a local Hampton Roads company (IVWatch) won and went on to compete nationally and got third place globally. The 2024 event was held on August 28, 2024 with 300 attendees and 100 applicants. The Virginia Regional Startup World Cup was sponsored by Virginia Beach Economic Development.

Form 990, Part X, Line 33

For the 2023 990 EZ filing I mistakenly used accrual numbers and entered Total Liabilities and Net Assets as $96,180 when the number using Cash Basis should have been $82,619.

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IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0REaKTOR Incubator
IRS990/OtherExpensesGrp/Desc1Events
IRS990/OtherExpensesGrp/Desc2Video Equipment
IRS990/OtherExpensesGrp/Desc3Filing, Registration Fees,Wire Fee
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3240
IRS990/OtherExpensesGrp/ProgramServicesAmt013895
IRS990/OtherExpensesGrp/ProgramServicesAmt110123
IRS990/OtherExpensesGrp/ProgramServicesAmt24517
IRS990/OtherExpensesGrp/ProgramServicesAmt30
IRS990/OtherExpensesGrp/TotalAmt013895
IRS990/OtherExpensesGrp/TotalAmt110123
IRS990/OtherExpensesGrp/TotalAmt24517
IRS990/OtherExpensesGrp/TotalAmt3240
IRS990/OtherRevenueTotalAmt00
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0PAUL HIRSCHBIEL
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0REaKTOR Incubator
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0157769
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0157769
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgSrvcAccomActy2Grp/Desc0Startup Incubator and Support: IHR manages the REaKTOR Technology Innovation Center, a hub for technology-driven startups in Hampton Roads, Virginia, providing office/lab space, mentorship, and funding support. From June to December 2024, the incubator onboarded five new companies, surpassing the goal of three, and supported a portfolio of 16 companies employing a staff of 91. The program facilitated $9.185 million in grants, investments and commitments for 7 client companies, created 24 new jobs, recruited seven professional service providers and introduced four investors.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0158699
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0157769
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYExcessBenefitTransInd00
IRS990/PYRevenuesLessExpensesAmt00
IRS990/PYTotalExpensesAmt00
IRS990/PYTotalRevenueAmt00
IRS990/ReconcilationRevenueExpnssAmt029777
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0297137
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt067362
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt065008
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt025900
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt041000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0496407
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.81528
IRS990ScheduleA/PublicSupportPY170Pct01.00
IRS990ScheduleA/PublicSupportTotal170Amt0404711
IRS990ScheduleA/SubstantialContributorsTotAmt091696
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0297137
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt067362
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt065008
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt025900
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt041000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0496407
IRS990ScheduleA/TotalSupportAmt0496407
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0In 2024, Innovate Hampton Roads (IHR) introduced the Virginia Regional Startup World Cup as a new program service, formalized via an MOU with Pegasus Tech Ventures and StartUp World Cup. At the event a local Hampton Roads company (IVWatch) won and went on to compete nationally and got third place globally. The 2024 event was held on August 28, 2024 with 300 attendees and 100 applicants. The Virginia Regional Startup World Cup was sponsored by Virginia Beach Economic Development.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1In 2024 the organization was staffed and managed with 3 individuals who were 1099 contract employees. In 2025 all of IHR management are now full employees (no longer 1099 contract emplpyees.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Tom Marsden, Vice Chairman, 4525 Columbus Street, Suite 200, Virginia Beach, VA 23462; Jolie Spiers, 101 W. Main Street, Suite 800, Norfolk, VA 23510; Alan Hageman, 4570 Marlwood Way, Virginia Beach, VA 23462; Nancy Grden, 3 Commercial Place, Suite 1320, Norfolk, VA 23510; Paul Nolde, 400 Granby Street, Suite 115, Norfolk, VA 23529; Mark Johnson, 150 W. Main Street, 14th Floor, Norfolk, VA 23510; John Paris, 222 Central Park Avenue, Suite 1700, Virginia Beach, VA 23462; AK Schultz, 730 West 20th Street, Norfolk, VA 23517; Blair Durham, 520 E. Main Street, Suite 4, Norfolk, VA 23510; Kevin Leslie, 4111 Monarch Way, Suite 200, Norfolk, VA 23508; Toi Hunter, 3 Commercial Place, Suite 1320, Norfolk, VA 23510; Derrick Williams, 1341 Crossways Blvd., Chesapeake, VA 23320; Conaway Haskins, VIPC, 313 East Broad Street, Richmond, VA 23219; John Finguerra, 2844 Crusader Circle, Virginia Beach, VA 23453
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Board Members are emailed a copy of the 990 tax return before it is submitted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Executive Committee of the Board reviews annually the compensation of the Executive Director after reviewing comparable Executive Directors compensation in comparable not-for-profit organizations in the Hampton Roads, Virginia Region.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5All documents and financial statements are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6For the 2023 990 EZ filing I mistakenly used accrual numbers and entered Total Liabilities and Net Assets as $96,180 when the number using Cash Basis should have been $82,619.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part X, Line 33
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd01
IRS990/StatesWhereCopyOfReturnIsFldCd0VA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt082691
IRS990/TotalAssetsEOYAmt0111205
IRS990/TotalAssetsGrp/BOYAmt082691
IRS990/TotalAssetsGrp/EOYAmt0111205
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0139368
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt038801
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0228559
IRS990/TotalFunctionalExpensesGrp/TotalAmt0267360
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt048143
IRS990/TotalLiabilitiesEOYAmt046880
IRS990/TotalLiabilitiesGrp/BOYAmt048143
IRS990/TotalLiabilitiesGrp/EOYAmt046880
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt034548
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt064325
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0228559
IRS990/TotalProgramServiceRevenueAmt0157769

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