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THE BIG AMBITION THE BIG AMBITION THE BIG AMBITION THE BIG AMBITION THE BIG AMBITION

THE BIG AMBITION

THE BIG AMBITION

THE BIG

THE BIG AMBITION

THE BIG AMBITION

AMBITION

THE BIG AMBITION

THE BIG

THE BIG AMBITION

THE BIG AMBITION

THE BIG AMBITIO

THE BIG AMBITION THE BIG AMBITION THE BIG AMBITION THE BIG AMBITION


HOW DO WE REACH

INDIANA’S AMBITION For the past eight years, Elevate Ventures has executed on the two-fold strategy of providing Indiana entrepreneurs access to capital, coaching, mentoring, and other services while working to build entrepreneurial communities with our statewide partners. This two-fold strategy is cultivating the entrepreneurial ecosystem of Indiana while building a foundation to achieve the Big Ambition. So, what exactly is the Big Ambition?

I

ndiana’s Big Ambition is for entrepreneurism and innovation to be a driving force in communities throughout our state. While Indiana has made remarkable progress over the past 15 years, including ranking among the top five states in a number of key competitive categories, we are significantly lagging in a few critical areas that must be improved. In 2019, Indiana’s overall Kauffman state competitiveness ranking for new entrepreneurs fell from 44th to 47th while our ranking for total employment at firms less than five years old dropped from 42nd to 47th. In addition, the state’s ranking for venture capital invested is currently at 30th in the nation.* We can do better! Indiana has an opportunity to encourage and support innovative new businesses which are vital in driving economic growth, attracting and keeping talent, and building strong, resilient, and successful communities throughout our state. Building this to critical mass isn’t a sprint – it’s a long-distance run and will take a decade to see results. Investing in the future is necessary if we are going to compete on a national level. Keeping the Big Ambition in mind, there are early indications that both innovation and entrepreneurism are beginning to take hold throughout Indiana. On the following pages, you will see examples of organizations such as The Mirro Center for Research and Innovation

*Source: Indiana Chamber – Indiana Vision 2025 Report Card 2019

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and The Root that are fostering long-term changes that support strong ecosystems. To gain more momentum, along with Elevate’s existing partnerships in South Bend-Elkhart, Northeast Indiana, Bloomington/Columbus, Evansville/Jasper, and Jeffersonville/New Albany, Elevate also launched a university-focused initiative called Elevate Nexus. Elevate Nexus is focused on Indiana’s public and private higher education institutions and taps into Indiana’s upcoming talent and innovative ideas. Elevate Nexus creates bonds among higher education institutions, community partners, and entrepreneurs, leading to more high-quality startups launching and growing in Indiana. At our core, we exist to invest in start-up and earlystage companies for return, while creating sustainable cultures and infrastructure across Indiana that support the ongoing development and success of entrepreneurs. Our vision is to be regarded as a critical guide, investor, and ecosystem catalyst for developing high-performing, high-growth, Indiana-based businesses. We all have an important role to play in building Indiana’s ambition!

CHRIS LAMOTHE, CEO


MISSION STATEMENT

THE BIG AMBITION

Elevate Ventures is a venture development organization focused on building sustainable innovation and entrepreneurship cultures in Indiana, and fostering and developing highpotential, high-growth businesses for investment and returns for our stakeholders.

TABLE OF CONTENTS

06

Leading The Big Ambition

08

Competing at a National Level

09

Partnership Snapshot

10

Fueling Higher Education’s Ambition

12

Investing in Indiana’s Ambition

22 Team 23

Elevate Advisors

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LEADING THE

BG AMBITION

Like anything worth doing, it will take years to build the Big Ambition but both innovation and entrepreneurism must be ingrained in Indiana’s foundation in order for us to build a successful and dynamic economy of the future. There are several examples across the state that are cultivating entrepreneurship and innovation. By encouraging collaboration, strategic partnerships, and providing capital, these organizations and initiatives are leading the way to the Big Ambition.

MORGAN THEWES, COMMUNITY MANAGER OF LIVEWIRE SAYS: LIVEWIRE IS ALREADY GARNERING SUPPORT FROM OTHER ORGANIZATIONS THROUGHOUT THE STATE. IT’S GREAT TO SEE HOW MUCH OTHER COWORKING SPACES WANT TO HELP. WE ALL WANT TO SEE BUSINESSES THRIVE IN SMALLER COMMUNITIES.

LIVEWIRE Jasper’s first coworking space, LiveWire, opened in September 2019. The Dubois county space provides a collaborative environment, ideal for startups looking to network with other entrepreneurs. LiveWire is part of the city’s progress to attract more people to Jasper and create more opportunities. In addition to supporting startups and encouraging collaboration, the coworking space has partnered with Oakland City University to make LiveWire a satellite campus to bring classes to Dubois County residents. The university will offer MBA and other masters’ courses beginning in spring 2020.

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THE DIMENSION MILL

GENER8TOR AND GBETA

Home to 250 members and 25 companies, the Dimension Mill is 19,000 square feet of coworking and incubator space. Located in Bloomington’s Trades District, The Mill has been producing events and programming to support the technology and innovation community since summer 2017, and they completed a full renovation in 2018. Along with Elevate Ventures and the cities of Bloomington and Columbus, The Mill is part of the Velocities partnership. The Mill programming was built to support high-potential companies and improve readiness for talent, training, and capital.

