Elevate Ventures Continues Indiana ExpansionPosted: Updated:
Elevate Ventures is once again planning to grow its footprint within the state. The startup funding group is looking to offer programming, consulting and funding opportunities for entrepreneurs in nine southern Indiana counties. The organization says it will also help connect area startups with experienced entrepreneurs for assessment and mentoring services.
March 4, 2014
JEFFERSONVILLE and INDIANAPOLIS, Ind. - Velocity Indiana today announced that entrepreneurs in the region will have new resources for growth opportunities through the planned expansion of Elevate Ventures, a non-profit venture development group, in nine area counties. Elevate Ventures currently manages more than $80 million in state and federal investment funds and works and works to nurture and develop emerging and existing high-potential businesses into high-performing, Indiana-based companies.
"Regional entrepreneurship has a bright future that has been made even brighter through the resources that Elevate Ventures is working to bring here," said Tony Schy, Velocity Indiana managing director. "Enabling entrepreneurs to utilize the programming, mentoring and consulting opportunities Elevate offers will have an immediate impact on our region as we seek to grow jobs and attract investments."
Equation of Velocity
Upon final approval by Indiana Economic Development Corporation (IEDC), Elevate Ventures will expand operations to Monroe, Brown, Jackson, Washington, Scott, Crawford, Harrison, Floyd and Clark counties. Elevate provides services for both startup and existing companies through a team of Entrepreneurs-In-Residence (EIRs). These EIRs are experienced entrepreneurs positioned to help existing companies reach new levels of growth through an assessment and mentoring process, in addition to other advisory services, made available to qualified applicants at no cost. The EIRs also assist first- and second-stage startup companies in securing capital through Elevate-managed funds, in addition to private investors.
"Our mission is to serve as a catalyst for Hoosier entrepreneurs. By providing the right guidance and the right connections through our experienced professionals, we hope to help a startup or existing company reach new levels of growth," said David Clark, Venture Partner at Elevate Ventures. "By enabling these developing companies to grow and position themselves to seek outside investment capital, we are helping to create Indiana jobs."
Since its formation in late 2011, Elevate Ventures has helped generate over $154 million dollars in economic impact across Northern Indiana. Elevate Ventures serves as co-investor in qualified Indiana companies while assisting emerging companies in attracting private investment. In its first three years, Elevate Ventures has assisted in attracting and securing more than $70 million in private capital for Indiana-based companies. Velocity's relationship with Elevate will provide additional mentoring and assistance for the companies from across the nation participating in Velocity's accelerator, and may also attract those companies to eventually headquarter their operations in Indiana, thanks to the robust funding opportunities Elevate can provide.
"While most venture capital groups look strictly at financial return-on-investment, Elevate looks at the potential for growth in Indiana's economy" said Dan Owen, EIR for Elevate Ventures in south central Indiana. "Whether a company is just an idea or is already established, we work to provide the experience, connections, and capital to accelerate growth."
Velocity has a growing portfolio of services available to entrepreneurs in these nine counties in south central Indiana and the surrounding area. In addition to their accelerator, Velocity offers co-work space, access to seasoned entrepreneurs, training classes, investor events and other services through which communities and entrepreneurs across southern Indiana can benefit. The partnership between Velocity Indiana and Elevate Ventures expands opportunities for entrepreneurial success in support of the economic development priorities of Governor Pence and the IEDC. Elevate's presence in northern Indiana over the past two years has significantly increased jobs and revenue leading to $154 million in total economic impact. The south central region of Indiana will now have the opportunity to receive the same kind of economic growth through the entrepreneurial assistance offered through Velocity's partnership with Elevate Ventures.
About Elevate Ventures
Elevate Ventures is a not-for-profit private venture development organization focused on catalyzing growth of emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures provides companies with opportunities to access capital, rigorous business analysis and robust advisory services that connect companies with resources businesses need to succeed long-term. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com.
About Velocity Indiana
Velocity is an effort of passionate mentors and entrepreneurs. We're on a mission to create an entrepreneurial ecosystem and increase the number of quality young companies across southern Indiana.
We're a 501c3 (pending IRS determination) not-for-profit leadership organization that drives initiatives designed to enhance the image of Southern Indiana as a dynamic and focus-driven place for entrepreneurs and their new ventures. Velocity's flagship educational program is our 'Business Accelerator' that attracts, funds and mentors up to ten young companies per year over a 6-month period. The founders of these companies may be college students, corporate employees, or individuals.
Source: Velocity Indiana, Elevate Ventures