Economic Planning Effort Receives Funding

April 19, 2012

News Release

ELKHART, IND., APRIL 18, 2012 – The Corporate Partnership for Economic Growth (CPEG) has provided $50,000 of funding to enable Elkhart, Kosciusko, Marshall and St. Joseph counties to participate in the first phase of the Regional Entrepreneurship Action Plan (REAP), a three-year initiative intended to generate economic activity across the Northern Indiana. The REAP initiative will be managed by Elevate Ventures, a venture development organization that provides support to emerging or existing high-potential businesses. The CPEG contribution is matched by funds from Magnet Investors and OrthoWorx and will provide funding through at least June 30, 2012.

“Elevate Ventures represents an opportunity for Northern Indiana to enhance its entrepreneurial ecosystem and for our community to demonstrate a commitment to local entrepreneurs whose companies have high growth potential” says Shawn Peterson, President and CEO of CPEG.

“Entrepreneurs are one of the region’s great assets,” explains Larry Garatoni and Jim Larkin of Magnet Investors, “Elevate’s engagement in the region will enhance the continuum of services for entrepreneurs and encourage them to launch and grow their businesses in Northern Indiana.”

Magnet Investors and other regional leaders raised $300,000 in 2010 to fund the community visioning and planning process that identified the need for entrepreneurial support services in Northern Indiana. The region has the opportunity to secure an additional $5 million in resources from state and national philanthropic sources. To secure these resources, the region must demonstrate a need and raise an additional financial commitment totaling $1 million over three years.

“Our region has an opportunity to draw significant resources from the State and national funders to support one of our core shared values – entrepreneurship” explains Peterson. “We look forward to seeing the results of Elevate’s work and taking the next step with them to bring these new resources to our entrepreneurs.”

Elevate Ventures has hired an experienced entrepreneur to identify high-growth companies in the region and assist them in establishing or growing their innovative businesses. “We appreciate the leadership of CPEG, Magnet and the other investors for making this support possible,” says Tim Braun the Entrepreneur-in-Residence with Elevate. “We are confident that the region will be successful in demonstrating that there is an abundance of entrepreneurs whose companies are in need of our services and are ready for investment.”

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About CPEG - The Corporate Partnership for Economic Growth (CPEG) (www.cpeg.org) represents a new effort to engage regional business leaders and promote the long-term growth and prosperity of North Central Indiana. CPEG provides the resources to successfully spur broad regional and supra-regional initiatives and face the challenges and opportunities of competing in a global economy. For more information or to join CPEG, visit www.cpeg.org.

Source: Corporate Partnership for Economic Growth