To Be Announced Oct. 5, Leaders of $2.5 Million Investment to Boost Entrepreneurship and Innovation in Southern Indiana

September 13, 2017

JEFFERSONVILLE, IND., – Elevate Ventures‘ three-year, $2.5 million partnership in the bi-state region that includes Southern Indiana will announce its board of directors during an event Oct. 5.

The goal of 1804, the newly formed organization serving as steward of the partnership, is to develop a culture and infrastructure of sustainable innovation and entrepreneurship in the bi-state region. The Oct. 5, 5:30 p.m., event will take place at Maker13 (629 Michigan Ave., Jeffersonville, Ind.) and will include a happy hour, formal remarks and fireside chat with Elevate Ventures CEO Chris LaMothe.

The official agreement signifying Elevate Ventures’ investment in Southern Indiana became effective Dec. 6, 2016. The 1804 organization is working collaboratively with partners in the Louisville metropolitan area and cities and towns in Southern Indiana. Elevate Ventures’ involvement brings particular support and investment to companies in Southern Indiana.

The terms of the agreement include a $1.5 million matching contribution by Elevate Ventures and $1 million from community partners. These contributions are to support innovation and entrepreneurial activities, and are the beginning of a long-term effort to encourage business start-up. Initiatives include investments in local businesses, portfolio services, a dedicated Entrepreneur-in-Residence, events for entrepreneurs and investors, marketing support, business coaching, access to professional resources and more.

Stakeholders and leaders in the region representing a range of interests have been involved in the investment with Elevate Ventures. Official partners include the following:

• Paul Ogle Foundation (Jeffersonville)
• Blue Sky Network (New Albany)
• Old National (Evansville)

Indiana’s business environment is ranked among the best in the world, yet the state’s entrepreneurship and innovation performance is failing to keep pace. Indiana ranks near the bottom for job creation (44th) and share of total employment (42nd) for firms less than six years old. And the Kauffman Entrepreneurial Index (a leading indicator of new business creation in the United States) lists Indiana as No. 44 out of 50. Region by region, Elevate Ventures is focusing on advancing entrepreneurship and innovation to bridge the wide gap between Indiana’s celebrated business environment and its potential to thrive.

Elevate Ventures is exploring potential partnerships around Indiana; others have been signed and are in various stages of maturity. Current partnerships include:

• “Startup South Bend Elkhart” regional partnership (effective April 14, 2016)
• “Elevate Northeast Indiana” regional partnership (effective April 27, 2017)
• “Elevate Southwest Indiana” regional partnership (effective July 25, 2017)

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About Elevate Ventures

Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. To learn more about Elevate Ventures, visit elevateventures.com.

About 1804

The mission of 1804 is to catalyze and empower the entrepreneurial culture by driving, growing, and advocating for our entrepreneurial community. Named after the first year of the Lewis and Clark Expedition, 1804 serves as the ‘front door’ to entrepreneurship in our Southern Indiana region and provides services, advocacy and programming for startups, service providers and investors. Learn more about 1804 at 1804ec.com.