Velocity Indiana announced today a partnership with Indianapolis-based venture development group Elevate Ventures as the group plans to expand from northern Indiana into nine south-central Indiana counties. This partnership means startups and existing business in Southern Indiana, and the local economy, could see a significant boost in resources and growth, if Elevate Ventures’ track record in other regions holds true in the area.
Elevate Ventures is a 501(c)3 nonprofit that currently manages more than $80 million in state and federal investment funds. The mission of Elevate Ventures is to “nurture and develop emerging and existing high-potential businesses into high-performing, Indiana-based companies.” Since its formation in late 2011, Elevate Ventures has helped generate over $154 million dollars in economic impact across Northern Indiana.
“Regional entrepreneurship has a bright future that has been made even brighter through the resources that Elevate Ventures is working to bring here,” Tony Schy, Velocity Indiana managing director, said in a news release. “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.”
Elevate Ventures will expand operations to Monroe, Brown, Jackson, Washington, Scott, Crawford, Harrison, Floyd and Clark counties.
From the news release:
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.
Among the resources Elevate already offers to other Indiana counties is a high-potential start-up grant program for entrepreneurs; a Diversity Investment Fund dedicated to entrepreneurial activities by women, minorities, and veterans; an Economic Gardening program that offers assistance to high-potential second-stage companies with $750,000 to $10 million in revenue.
Local communities in Northern Indiana have committed nearly $2.2 million
of private dollars to help Elevate jumpstart local entrepreneurship.
Elevate Ventures began offering services in southwest Indiana in July 2013. Watch the one minute announcement of this initiative:
Velocity’s partnership with Elevate means additional mentorship and resources will be available to the companies in residence at the accelerator program. It also provides additional incentives to these companies to locate their headquarters in Indiana because of the robust funding programs Elevate can offer.