Indianapolis-based Elevate Ventures says a new funding initiative will be a force for entrepreneurs in regions where it has established a presence. The Community Ideation Fund will make $200,000 available in each of Elevate Ventures’ partnership regions over the next three years.
The funding comes from the state’s 21st Century Research and Technology Fund, which is overseen by the Indiana Economic Development Corp. It focuses on statewide public-private partnership opportunities that involve innovation. Applicants, which must meet requirements including being headquartered in an Elevate partnership region, can seek between $5,000 and $20,000.
Chief Executive Officer Chris LaMothe says "we’re pleased to be able to offer the Community Ideation Fund in regions where we have partnerships and see a promising entrepreneurial ecosystem. For young startups that aren’t quite ready to seek traditional investment funding, these smaller amounts can be the catalyst that propels them forward to that next stage of investment and growth. Supporting founders every step of the way ultimately stimulates the types of entrepreneurial ecosystems we’re trying to foster statewide."
Elevate Ventures has partnerships in the South Bend-Elkhart region, as well as southern, southwest and northeast Indiana.
Three startups within the Fort Wayne-based elevate northeast Indiana footprint have taken advantage of the program: restaurant app developer 3B Apps, healthcare motion-analysis tech creator Apollo Dynamics and hand-held medical device developer Blaire Biomedical. They will be featured October 16 during an Emerging Entrepreneur Launch Night at the Wunderkammer Co. facility in Fort Wayne.
You can connect to more about the Community Ideation Fund by clicking here.