Nationally-ranked gener8tor is an accelerator that invests in high-growth startups. The turnkey platform connects startups, entrepreneurs, artists, investors, universities, and corporations. gener8tor also runs gBETA, a seven-week program for early-stage companies. In 2019, Elevate Ventures partnered with gener8tor to develop Elevate Origins, a pre-accelerator for Indiana startups. Chelsea Linder, Managing Director of gBETA at gener8tor, says that Indiana has a unique ability to collaborate state-wide to support an innovative entrepreneurial ecosystem.

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THE ROOT The Root is a coworking space in New Albany that helps businesses flourish by connecting unconnected people in a versatile environment. The space hosts meet-ups, entrepreneurial events, and company and community events so members can engage with each other and the surrounding community residents and businesses. The Root opened their doors in December 2018 with 23 members. Over the past year, the space has seen tremendous growth and plans to expand their footprint in downtown Jeffersonville, in early 2020. Their second location will be comprised of private offices and meeting rooms.

THE ROOT CO-FOUNDER BRIGID MORRISSEY SAYS: COWORKING HAS BECOME MORE RELEVANT IN INDIANA AS THE STATE ADAPTS TO NEW INNOVATIONS. AS MORE OF THE BUSINESS WORLD TRANSITIONS INTO REMOTE WORKING, A POTENTIALLY ISOLATING WAY TO WORK, THE ROOT PROVIDES COMMUNITY AND COLLABORATION IN NEW AND UNIQUE WAYS. IN OUR FIRST YEAR OF BUSINESS, WE HAVE GROWN TO 66 MEMBERS, BRINGING 51 BUSINESSES TO NEW ALBANY’S HISTORIC DOWNTOWN, SERVING AS A CONNECTOR BETWEEN THE LOUISVILLE STARTUP COMMUNITY, SOUTHERN INDIANA, AND BEYOND.

THE PARKVIEW MIRRO CENTER FOR RESEARCH AND INNOVATION Located in Fort Wayne, The Parkview Mirro Center for Research and Innovation fosters collaboration with scientists, entrepreneurs, and organizations that are passionate about transforming the delivery of healthcare. The 84,000 square foot facility opened in 2014 and dedicates space to cultivate the successful development and commercial launch of innovative, game-changing clinical solutions. These efforts have the potential to revolutionize healthcare, enhance medical synergy and save lives. The center established an Innovation Counsel in 2014 and expanded the vision with Jolynn Suko MPH SVP, Chief Innovation Officer at Parkview Health. The counsel provides program oversight and input into updating IP policies and providing strategic direction. Healthcare start-ups will be presenting pitches for consideration of Innovation Funding. Dr. Michael Mirro, Medical Director, Parkview Research Center says the center also has an economic development impact for the local community by drawing individuals who are highly-educated in science or other fields like health informatics and health information technology, who help support trials.

ITAMCO A key part of the northern Indiana community, Indiana Technology and Manufacturing Companies (ITAMCO) is recognized as one of the premier advanced manufacturing and technology firms in the United States. The Plymouth-based company was established in 1955 and collaborates with companies and universities from all over the world to deliver innovative solutions. Since 2012, ITAMCO has partnered with the Center for Research Computing at the University of Notre Dame to develop and commercialize technologies. Elevate portfolio companies Atlas 3D and SIMBA Chain spun off from ITAMCO through the university partnership.

NEXT LEVEL INDIANA FUND

DR. MICHAEL MIRRO, MEDICAL DIRECTOR OF THE PARKVIEW RESEARCH CENTER SAYS: IN HEALTHCARE, RESEARCH AND INNOVATION PROVIDE HOPE AND SOLUTIONS TO PATIENTS WITH SERIOUS DISEASE. AT THE MIRRO CENTER, WE ARE WORKING TO REVOLUTIONIZE HEALTHCARE, ENHANCE MEDICAL SYNERGY, AND SAVE LIVES.

To foster a vibrant entrepreneurial ecosystem, the Indiana General Assembly announced the formation of the Next Level Fund in 2017. Based in Indianapolis, the organization makes targeted investments in Indiana venture capital funds to drive economic activity in Indiana. These investments not only nurture a strong local ecosystem, but also raise the national profile of Indiana’s healthcare, technology, agricultural, and business communities. The Next Level Fund aims to invest up to $250M over the next five years to support increased entrepreneurship and innovation in Indiana.

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COMPETING AT A NATIONAL LEVEL Entrepreneurial ecosystems have become a crucial part of fostering economic growth and innovation within a region. Across the United States, leaders and organizations are collaborating to create strong ecosystems with resources such as coworking spaces, research centers, incubators, and accelerator programs. While Indiana is home to many successful and innovative businesses, the rate of new entrepreneurs in our state is lower than the national average, leaving us behind states such as Florida, Missouri, and Texas. Here, we examine some thriving entrepreneurial ecosystems across the United States. RALEIGH, NORTH CAROLINA

AUSTIN, TEXAS Austin’s fast-growing population combined with a relatively low cost of living make it desirable for startups. The University of Texas at Austin has resources needed to spark innovation, including 41 entrepreneur-related classes and the Austin Technology Incubator. According to Pitchbook data, the city had over $1.3B of venture capital invested in the first three quarters of 2019. Nationally, Texas is ranked third for the rate of new entrepreneurs in the state.

