July 8th, 2019

$200K Fund Gives Entrepreneurs Opportunity to Reach Key Milestones

EVANSVILLE, Ind. (July 8, 2019) — Young companies in southwest Indiana with potential to grow quickly now have access to $200,000 in funding through a partnership between Elevate Southwest Indiana and Elevate Ventures. Their mission to encourage entrepreneurship led to the creation of the Community Ideation Fund.

The funds will enable startup and early stage companies to move closer to a specific, measurable technology product development milestone. Companies will have access to $5,000 to $20,000 each through 2020.

Under the Community Ideation Fund, each partnership region has access to up to $200,000 through the state’s 21st Century Research and Technology Fund, which is overseen by the Indiana Economic Development Corporation and promotes economic growth and innovation-driven public-private partnerships in Indiana.

Companies applying for the funding must have no more than $50,000 in trailing revenue in the past 12 months and be headquartered in Dubois, Gibson, Pike, Posey, Vanderburgh or Warrick counties.

“This fund gets more capital into the hands of entrepreneurs early,” said Greg Wathen, president and CEO of the Economic Development Coalition of Southwest Indiana. “It was designed to help mitigate the risks that come with starting a business and we hope entrepreneurs in our community can and will take advantage of this resource”.

Entrepreneurs interested in learning more can contact Eric Steele, Entrepreneur-in-Residence at Elevate Ventures (esteele@elevateventures.com) or apply directly.

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