Elevate Ventures' CEO Resigns

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Elevate Ventures' board of directors has written a letter to stakeholders to inform them that founder and Chief Executive Officer Steve Hourigan has resigned. The board will conduct a national search to find his replacement. August 15, 2014

Corporate Release

Dear Stakeholder,

We are writing to update you about some changes that are taking place at Elevate Ventures.

This week, Elevate Ventures Founder and CEO Steve Hourigan announced his intention to resign his position as CEO. The Elevate Ventures Board of Directors will conduct a national search to find a new leader for the organization and has asked Steve to assist with the transition of a new CEO and to provide strategic advice and counsel to Elevate throughout the coming months. He will continue to lead Elevate until a successor is identified. Despite a change in leadership, the IEDC remains committed to the innovative formula that Elevate Ventures has implemented. By utilizing entrepreneurs-in-residence, supporting regional and local economic development organizations and making strategic investments in Indiana companies, this model has resulted in new opportunities for Hoosiers upon which we will continue to build.

The creation of Elevate Ventures and its progress made over the past four years would not have been possible were it not for Steve’s vision. The organization he has helped to build has become a model for organizations in other states that are looking to follow Elevate’s innovative lead. Among our accomplishments are partnerships with entrepreneurship-focused organizations and the development of an engaged angel and venture capital network that we must continue to build. Advancements in these areas, along with the venture development model, have resulted in an increase in the private to public investment capital leverage ratio from 1.2:1 in 2009, to 10.2:1 in 2013.

As Elevate Ventures looks to build upon our learning and success, the Elevate Board of Directors has initiated a growth strategy. The Board is in the midst of a search to add new Board members who bring with them the diverse skillset and expertise needed to guide our organization’s mission to nurture and develop emerging and existing high-potential businesses into high-performing Indiana-based companies. We look forward to attracting new Board members who are committed to Elevate’s mission and willing to lend their time and talents to help grow our state’s economy.

During this period of growth and change, the Elevate Ventures team will remain steadfast in our work to foster entrepreneurship across our state and create jobs here in Indiana. We look forward to working with you and thank you for your continued partnership and support.

Sincerely,

John Schneider, Chairman, Board of Directors

Mike Davidson, Member, Board of Directors

Bob Myer, Member, Board of Directors

Kip Tom, Member, Board of Directors

Source: Elevate Ventures