Two of Raleigh’s local universities, Duke University and The University of North Carolina at Chapel Hill, have formed over 500 startups combined. The city also boasts accelerators such as the Triangle Investor Alliance and the Wolfpack Investor Network, ideal for boosting entrepreneurship. Compared to the United States’ average, North Carolina has a higher percentage of startups that are still active after one year (81.20% vs. 79.43% Nationwide).

Kansas City is known as the heart of “Silicon Prairie”, earned for its startup culture. The city is home to several entrepreneurial resources, including the Kauffman Foundation, BetaBlox, and LaunchKC, a local startup accelerator program that awards $50K in grants every year. Missouri startups are creating jobs at a higher rate than the national average. (5.73% vs. 5.2%)

Source: Kauffman Indicators of Entrepreneurship

Source: Kauffman Indicators of Entrepreneurship

Source: Kauffman Indicators of Entrepreneurship

PHOENIX, ARIZONA Phoenix is becoming a hub for tech and entrepreneurship. Downtown Phoenix is home to over 300 technology companies, up from 67 in 2012. Arizona State University has topped U.S. News & World Report’s “Most Innovative Schools” list since 2016. According to Pitchbook data, the city had over $450M in venture capital invested through third quarter 2019. In addition, Phoenix had the highest average wage increase across all industries in the United States in 2018. Source: https://www.inc.com/surge-cities/best-places-start-business.html

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KANSAS CITY, MISSOURI

ORLANDO, FLORIDA Florida has the highest rate of new entrepreneurs with 0.46% of its population starting businesses, while the city of Orlando ranks number one in job creation. Orlando’s startup ecosystem includes coworking spaces and accelerator programs such as the FireSpring Fund, the Venture ScaleUp accelerator, and the GuideWell Innovation Center. Source: Kauffman Indicators of Entrepreneurship https://www.inc.com/surge-cities/best-places-start-business.html


PARTNERSHIP SNAPSHOT Elevate is a catalyst for leading ambition and innovation in Indiana. Within our partnership regions we are working with entrepreneurial organizations and investment partners to continue to build toward the Big Ambition.

PAT EAST, EXECUTIVE DIRECTOR OF THE DIMENSION MILL SAYS: THE VELOCITIES PARTNERSHIP IS HELPING DRIVE INNOVATION IN THREE MAIN WAYS. THE FIRST IS HIRING AN ENTREPRENEUR-IN-RESIDENCE TO EDUCATE OUR COMPANIES ON HOW TO BUILD AND GROW THEIR COMPANIES. THE EIR ALSO ACTS AS A BRIDGE BETWEEN COLUMBUS AND BLOOMINGTON, HELPING TO MAKE CONNECTIONS. THERE’S LOTS OF INSTANCES WHERE SOMEONE IN BLOOMINGTON WILL NEED SOMETHING AND THE SOLUTION WILL BE IN COLUMBUS AND VICE VERSA. THE SECOND IS THE ACCESS TO CAPITAL VIA THE IDEATION AND EARLY STAGE FUNDS. LASTLY, THERE’S SO MUCH POTENTIAL FOR CROSS POLLINATION AND COLLABORATION BETWEEN OUR COMMUNITIES.

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EVENTS PLANNED

STARTUP SOUTH BEND-ELKHART LAUNCHED JANUARY 2017

ELEVATE NORTHEAST INDIANA LAUNCHED APRIL 2017

3 COUNTIES: Elkhart, Marshall, St. Joseph

11 COUNTIES: Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells, Whitley

VELOCITIES LAUNCHED JULY 2019 3 COUNTIES: Bartholomew, Brown, Monroe

1804

ELEVATE SOUTHWEST INDIANA

LAUNCHED JULY 2017 2 COUNTIES: Clark, Floyd

LAUNCHED JUNE 2017 6 COUNTIES: Dubois, Gibson, Pike, Posey, Vanderburgh, Warrick

$2.05M

INVESTED IN THE REGIONS IN 2019

$11M

CAPITAL LEVERAGED WITHIN REGIONS IN 2019

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FUELING HIGHER EDUCATION’S AMBITION

ElevateNexus Elevate Nexus, a new program launched in 2019 under Elevate Ventures, provides resources and thought leadership to higher-education institutions and the entrepreneurs they engage for the purpose of creating a stronger bond among higher education institutions, community partners and entrepreneurs. This robust, unified, smarter network will lead to more high-quality, innovationdriven startups launching and growing in Indiana.

