Investment shall be made into a qualified Indiana business as set forth below that targets an average investee size of 500 employees or less, and not more than 750 employees that:
(a) has its headquarters in the State of Indiana or has committed to, or is in the process of, initiating, expanding and/or consolidating operations in the State of Indiana. Headquarters is defined as having the North American Principal Office Address located in Indiana per the Indiana Secretary of State Business Registration Filing and at least one C-Suite position residing in Indiana;
(b) is primarily focused on commercialization of research and development, technology transfer, or the application of new technology, or is determined by Elevate Advisors to have significant potential to:
- bring substantial capital into Indiana;
- create jobs; or
- diversify the business base of Indiana;
- has at least fifty percent (50%) of its employees residing in Indiana, or has at least seventy-five percent (75%) of its assets located in Indiana, or maintains at least seventy-five percent (75%) of a company’s total payroll in Indiana;
- has had average annual revenues of less than Ten Million Dollars ($10,000,000.00) in its two (2) most recent fiscal years; and
- is not engaged in a business involving: real estate; real estate development; insurance; professional services provided by an accountant, a lawyer, or a physician; retail sales, except when the primary purpose of the business is the development or support of electronic commerce using the internet; or oil and gas exploration.