We Help By: Funding Entrepreneurs > Indiana Angel Network Fund
The Indiana Angel Network Fund (the "IAN Fund") is a source of seed capital dedicated to discovering and nurturing emerging, high-potential, innovation-based companies within the State of Indiana.
This IAN Fund strives to empower entrepreneurs to create novel new businesses or transition existing businesses to address customer problems. Such businesses should have solid market potential with the likelihood of accelerating growth to high-value exits attractive to early stage institutional investors. The investment focus should target development, launch or expansion of business based on the application of new technology, new marketing concepts or new products or services. These companies typically are at an early-stage of their development and need funds to create prototypes and/or validate products and services, and may become candidates for the 21 Fund and many institutional investors upon successful completion of such activities.
The IAN Fund supports seed and early investment in Indiana-based companies alongside qualified angel investors. The explicit goal of these co-investments is to maximize private sector participation and entice follow-on private investment. To support this aim, Elevate Ventures will encourage the formation and growth of a network of angel investor groups across the state – the Elevate Ventures Investor Network (the "EVIN"), by linking partnering organizations, entities, and groups to both new resources and better access to existing resources.
The IAN Fund's maximum investment size is currently $500,000 per company. Per the Indiana Codes IC 6-3.1-24-7, the IAN Fund does not invest in real estate, real estate development, traditional retail, insurance, oil and gas exploration, and professional services provided by lawyers, accountants and physicians.
- For-profit entity headquartered in Indiana and able to meet Qualified Indiana Business requirements as set forth in the Indiana Codes 6-3.1-24-7 as amended
- With average annual revenues of less than three million dollars ($3,000,000) in its two (2) most recent fiscal years
- Addressable market size of over $500 million
- Clear & sustainable competitive advantages, such as technical superiority
- Scalable business models with achievable growth & exit potential
- Coachable management team with strong commitment and execution capabilities
- Willing to work with Elevate Venture's Entrepreneurs-in-Residence ("EIR") toward tangible goals
- Identifiable private investment from qualified investors
- Potential to reach meaningful milestones and raise considerable follow-on capital
All investments are made in convertible debt or equity instruments with the following contingencies:
- Establishment and maintenance of proper corporate governance procedures commensurate with the stage of company's development
- Appointment of an IAN Fund-designated person to the company's governing Board of Directors, as applicable
- Financial and operational reporting
- Co-investment from qualified investors