INDIANA UNIVERSITIES RECEIVE GRANT DOLLARS TO FOCUS ON ENTREPRENEURSHIP Through a partnership with the U.S. Economic Development Administration, Elevate will provide grants to higher education institutions to develop and improve programming that helps surface, cultivate, and educate innovation-driven entrepreneurs. In December 2019, Elevate Ventures announced the first Elevate Nexus Higher Education Grant recipients. The four universities, Indiana University-Purdue University Indianapolis (IUPUI), University of Notre Dame, Purdue University, and Trine University each received $50K to launch and improve entrepreneurship programming within their university and community.

$200K GRANTED

FOR ENTREPRENEURIAL PROGRAMMING

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2019 AWARDEES (and how they are using funds): •

Indiana University-Purdue University Indianapolis (IUPUI): Establish a Center for Student Innovation. This central entity will market various efforts on campus to students and faculty, and facilitate engagement.

University of Notre Dame: Amplify The Race to Revenue program, which is modeled after top accelerators, and provides startups with a mentor infrastructure, weekly coaching meetings and a concluding Demo Day.

Purdue University: Amplify Purdue Foundry’s Double Down program, which is designed to tackle a startup’s unique challenges and enable it to rapidly grow and scale through direct business consulting and mentorship.

Trine University: Establish an incubator of intellectual ideation and amplify student and community entrepreneurial programming.


REGIONAL AND STATEWIDE PITCH COMPETITIONS

75 COMPANIES DOLLARS COMMITTED

Each year, Elevate Nexus will award pre-seed and seed investments to startups launching the next high-growth businesses in Indiana. The pitch competitions will be held semiannually in February and October and will offer startups, preferably those engaged with Elevate Nexus partnered colleges and universities, the opportunity to secure foundational capital needed to launch their businesses. Pitch winners are invited to participate in the annual statewide competition for a chance to compete for larger investments.

NORTH

SOUTH

CENTRAL

Location: Innovation Park at Notre Dame

Location: Westgate Academy

Location: Butler University

Companies who received investment:

Companies who received investment:

Companies who received investment:

• Enriched App, New Albany

• Indiana Lysis Technologies, Zionsville

APPLIED

$660K

Digital Trade School, South Bend

• ProstheTech, South Bend • ShopScope Inc., Roseland • CoolCorp Inc., Pierceton • StoryBolt, Hammond

• Kynect Sport, Bloomington • Semiring Inc., Bloomington • Civic Champs, Bloomington • Eclipse Orthopaedics, Warsaw

• Neurava, West Lafayette • Predictflow, Middletown • HySonic Technologies, West Lafayette

ELEVATE ORIGINS Elevate Origins is a preaccelerator program created to prepare aspiring entrepreneurs within higher-education institutions and communities across Indiana. This online training series, administered by nationally-ranked accelerator gener8tor, teaches entrepreneurs how to evaluate their business ideas and ultimately develop an investor-ready business model, pitch deck, and executive summary.

ELEVATE ORIGINS FIRST COHORT RECEIVED APPLICATIONS AND COMPANIES GRADUATED

75

26

• The New Paper Inc., Indianapolis

ANNETTE MILLER, CEO AT ENRICHED APP SAYS: FUNDS FROM THE NEXUS COMPETITION WILL BE USED TO HELP FIND OUR FIRST 100 CUSTOMERS AND BUILD STRATEGIC PARTNERSHIPS, WHICH WILL HELP US GET TO THE NEXT STAGE OF REVENUE. THE FUNDING WE’VE RECEIVED IS A MONUMENTAL ACCOMPLISHMENT FOR A COMPANY AT OUR STAGE.

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INVESTING IN

INDIANA’S AMBITION

New business fuels Indiana’s economic growth and when those businesses are innovative it gives Indiana the opportunity to attract highly-educated talent. This growth in talent leads to additional employment opportunities, increases in revenue, and ultimately new entrepreneurial growth. The Elevate Ventures’ portfolio includes companies from many regions and industries, all impacting the state with innovative ideas.

CIVIC CHAMPS RECEIVES FIRST COMMUNITY IDEATION FUND IN VELOCITIES REGION Civic Champs, a social enterprise that streamlines volunteer management, became the first company in the Velocities region to receive an investment from Elevate Ventures’ Community Ideation Fund. Elevate’s investment was only one piece of the Bloomington-based company’s eventful year. Earlier in the year, Civic Champs was one of 40 companies to pitch for the Clapp IDEA Competition at IU’s Johnson Center for Entrepreneurship and Innovation, where they won the $20K prize. The startup was also a semifinalist in the 2019 TechCrunch Startup Battlefield Competition and is competing as a semifinalist for the UpPrize, with an opportunity to win $160K in non-dilutive funding. Civic Champs currently supports 39 nonprofits, with a goal to have as many as 200 nonprofits using its model within 18 months.

SINCE 2017, ELEVATE HAS BEEN RANKED THE MOST ACTIVE VENTURE CAPITAL FIRM IN THE GREAT LAKES REGION

#1

Among investors by venture capital deal location, as reported in the Pitchbook 2019 3Q Global League Tables and its global rankings of investors and service providers.

