"Through REAP, Elevate Ventures will provide a fast track for entrepreneurs in this region by offering key services,"
Indianapolis, IN (PRWEB) July 12, 2013
Elevate Ventures, a private venture development organization that assists and invests in high-growth, high-potential early and second-stage companies, announced a partnership with key community stakeholders to launch the Elevate Ventures Regional Entrepreneurship Action Plan (REAP) in Southwest Indiana. The first phase, also known as Quick Start, will provide local entrepreneurial resources and access to the firm’s funds under management. Elevate Ventures manages over $80 million in funds through its 21st Century Research & Technology Fund, its Indiana Angel Network Fund, its Community Development Fund and its recently launched Diversity Fund.
The introduction of this program will make several vital resources available to the region’s entrepreneurial community, including investment capital for high-potential, high-growth companies, the local placement of Elevate Ventures Entrepreneurs-In-Residence, participation in a statewide investor network, and the offering of Economic Gardening services to local second-stage companies.
First launched in October 2011 in Northern Indiana, the REAP is a four-year program designed to stimulate economic activity and to facilitate the emergence and development of high-potential companies into high-performing businesses. Through the REAP, Elevate Ventures staff, in partnership with local business leaders, economic development organizations, and other local stakeholders, will provide assistance and capital to identified early-stage and second-stage companies that have the intent and capacity to grow their business.
"Through REAP, Elevate Ventures will provide a fast track for entrepreneurs in this region by offering key services such as business analysis, advisory services and resources to succeed long-term and help companies move past many of the initial challenges they might face," stated Carl Chapman, Vectren Corporation's President and CEO. "Our region has been steadily building a network of stakeholders and partners to provide the foundation for growth environments just as it has with many other regional initiatives; and, we are ready to launch REAP to provide momentum in helping the businesses located here to arrive at success sooner,” stated Becky Skillman, President of Radius Indiana. Vectren Corporation and Radius Indiana are REAP funding stakeholders.
Bob Myer, an Evansville area resident, angel investor, and a director at Elevate Ventures, will be an acting Entrepreneur-in-Residence in the region. Elevate Ventures plans on hiring two additional Entrepreneurs-In-Residence.
The program offered by Elevate Ventures has had great success in the northern regions of Indiana, where it was first implemented. Results include an increase in the number of funding applications from the region, a greater number of companies obtaining funding from Elevate Ventures and private investors, and significant increases in employment and revenue growth for participants in the Economic Gardening program.
Among many stakeholders who are eager to see these services come to the region, few are more enthused than Greg Wathen, President & CEO of the Economic Development Coalition of Southwest Indiana.
“We are in a position to catalyze the resources already existing in the region,” said Wathen, when asked about the potential impact of the REAP. “Elevate Ventures and the services its team offers will help us do that. We’ve already had several years of traction, and this is one of those critical steps that could truly ignite unprecedented growth in our community. We’re very excited to see how this program will benefit Southwest Indiana businesses.”
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. As a not-for-profit organization, Elevate Ventures is able to offer unbiased, in-depth perspective and recommendations. To learn more about Elevate Ventures, its team and its funds under management, visit http://www.elevateventures.com.
About the Southwest Region REAP Stakeholders
Southwest Region stakeholders who provided funding to support the REAP include Bingham Greenbaum Doll LLP, City of Evansville, Economic Development Coalition of Southwest Indiana, Fifth Third Bank, Freedom Bank, German American Bancorp, Indiana Economic Development Corporation, Jasper Engines & Transmissions, Koch Enterprises, Memorial Hospital & Healthcare Center, Menke Charitable Foundation, Old National Bank, Radius Indiana, Regional Impact Fund, Ron Romain, Seufert Construction and Supply and Vectren Corporation.
Counties included in the Southwest Region REAP are Daviess, Dubois, Gibson, Greene, Knox, Lawrence, Martin, Orange, Perry, Pike, Posey, Spencer, Vanderburgh and Warrick.