Elevate Ventures Unveils Southern Indiana PlanPosted: Updated:
Elevate Ventures is now focusing on Southwest Indiana. The private venture development organization says it has a partnership with community stakeholders to launch a regional entrepreneurship action plan. Elevate Ventures launched a four-year initiative for northern Indiana in 2011. July 11, 2013
INDIANAPOLIS, Ind. - Elevate Ventures, a private venture development organization that assists and invests in high-growth, high-potential early and second-stage companies, today announced a partnership with key community stakeholders to launch the Elevate Ventures Regional Entrepreneurship Action Plan (REAP) in Southwest Indiana. The first phase, also known as Quick Start, will provide local entrepreneurial resources and access to the firm's funds under management. Elevate Ventures manages over $80 million in funds through its 21st Century Research & Technology Fund, its Indiana Angel Network Fund, its Community Development Fund and its recently launched Diversity Fund.
The introduction of this program will make several vital resources available to the region's entrepreneurial community, including investment capital for high-potential, high-growth companies, the local placement of Elevate Ventures Entrepreneurs-In-Residence, participation in a statewide investor network, and the offering of Economic Gardening services to local second-stage companies.
First launched in October 2011 in Northern Indiana, the REAP is a four-year program designed to stimulate economic activity and to facilitate the emergence and development of high-potential companies into high-performing businesses. Through the REAP, Elevate Ventures staff, in partnership with local business leaders, economic development organizations, and other local stakeholders, will provide assistance and capital to identified early-stage and second-stage companies that have the intent and capacity to grow their business.
"To stimulate the entrepreneurial ecosystem in the Southwest region, we needed to develop a program structure that could offer a multitude of services. Elevate Ventures is the logical vehicle," explained Bob Jones, CEO of Old National Bank. "What's so unique about Elevate Ventures is that not only is it already one of the most active investors in Indiana-based early-stage companies, but its team is able to pair capital with seasoned Entrepreneurs-In-Residence who can provide guidance throughout the funding process."
Bob Myer, an Evansville area resident, angel investor, and a director at Elevate Ventures, will be an acting Entrepreneur-in-Residence in the region. Elevate Ventures plans on hiring two additional Entrepreneurs-In-Residence.
The program offered by Elevate Ventures has had great success in the northern regions of Indiana, where it was first implemented. Results include an increase in the number of funding applications from the region, a greater number of companies obtaining funding from Elevate Ventures and private investors, and significant increases in employment and revenue growth for participants in the Economic Gardening program.
"While the program is just getting started in our region, we have already seen an uptick in entrepreneurial activity and private investor interest," said Mark Schroeder, CEO of German American Bancorp. "We are confident that our region will realize similar results as the areas in northern Indiana."
Among many stakeholders who are eager to see these services come to the region, few are more enthused than Greg Wathen, President & CEO of the Economic Development Coalition of Southwest Indiana.
"We are in a position to catalyze the resources already existing in the region," said Wathen, when asked about the potential impact of the REAP. "Elevate Ventures and the services its team offers will help us do that. We've already had several years of traction, and this is one of those critical steps that could truly ignite unprecedented growth in our community. We're very excited to see how this program will benefit Southwest Indiana businesses."
For more information on the programs and services offered by Elevate Ventures, visit www.elevateventures.com. To apply for funding or services, visit www.elevateventures.com/apply.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. As a not-for-profit organization, Elevate Ventures is able to offer unbiased, in-depth perspective and recommendations. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com.
About the Southwest Region REAP Stakeholders
Southwest Region stakeholders who provided funding to support the REAP include Bingham Greenbaum Doll LLP, Economic Development Coalition of Southwest Indiana, Fifth Third Bank, Freedom Bank, German American Bancorp, Jasper Engines & Transmissions, Koch Enterprises, Memorial Hospital & Healthcare Center, Menke Charitable Foundation, Old National Bank, Regional Impact Fund, Ron Romain, Seufert Construction and Supply and Vectren Corporation.
Counties included in the Southwest Region REAP are Daviess, Dubois, Gibson, Greene, Knox, Lawrence, Martin, Orange, Perry, Pike, Posey, Spencer, Vanderburgh and Warrick.
Source: Elevate Ventures