GENG WENG, CEO AT CIVIC CHAMPS SAYS: WE ARE BLESSED TO BE PART OF THE BLOOMINGTON AND GREATER INDIANA STARTUP ECOSYSTEM. IT HAS BEEN EXCITING TO SEE THE INVESTMENT THE CITY AND STATE HAVE MADE TO SUPPORT ENTREPRENEURS LIKE US. FROM THE LAUNCH OF VELOCITIES TO THE CONSTRUCTION OF THE MILL, WE FEEL A TREMENDOUS AMOUNT OF SUPPORT.

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$2M ROUND OF SEED FUNDING HELPS PARKER TECHNOLOGY EXPAND As an innovator in the parking industry, Parker Technology helps parking operators and facility owners deliver a premium customer experience with affordable, scalable technology. Parker Technology is the only company in the industry that can deliver customer service with face-to-face, two-way video communication. In 2019, the Indianapolis-based company closed on a $2M round of seed funding, led by Elevate Ventures and several other investors. The capital will be used to build out a fully robust product and expand sales and marketing efforts. The company also won the Powderkeg 2019 Breakout Tech Culture Award for Top-Rated “Client Experience Team”. Parker Technology currently has 30 employees and works with 85 management companies in the following market segments: universities, municipalities, healthcare/hospitals, private parking operators, airports, and hotels/hospitality.

BRIAN WOLFF, CEO AT PARKER TECHNOLOGY SAYS: WE’VE JUST SCRATCHED THE SURFACE AS FAR AS TAPPING INTO THE LOCAL TECH SCENE AND WE EXPECT TO LEAN ON THE COMMUNITY EVEN MORE HEAVILY AS OUR ACCELERATED GROWTH CONTINUES.

THE BEE CORP RECEIVES NATIONAL SCIENCE FOUNDATION GRANT Agriculture technology startup The Bee Corp was founded in Bloomington following the 2014 creation of the Beekeeping Club at IU. While in Bloomington, the company worked out of the Dimension Mill but has since moved its headquarters to Indianapolis. The Bee Corp had a pivotal 2019 starting with a change in its technology offerings in response to developments in the industry. The company also doubled the number of full-time employees and participated in the Thrive accelerator, which supports seed-stage startups in the agtech industry. In September, The Bee Corp received a National Science Foundation (NSF) grant to help develop business aspects of its pollination measurement technology. The company said that the NSF grant will help scale development of its software tool, Verifili, which uses infrared images to measure the value of beehives used for pollination. The Bee Corp has been working on research and development improvement and raised a bridge round of funding in addition to the NSF grant to help the company grow and scale. CEO Ellie Symes says that support from organizations like gBETA, Union 525, Agrinovus, TechPoint, the Dimension Mill and the Velocities partnership have all helped The Bee Corp with the success they’ve had.

GLOBALLY, ELEVATE IS RANKED

13TH MOST

ACTIVE AMONG VENTURE CAPITAL FIRMS INVESTING IN EARLY-STAGE COMPANIES Among investors by venture capital deal location, as reported in the Pitchbook 2019 2Q Global League Tables and its global rankings of investors and service providers.

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INVESTING IN INDIANA’S AMBITION ARIC PRYOR, PRESIDENT OF QUARION SAYS: ERIC STEELE AND ELEVATE HAVE BEEN GREAT RESOURCES OVER THE PAST YEAR AND A HALF AND PLAYED A MAJOR ROLE IN MY FIRST FUNDING ROUND. THIS FUNDING IS GOING TO ALLOW US TO FURTHER DEVELOP OUR DATA AND CLOUD PLATFORM AS WELL AS INCREASE OUR FOCUS ON MARKETING. I’M REALLY LOOKING FORWARD TO 2020 AND BEYOND!

CURVO LABS CLOSES ON SERIES A ROUND OF FUNDING Curvo was launched in 2013 by Indiana natives Steve Suhrheinrich and Andy Perry. Based in Evansville, the healthcare supply chain technology company wrapped up 2019 with significant growth. Curvo closed on a Series A round of funding, totaling $2M. Kent Parker, founder and president of Snake Run Capital, became the chair of Curvo’s Board of Directors as a result of the funding round and Curvo named Jenny Vance Chief Revenue Officer. Curvo will continue to expand its team and further develop its product offering in 2020.

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ELEVATE ADDS QUARION TECHNOLOGY TO PORTFOLIO Quarion Technology provides real-time precision location systems for personnel and forklifts. The Evansville-based startup was launched in 2015 as a result of President Aric Pryor’s desire to improve worker safety and reduce injuries and fatalities related to forklifts or other powered vehicles. Quarion Technology ended the year becoming an Elevate portfolio company as part of the Elevate Southwest Indiana partnership.

ANDY PERRY, CO-FOUNDER AND CEO OF CURVO SAYS: I THINK THERE IS A HUGE OPPORTUNITY FOR SAAS COMPANIES TO GROW IN INDIANA. NEW CAPITAL AND A STRONG STARTUP ECOSYSTEM ARE DRIVING VALUE CREATION, AND A LOT OF PEOPLE BENEFIT FROM IT. WE ARE VERY THANKFUL TO ALL OF OUR CUSTOMERS, TEAM MEMBERS AND INVESTORS WHO HAVE BEEN EXTREMELY SUPPORTIVE OF OUR MISSION AND ALLOWED US TO GAIN SIGNIFICANT TRACTION AND GROWTH.


