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IndianaÔÇÖs Boost to Innovation and Entrepreneurship

IndianaÔÇÖs economic development officials have announced significant updates to the stateÔÇÖs focus on innovation and entrepreneurship, aiming to fuel the startup activity and further grow the $1 billion venture market in the state.

These updates include increased funding and support for IndianaÔÇÖs entrepreneurs, innovators, and startups, particularly for the earliest-stage firms in the state. The goal is to make investment capital more accessible to these businesses, ultimately accelerating IndianaÔÇÖs growing venture development activity. These efforts and modernizations are estimated to double the number of state-supported venture development investments each year.

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Venture Development Funding Boost

The Indiana Economic Development Corporation (IEDC) renewed its agreement with its venture development partner, Elevate Ventures, and increased annual funding to the organization by 40%. This renewal and increased funding aim to further catalyze venture investment opportunities for startups and scale-ups in the state.

Indiana has seen significant growth in venture activity, surpassing the $1 billion mark and ranking highly in the U.S. and globally. Elevate Ventures will focus on making, maintaining, and managing investments, aligning certain grant programs with the Applied Research Institute (ARI) to strategically drive venture investment opportunities for early-stage companies.

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New $3 Million Pre-Seed Fund

Elevate Ventures is launching a $3 million pre-seed fund designed to fuel IndianaÔÇÖs earliest-stage companies. This fund aims to double the annual investment allocation for early-stage companies and provide critical funding when it is needed most.

Investments from the fund will range from $20,000 to $100,000 and wonÔÇÖt require matching investment dollars, unlike other venture funds in Indiana, making it more accessible for early-stage companies.

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New Matching Grants Available for Innovation and Technology Transfer Activity

The state will expand its support for innovative entrepreneurs and small businesses through its Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) matching grant program, making phase-two matching grants available to ideation-stage Indiana companies. ARI will also manage the Small Business Innovation Voucher Program to provide small businesses access to industry experts and research leaders.

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Indiana Modernizes Regional Model and Commits $2 Million to Localized Support

The IEDC also announced that Elevate Ventures would modernize its support for regional ecosystems, eliminating the requirement for local communities to complete a fundraise to access investment opportunities. This change aims to make investment capital and local points of contact more readily available throughout the entire state.

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