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[IEDC] State Partners With Elevate Ventures To Launch Diversity Investment Fund
Start Date: 6/4/2013Start Time: 12:00 AM
End Date: 6/4/2013End Time: 11:59 PM
Entry Description
INDIANAPOLIS (June 4, 2013) - Seeking to take advantage of a core component of economic growth, the Indiana Economic Development Corporation, in partnership with Elevate Ventures, is launching the Indiana Diversity Investment Fund (IDI Fund). A sub-program under the Indiana Angel Network Fund, a seed and early-stage co-investment program for Indiana companies under the U.S. Department of Treasury's State Small Business Credit Initiative, the IDI Fund is dedicated to supporting and investing in innovative women, minority and veteran-owned businesses with high growth potential in Indiana.

"Diversity strengthens our state," said Governor Mike Pence. "As women, minority and veteran-owned businesses grow, these firms will employ more people in our state. Diversity matters and leads to stronger communities and job creation."

The IDI Fund will accomplish this goal by working with diversity-focused partners to leverage their domain knowledge and support networks. In addition to the inaugural partner the National Association of Women Business Owners, Elevate Ventures is actively seeking partners locally, regionally and nationally. The initial total funding available is $1 million.

"The evidence is compelling," said Victor Smith, Indiana Secretary of Commerce. "Minority groups have a high propensity for starting up businesses. We look forward to providing much needed capital and assistance to high potential minority business targets, and to expanding this program once this initial pilot demonstrates success."

The IDI Fund targets Indiana businesses owned and managed by women, minorities and veterans, with average annual revenue of less than $3,000,000 in their two most recent fiscal years. Different from minority-owned business certifications, the IDI Fund seeks to catalyze private investment by providing co-investment dollars into such companies with clear and sustainable competitive advantages, scalable business models with achievable growth and exit potential and a likely trajectory of meaningful job creation. For funding and assistance, women, minority and veteran entrepreneurs are encouraged to contact Elevate Ventures and visit www.elevateventures.com/apply.   
  
About Elevate Ventures
As a private venture development organization Elevate Ventures is committed to helping emerging, high-potential business opportunities find capital and receive expert guidance to become successful, Indiana companies. Established in 2011, Elevate Ventures leverages its statewide, deep bench of dedicated entrepreneurs and investment experts to vet entrepreneurial opportunities and identify those with high potential and high growth.

About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC. 

The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. For more information about IEDC, visit www.iedc.in.gov.


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Media Contacts:
Amy Wiser (Elevate Ventures) - 317.631.6400 or amy.wiser@borshoff.biz
Katelyn Hancock (IEDC) - 317.234.2294 or kahancock@iedc.in.gov
Contact Information:
Name: Katelyn Hancock
Phone: 317-234-2294
Email: kahancock@iedc.in.gov
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Entry Type:
Press Release
Entry Category:
  • Announcements
  • IN.gov Category:
  • Business & Employment
  • Agency Name
    Economic Development Corporation, Indiana

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