FUNDING ALLOWS ENLIGHTEN MOBILITY TO DEVELOP PROTOTYPES Enlighten Mobility was founded in 2017 by Marissa Koscielski, who, after a gymnastics injury five years prior, experienced a brush with paralysis. In order to gain mobility, Koscielski decided to build her own walker made up of two existing components. The new device helped her walk again. The current device has been refined and is now known as the Enlight Gait Trainer. The product allows lower limb amputees to take their first steps beginning days after their operations. The South Bend-based startup received $20K through Elevate’s Community Ideation Fund and a partnership with Startup South Bend-Elkhart. Koscielski says that 2019 has been predominately focused on product development and engineering. Looking forward, the company hopes to be in the market with a soft launch in 2020 as well as expand its team.

2,711

COMPANIES HAVE BEEN IMPACTED BY ELEVATE’S INVESTMENT AND ADVISORY SERVICES SINCE 2011

STAGE & SET FUELS AMBITION WITHIN INDIANA’S ARTS AND ENTERTAINMENT COMMUNITY Stage & Set works within the arts and entertainment community to match talent with opportunity, while also providing valuable resources and education to those wanting to become industry professionals. Based in New Albany, the startup was created to assist people involved in the performing arts find opportunities to do the things they love. The company rolled out an Early Adopter program and the first wave will target these cities: Louisville, Los Angeles, NYC, Chicago, and Atlanta.

3BG SUPPLY CO. ATTRACTS NEW TALENT WITHIN FORT WAYNE’S ENTREPRENEURIAL HUB In 2019, technology and distribution business 3BG Supply Co. closed on a $3.4M round of Series A funding and moved its offices to The Landing, located on Fort Wayne’s historic Columbia Street. With 70 apartments and 56,000 square feet of commercial space, The Landing is quickly becoming the hub of entrepreneurship in Fort Wayne. As a high-growth technology company, 3BG wanted its new space to be conducive to attracting top talent. CEO Alex Smith says perks such as a rooftop working space have helped them attract team members from other cities including Phoenix, Denver, and Indianapolis. In 2019 alone, the company has expanded its team from 11 to 30, with hopes to expand to 50 in 2020.

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INVESTING IN INDIANA’S AMBITION

1,536

SIMBA CHAIN GAINS MOMENTUM Plymouth-based SIMBA Chain was formed in 2017 from a grant awarded by the Defense Advanced Research Projects Agency (DARPA) to Indiana Technology and Manufacturing Companies (ITAMCO) and the Center for Research Computing at the University of Notre Dame in order to develop a secure, unhackable messaging and transaction platform for the United States military. In 2019, the company built a great deal of momentum and celebrated many milestones, including integration with the Microsoft Azure Marketplace. SIMBA Chain also received a large Air Force contract and will support the supply chain to equip and repair forward-deployed forces. The company was the recipient of many awards throughout the year including “New Product of the Year” and “Best in Tech” from the TechPoint Mira Awards, the 1st Source Bank Commercialization Award, and was a Top Pick for TechCrunch Disrupt Berlin.

ELEVATE’S PORTFOLIO EMPLOYS

2,651

PEOPLE AND BOASTS AN AVERAGE ANNUAL INCOME OF

$70.6K 16

SINCE INCEPTION,

338

INDIANA STARTUPS HAVE RECEIVED FUNDING FROM ELEVATE

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INVESTORS HAVE INVESTED ALONGSIDE ELEVATE OVER THE PAST NINE YEARS

FROST CONTROL SYSTEMS EXCEEDS EXPECTATIONS South Bend startup Frost Control Systems provides real-time, hyper-local information so that cities can safely and accurately deice the roads during the winter season. In 2019, the company saw tremendous growth including a 1,100% increase in employee count. Currently, close to 10% of all government road temperature sensors in the United States are using Frost Control Systems’ sensors, up from <0.1% in 2018. In addition, President Bradley Tener says that around 35% of the Road Weather Information Systems (RWIS) in Indiana and 65% of the RWIS in Michigan are using Frost Control Systems equipment. The company exceeded their 2019 expectations with almost three times as many contracts sold than anticipated, including its first International contract with Winnipeg.


TOTAL MINDCARE GETS BOOST FROM SOUTHERN INDIANA’S FIRST COMMUNITY IDEATION AWARD Total MINDCARE received a $20K investment from Elevate Ventures’ Community Ideation Fund to enable the company to conduct market testing. The New Albany-based company completed development of their public-facing website, built the core infrastructure for the digital mental health platform, and conducted market tests that successfully validated their hypothesis that they can rapidly and inexpensively acquire customers that have a significant medical need for mental health treatment. Total MINDCARE’s year also included participating in LaunchIT, a 10-week coaching program sponsored by the University of Louisville. Currently at 500 beta customers, the startup is looking towards 2020 with a goal to complete a digital cognitive behavioral therapy product and launch commercial services to patients.

