The Indiana Economic Development Corporation today, unveiled its INVEST Indiana initiative designed to attract new resources and increase access to capital for Indiana entrepreneurs. Through resources from Indiana’s 21st Century Research and Technology Fund (21 Fund), the IEDC will create a new, statewide entrepreneurial network to engage private sector investors and regional stakeholders to encourage the creation and support of high-growth companies.
“Homegrown companies drive our regional economies and support necessary community causes,” said Kip Tom, managing member of Tom Farms and board member of the Indiana Economic Development Corporation. “We need to make sure that the current innovators of the next Biomet, ExactTarget or Cook have the early-stage support and capital they need to accelerate their growth here versus in Massachusetts, California or even China.”
The 21 Fund is Indiana’s key initiative to support entrepreneurship and innovation and to date, the 21 Fund has made over 400 awards to companies since 2006. The INVEST Indiana initiative will expand upon the 21 Fund’s investment and service capacities to engage new, nontraditional sources of capital and provide new ventures access to experienced entrepreneurs for assistance.
The network and services will be conducted through Elevate Ventures, a new nonprofit commissioned to attract new investment partners and to work with local stakeholders to cultivate a robust entrepreneurial environment throughout the state.