2024-11-15T09:40:50+00:00 2023-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402413902 990 2023-01-01 274118692 Elevate Ventures Inc ELEV 3172520258 50 East 91st St 213 Indianapolis IN 46240 Christopher Day CHIEF EXECUTIVE OFFICER 2024-11-15 true Rachel Spurlock P00520729 5023263996 2024-11-15 2023 2024-10-15 13:58:12Z Christopher Day 50 East 91st St 213 Indianapolis IN 46240 12988934 false X www.elevateventures.com X 2010 IN Elevate Ventures is a venture development and venture capital organization focused on building sustainable innovation and entrepreneurship ecosystems in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders. We invest in high-potential cross-sector innovative companies with a minimum $500M TAM at the pre-seed, seed, and early stages. 8 6 34 6 0 0 1666835 1382264 4600980 8338251 183539 235897 40001 4339 6491355 9960751 1762468 1705970 0 4486031 5123440 0 112667 1731143 4791674 7979642 11621084 -1488287 -1660333 14156191 11990431 2919660 2378013 11236531 9612418 Elevate Ventures is a venture development and venture capital organization focused on building sustainable innovation and entrepreneurship ecosystems in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders. We invest in high-potential cross-sector innovative companies with a minimum $500M TAM at the pre-seed, seed, and early stages. false false 8246569 1705970 8338251 2023 was a year of tremendous growth at Elevate Ventures. As the state's venture development partner with the Indiana Economic Development Corporation (IEDC), Elevate has deployed $15.7 million of an estimated $70 million in SSBCI funding. $5.3 million of the deployed capital has gone to business enterprises owned and controlled by socially and economically disadvantaged individuals, often referred to as SEDI. In August 2023, Elevate hosted its final Nexus Pitch Competition. For over four years, the Nexus program served Indiana startups by hosting regional and statewide pitch competitions where winners took home direct investments ranging from $20,000-$100,000 awarding $6.46 million to 138 Indiana companies. To provide investments to as many eligible companies as possible, focusing attention on $20,000 investment opportunities, Elevate launched the Pre-Seed Fund to de-risk startups to the point that they are attractive to other investors and for follow-on seed-stage Elevate Ventures investment. The Pre-Seed Fund will also award $20,000-$100,000 in direct investments, but these awards can be sought and given any time of the year. This type of activity contributed to Pitchbook's Q4 2023 Global League Tables reporting that Elevate was the #1 Most Active VC in the Great Lakes region. Elevate has held the top spot regionally for seven straight years. Leading in National & Global Deal Activity. As the premier resource for data on the global capital markets, PitchBook also ranked Elevate as the 8th most active VC in the U.S. and 15th most active VC globally. More deal flow and deals completed lead to more innovation and growth in Indiana. With a focus on teaching entrepreneurship, since 2019, 1,000+ growth-minded individuals have participated in Elevate Origins training in a live environment. To make our entrepreneur and pitch curriculum accessible to more people, in September 2023, Elevate Ventures launched Origins in a digital, self-guided format. Built by founders and investors, Elevate Origins provides a curriculum that leads participants through the ideation process, provides tools to vet business models and develops the material required to draft a pitch deck and successfully pitch to investors. The content has been drafted to support first-time entrepreneurs as well as those looking for at-your-own-pace refresher content. Elevate Origins pitch decks have been used to raise Pre-Seed and Seed capital as well as added value to entrepreneurship curriculum in classrooms. In 2023, Elevate expanded its Origins program to a virtual learning platform. In all, Elevate offered online Origins training to more than 100 participants associated with higher-education institutions across Indiana and globally through a partnership with InnoPower, which focuses on advancing Black entrepreneurship. The partnership with InnoPower, led by CEO Emil Ekiyor, demonstrates how expanding Elevate's reach and identifying new innovators in the U.S. and as far away as Africa can attract more attention to our state. Also, through a partnership with Powderkeg, Elevate launched the Get IN. podcast and released 49 episodes. The show focuses on the unfolding stories and extraordinary innovations happening right now in software, hardtech, agtech, sportstech, medtech - all the techs. Lastly, from Aug. 29-31, 2023, Elevate Ventures' vision to launch the world's largest global cross-sector innovation conference came