TIM RAMSEY, CEO OF TOTAL MINDCARE SAYS: AT TOTAL MINDCARE, WE ARE ATTEMPTING TO TRANSFORM MENTAL HEALTH TREATMENT INTO A DIGITAL FIRST EXPERIENCE. OUR RELENTLESS FOCUS ON IMPROVING OUTCOMES FOR PATIENTS WITH MENTAL ILLNESS ALLOWS US TO PROVIDE GREATER ACCESS TO SUPERIOR QUALITY MENTAL HEALTHCARE AT A SUBSTANTIALLY LOWER PRICE POINT THAN TRADITIONAL OFFICEBASE CARE.

SOME OF ELEVATE’S PORTFOLIO EXITS IN 2019 INCLUDE: CLEAROBJECT Acquired by EGIS Capital and ABS Capital January 2019 GO ELECTRIC Acquired by Saft June 2019 DOXLY Acquired by Litera August 2019 COSTELLO Acquired by SalesLoft November 2019 ATLAS 3D Acquired by Siemens November 2019 SIGSTR Acquired by Terminus December 2019 PAYK12 Acquired by Rev19 December 2019 MIMIR Acquired by HackerRank December 2019

THE ELEVATE TEAM IS MADE UP OF

6 FULL-TIME

ENTREPRENEURSIN-RESIDENCE

12 STATEWIDE STAFF MEMBERS

34 ELEVATE ADVISORS

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TYPES OF FUNDING Elevate Ventures is a top provider of funding to entrepreneurs launching and building businesses in Indiana. To invest in Indianaâ&#x20AC;&#x2122;s Big Ambition, we help businesses identify the best type of funding based on their development stage.

PRE-SEED

SEED

High Potential Startup Grant

Indiana Seed Fund (Fully Deployed)

(Fully Committed) This pre-seed program encouraged entrepreneurism in specific communities by investing in highpotential startups in regions where communities allocated resources towards entrepreneurism.

SBIR/STTR Grant Matching SBIR/STTR programs are the largest source of early-stage technology financing in the United States. Elevate Ventures matches $.50 toward every federal dollar awarded, for up to $50K in Indiana match per federal award; lifetime max of $150K per company.

Community Ideation Fund This fund enables ideation-stage highpotential companies to move closer to a specific, measurable technology or product development milestones.

Elevate Purdue Foundry Fund (Fully Deployed) This investment program supports Purdue Foundry companies seeking to commercialize Purdue-affiliated technologies or assets.

Elevate University Fund Through this fund, Elevate Nexus catalyzes university-affiliated startup creation and development through pitch competitions and pre-seed investments.

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Provided seed- and early-stage companies the capital needed to help them move closer to a revenue-generating future through a fundof-funds structure.

Indiana Angel Network Fund I (Fully Committed) Indiana Angel Network Fund II A dedicated investment fund to support seed stage investment opportunities. These are primarily companies that are too early for typical first institutional investment from professional venture capital firms.

EARLY-GROWTH Indiana High Growth Fund (Fully Deployed) This fund aimed to increase the number of high-growth companies that may not be ready to seek traditional venture capital.

21 Fund 21 Fund Extender (Fully Committed) A dedicated investment fund to support early-stage investment opportunities. These are primarily companies with products or solutions already selling in the marketplace but are looking for that first growth capital from institutional investors or individual investors.


SINCE INCEPTION INVESTMENTS

HIGH-POTENTIAL STARTUP GRANT

2019 INVESTMENTS:

40 INVESTMENTS | $878.5K

21 FUND

SBIR/STTR

8 INVESTMENTS | $7.67M

154 INVESTMENTS | $7.4M

COMMUNITY IDEATION FUND

INDIANA ANGEL NETWORK FUND I

16 INVESTMENTS | $295.7K

2 INVESTMENTS | $150K

ELEVATE PURDUE FOUNDRY FUND

21 FUND EXTENDER

88 INVESTMENTS | $2.68M

ELEVATE UNIVERSITY FUND

20 INVESTMENTS | $5.27M

LAUNCHED IN 2019 UNDER ELEVATE NEXUS 15 INVESTMENT COMMITMENTS MADE

COMMUNITY IDEATION FUND

INDIANA SEED FUND

11 INVESTMENTS | $202.5K

INDIANA ANGEL NETWORK FUND I

ELEVATE PURDUE FOUNDRY FUND

38 INVESTMENTS | $6M

76 INVESTMENTS | $14.96M

9 INVESTMENTS | $240K

INDIANA ANGEL NETWORK FUND II NEW FUND LAUNCHED IN 2019

HIGH POTENTIAL STARTUP

INDIANA HIGH GROWTH FUND

1 INVESTMENT | $25K

45 INVESTMENTS | $5M

21 FUND EXTENDER

28 INVESTMENTS | $6.93M

21 FUND

68 INVESTMENTS | $55.56M

$99.7M

INVESTED SINCE INCEPTION

$724.7M

SBIR/STTR 23 INVESTMENTS | $1.03M

INDIANA SEED FUND 2 INVESTMENTS | $280K

$14.8M

INVESTED IN 2019

HAS BEEN CO-INVESTED ALONGSIDE ELEVATE SINCE 2011

TH E BIG A M B IT ION

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FUELING THE BEST OF INDIANA HIGH GROWTH SAVE THE DATE 20

KINETIC ACCELERATING ENTREPRENEURIAL AMBITION Elevate Venturesâ&#x20AC;&#x2122; second portfolio conference, Kinetic, was held in May, opening doors for entrepreneurs and investors to access the knowledge, networks, and opportunities they need to accelerate their ambitions. Leaders from all over the state were in attendance, fueling the best of Indiana high growth.

