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October 11th, 2018

Community Ideation Fund Launched in Northeast Indiana

The region’s first recipients will be recognized at the upcoming Emerging Entrepreneur Launch Night

FORT WAYNE, Ind. – Elevate Ventures, ranked as the third most active community impact funder by the State Science and Technology Institute, is launching the Community Ideation Fund, an initiative propelling entrepreneurs in each of its partnership regions.

Elevate Ventures’ Community Ideation Fund enables ideation-stage high-potential companies to move closer to a specific, measurable technology or product development milestone with an investment between $5,000 and $20,000. Eligible applicants include Indiana-based companies with headquarters in communities under a partnership with Elevate Ventures, and who have no more than $50,000 in trailing revenue over the past 12-month period.

Under the Community Ideation Fund, each partnership region will have access to up to $200,000 over the next three years 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.

One of the first regions to take advantage of this new fund is Northeast Indiana, led by Fort Wayne-based elevate northeast Indiana. Three companies have secured capital from the fund and will be recognized as Emerging Entrepreneurs in the Northeast Indiana region. To mark the launch and the investment into these three companies Elevate Ventures and elevate northeast Indiana will host the Emerging Entrepreneur Launch Night on Oct. 16, a free event that is open to the public.

“We’re pleased to be able to offer the Community Ideation Fund in regions where we have partnerships and see a promising entrepreneurial ecosystem,” said Chris LaMothe, CEO at Elevate Ventures. “For young startups that aren’t quite ready to seek traditional investment funding, these smaller amounts can be the catalyst that propels them forward to that next stage of investment and growth. Supporting founders every step of the way ultimately stimulates the types of entrepreneurial ecosystems we’re trying to foster statewide.”

Companies that received Community Ideation Fund dollars include those mentioned below. Each company is also a Farnsworth Founder, a micro-grant fund specific to Northeast Indiana that was launched in May 2018. Farnsworth Founders gain access to capital, the entrepreneurial community and various mentors to launch and grow their business.

  • 3B Apps, a B2B startup building branded mobile ordering tech for restaurants to allow users to order and pay for their food with their phone;
  • Apollo Dynamics, a healthcare startup dedicated to improving the technology in sports and occupational injury prevention with their cornerstone product focusing on motion analysis through using a wireless network of sensors to record the motion and forces associated with the joints they measure; and
  • Blaire Biomedical, a healthcare startup developing a handheld point-of-care medical device capable of obtaining real-time biological parameters from a single drop of blood for preventative healthcare maintenance.

“Elevate Ventures has provided an amazing opportunity for up and coming entrepreneurs. So often, new entrepreneurs experience great difficulty finding small to large funding sources. While these smaller funding sources may not seem like much to some people, these sources enable new entrepreneurs the chance to move to the next level,” said Melanie G. Watson, Ph.D., CEO of Blaire Biomedical. “These funds are vital for entrepreneurs with little to no current capital who are seeking a seed round. Elevate Ventures has made it possible to get through these initial stages.”

“Through the entrepreneurship community, Apollo has been guided to a solid beachhead market, monitoring patients after they’ve gone through a joint replacement surgery,” said Kyle Craig, CEO at Apollo Dynamics. “Our initial product will help hospitals gather data on their patients during their required rehabilitation period. Our intent is to capture that as a revenue stream and continue on to other markets.”

The Emerging Entrepreneur Launch Night will be on Oct. 16 between 6:00 – 8:00 pm at Wunderkammer Company, 3402 Fairfield Ave, Fort Wayne, IN 46807. This free event coincides with the next Farnsworth Fund Social, allowing attendees to connect and collaborate with other Northeast Indiana entrepreneurs. Anyone interested in attending can RSVP online under the Elevate Ventures event listing.

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