Elevate Ventures has named Chris LaMothe chief executive officer. He is the former president of the Indiana Chamber of Commerce and Daleville-based Sherry Laboratories Holdings LLC. LaMothe will begin his new role in July. He led the Indiana Chamber of Commerce from 1992-2002. LaMothe will succeed Steve Hourigan, who announced his resignation in August.
Elevate Ventures was formed in 2010 with support from the Indiana Economic Development Corp. The organization says it had a record 2014, pumping nearly $8 million into early-stage company and helping secure around $13 million from co-investors.
April 16, 2015
INDIANAPOLIS, Ind. – The Elevate Ventures Board of Directors announced today that Chris LaMothe, an experienced Indiana private sector business leader, has been selected to lead Elevate Ventures as its new Chief Executive Officer (CEO).
“After an extensive national search conducted by The Kinsley Group, we found the best candidate right here in Indiana,” said Elevate Board member Bob Myer. “Chris brings a wealth of talent to the job. He is a successful entrepreneur with vast experience in growing private enterprises and serving the interests of a wide variety of stakeholders around the state. His skills will be put to strategic use at Elevate Ventures,” Myer observed.
Elevate Ventures, founded in 2010, is supported by the Indiana Economic Development Corporation, community foundations, and major corporate and individual donors. The company provides coaching and advisory services through its Entrepreneur-In-Residence program, as well as investments in high potential high-growth Indiana companies. Elevate’s direct investment portfolio includes over 45 companies, with nearly $30 million invested, and over $192 million co-invested since 2010. It also serves other entrepreneurship initiatives through partnerships with key organizations around the state.
LaMothe was chosen for his long track record as both a business strategist and driver of Indiana business policy, and for his expertise in private equity investment management. “Indiana is well-stocked with entrepreneurial talent,” said Victor Smith, Indiana Secretary of Commerce. “And with the help of Elevate Ventures, those talented Hoosiers are building their ideas into businesses that are helping Indiana outpace the nation in job growth. To strengthen Indiana’s economic vigor, it’s crucial that we have an entrepreneur cut from the same cloth leading operations at Elevate, and that leader is Chris LaMothe.”
Following his tenure as President of the Indiana Chamber of Commerce, LaMothe served as President of Oxford Financial Group before acquiring and serving as CEO of Sherry Laboratories, one of the largest independent materials testing businesses in the United States, which was recently sold to Element Materials Technology.
LaMothe will assume the responsibilities of CEO in mid-July. “The Elevate Ventures team has done a fantastic job of launching the organization and building the company from the ground up. We see a bright future ahead as we work to build support for, and expand, our venture development model for the benefit of companies around the State of Indiana,” LaMothe said.
Source: Elevate Ventures.