TLDR:
– Governor Eric Holcomb and Elevate Ventures announced a $100 million entrepreneurship fund to support growing companies in Indiana.
– Elevate Ventures will use $25 million of its own investment returns and raise the other $75 million from the private sector.
In a move to help support the growth of companies in Indiana, Governor Eric Holcomb and Elevate Ventures announced the creation of a $100 million entrepreneurship fund. The fund aims to fill a void for growing companies in the state by providing financial support to companies with a total addressable market of at least $500 million that are beyond the initial startup stages. Elevate Ventures plans to use $25 million of its own investment returns and raise the remaining $75 million from the private sector.
The fund will help companies scale up their product development, sales, and marketing efforts, with a focus on companies generating at least $7 to $8 million in revenue. Governor Holcomb emphasized the importance of such a fund in addressing the missing link for Indiana businesses, as entrepreneurs have had to look elsewhere for funding to reach the next stage of growth. Elevate Ventures aims to make the funds available next year, offering a significant opportunity for Indiana companies to accelerate their growth and innovation.