KINETIC | APRIL 14-15, 2020

E L E VAT E V E N T U R ES 2 0 1 9 ANNUAL RE PO RT


2019 NUMBERS 455 PEOPLE

ATTENDED

50+ INVESTORS/INVESTMENT FIRMS REPRESENTED

52 SPEAKERS

SHARED EXPERTISE

14 CONTENT

SESSIONS HELD

214 INVESTOR

ONE-ON-ONE MEETINGS HELD

THE ENERGY AND ENTHUSIASM WERE INFECTIOUS. FROM THE PANEL DISCUSSIONS TO THE INVESTOR 1-ON1S, THE INSIGHTS WERE RIGHT ON TARGET. THE OPPORTUNITIES TO MEET AND NETWORK WITH THE LARGER ENTREPRENEURIAL ECOSYSTEM OF LEADERS AND PROVIDERS WERE WELL DESIGNED AND VERY ENGAGING.

THE PLACE TO ENGAGE WITH EXPERIENCED ENTREPRENEURS, INVESTORS AND INNOVATIVE COMMUNITIES

TH E BIG A M B IT ION

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TEAM BOARD OF DIRECTORS

STATEWIDE TEAM

BOB MYER, Director and Chair

The Elevate Ventures team is made up of leaders, innovators, and experts across Indiana who truly value the importance of entrepreneurship. Together, we are working to help Indiana reach the Big Ambition by empowering public-private entrepreneurial initiatives in communities across the state.

DON DENSBORN, Director LARRY GARATONI, Director CHRIS LaMOTHE, Director STEVE MARTIN, Director

ALISHA ESTABROOK Senior Manager of Conferences and Events

JOHN SAMPSON, Director BARBIE WENTWORTH, Director

DAMARIS GAITAN Officer Manager & Executive Assistant

PHIL LODATO, Secretary TING GOOTEE, CFA, CAIA, CIPM Chief Investment Officer

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ENTREPRENEURSIN-RESIDENCE

CHRIS LaMOTHE Chief Executive Officer

Our team of Entrepreneurs-inResidence provides entrepreneurs with business advisory services to help them navigate the uncharted waters of starting a business, from launch to exit, and every decision in between.

PHIL LODATO General Counsel & Chief Compliance Officer JACK MOUROUZIS Senior Analyst

GAVIN FERLIC North Central Indiana

JACOB SCHPOK Executive Director of University Initiatives & Entrepreneur-in-Residence

MARK GRAMELSPACHER Central Indiana

ERICA SCHWEYER Vice President of Marketing & Communications

KYLE KEENEY, PH.D. Southern Indiana

RACHEL SMITH Communications Specialist

DAN MEEK Northeast Indiana

DAVID STECKLER Senior Analyst

CY MEGNIN South Central Indiana

BARBARA UGGEN-DAVIS, CPA, CMA Chief Financial Officer

ERIC STEELE Southwest Indiana

LANDON YOUNG, PH.D. Director of University Initiatives & Entrepreneur-in-Residence

E L E VAT E V E N T U R ES 2 0 1 9 ANNUAL REPO RT


ELEVATE ADVISORS Through our network of Elevate Advisors, we connect entrepreneurs with men and women who know Indianaâ&#x20AC;&#x2122;s business landscape. Our growing team of Elevate Advisors represents bright minds in business from across the state, including current and former company founders who have achieved large, successful outcomes; corporate executives and board members of market-leading companies; and investors experienced in achieving strategic exits. These advisors augment the work of our Entrepreneurs-in-Residence to introduce entrepreneurs to people, knowledge, and resources to fuel their ambition.

ANIL BANSAL

DAN FANGMAN

WADE LANGE

STEVE SMITH

TIM BRAUN

FRITZ FRENCH

TIM MAGINN

ERIC STINE

DAVID BROECKER

IRENA GOLOSCHOKIN

BILL McCONNELL

TOM STONE

CHRISTOPHER CLAPP

KEN GRAMLEY

THOMAS MILLAY

JENNY VANCE

DAVE CORCORAN

JEFFREY HODGSON

JOHN MILLER

ARI VIDALI

ANDREW COTHREL

RYAN HOU

JANE NIEDERBERGER

BART WACLAWIK

DAN DAWES

BARBARA KEW

MONTY RIFFER

JIM ZALOUDEK

MAX DUARTE

KARL KOEHLER

MICHAEL SHEPARD

MICHAEL EARLEY

BRIAN KOPP

THOMAS SHRYOCK


CONTACT ELEVATE VENTURES 50 E 91st Street, Suite 213 Indianapolis, IN 46240 (317) 975-1901 ElevateVentures.com

Profile for Elevate Ventures

Elevate Ventures 2019 Annual Report  

Elevate Ventures 2019 Annual Report