to fruition when RALLY opened its doors to 3,100+ people in Indianapolis. Entrepreneurs, C-suite executives, public policymakers, university leaders, investors and thought leaders from around the world converged to connect and understand the trends in technology and business that will empower them to shape the future. Based on post-event survey results, RALLY led to 21,539 creative collisions. RALLY's 279 speakers included Peyton Manning, Earvin "Magic" Johnson, Crystal Washington, Victoria Arlen and Guy Raz. Six Innovation Studios of the Future attracted registrants to 50+ panels and content sessions, with the Entrepreneurship and Software studios drawing the most attendance. RALLY was made possible with support from the Indiana Economic Development Corporation and our platinum-level sponsors AgriNovus Indiana, Purdue Innovates, Applied Research Institute (ARI), Indiana University and Sports Tech HQ. A special thank you to RALLY's inaugural partners including High Alpha, Indy Women in Tech, Indiana Technology & Innovation Association, Midwest House and 16 Tech Innovation District. 8246569 true true false true false false false false false true false false true true true true false false false false false false false false false false true false true false false false false false false false false false false false false true true true true false false true 43 0 true 34 true false false false false false true true false false false false false false X 8 6 false false false false false false false true false false false true true true true true true true true false IN X Christopher Day 3179751901 50 East 91st St Ste 213 Indianapolis IN 46240 Christopher Day Chief Executive Officer 8.0 32.0 X X 368135 0 26529 Phillip Lodato General Counsel, Chief Compliance Officer, and Secretary 40.0 X X 285267 0 11491 Robert Myer Board Chair 1.0 X X 0 0 0 Barbie Wentworth Board Member 1.0 X 0 0 0 Don Densborn Board Member 1.0 X 0 0 0 John Sampson Board Member 1.0 X 0 0 0 Larry Garatoni Board Member 1.0 X 0 0 0 Steven Martin Board Member 1.0 X 0 0 0 Barbara Uggen-Davis Chief Financial Officer (Through November 2023) 40.0 X 241995 0 32575 Daniel Meek Entrepreneur -In-Residence 40.0 X 180615 0 28530 Erica Schweyer Chief Operating Officer 40.0 X 248509 0 30827 Jacob Schpok Partner 40.0 X 241413 0 37453 Mark Gramelspacher Entrepreneur-in-Residence 40.0 X 222925 0 7467 Matthew Tyner Managing Partner 8.0 32.0 X 254388 0 40293 2043247 0 215165 19 false true false Taft Stettinius Hollister Llp One Indiana Square Suite 3500 Indianapolis IN 46204 Legal services 163627 Sourwine Company LLC 8395 Keystone Crossing Suite 205 Indianapolis IN 46240 Real Estate Services 135204 IBJ Media One Monument Circle Suite 300 Indianapolis IN 46204 Advertising services 119079 3 1347403 34861 1382264 IEDC State Contracts 900099 5588502 5588502 Rally Innovation Conference 900099 2692430 2692430 Management Fees 900099 56250 56250 Origins Revenue 900099 1069 1069 0 0 0 0 8338251 337863 337863 0 0 2922667 3024633 -101966 0 -101966 -101966 7889 3550 4339 4339 0 0 0 0 0 9960751 8338251 0 240236 1705970 1705970 965992 506946 456785 2261 3593422 1890226 1703196 136089 71586 64503 192085 101041 91044 235852 124064 111788 163636 96634 67002 103245 72755 30490 1103 1000 103 288298 230678 57620 0 455238 227363 227875 17164 6016 11049 99 252458 124880 127493 85 140428 10931 129497 182633 158733 23900 49650 36471 13179 596 596 39205 39205 69309 3374 65935 Events And Direct Regional Operations 3006937 2870519 26196 110222 BANK FEES 8330 5 8325 Taxes 4463 1464 2999 DUE DILIGENCE 4067 4067 4914 1846 3068 0 11621084 8246569 3261848 112667 695647 2624824 3227818 2284784 1706549 1238884 0 0 0 0 0 0 82397 88397 0 6202 159602 75053 197203 141698 78886 55505 5840966 3450621 0 0 0 0 2364326 2166161 14156191 11990431 1022720 982775 0 0 1710000 1332769 0 0 0 0 0 0 0 0 0 0 186940 62469 2919660 2378013 X 9712950 8460017 1523581 1152401 11236531 9612418 14156191 11990431 X -1660333 51759 53270 -68809 X false true X true false X 802961 1305276 1974536 1676282 1382264 7141319 0 0 0 0 0 0 0 0 0 0 0 0 802961 1305276 1974536 1676282 1382264 7141319 332501 6808818 173110 114310 95642 174088 337863 895013 0 0 537 0 0 537 87227 67986 140987 94002 0 390202 8427071 25897098 0.8080 0.7828 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - MISCELLANEOUS INCOME, COLUMN A - 0.0, COLUMN B - 67986.0, COLUMN C - 45565.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 113551.0; DESCRIPTION - EVENT REGISTRATION, COLUMN A - 41227.0, COLUMN B - 0.0, COLUMN C - 59013.0, COLUMN D - 40001.0, COLUMN E - 0.0, COLUMN F - 140241.0; DESCRIPTION - SPONSORSHIP REVENUE, COLUMN A - 46000.0, COLUMN B - 0.0, COLUMN C - 36409.0, COLUMN D - 54001.0, COLUMN E - 0.0, COLUMN F - 136410.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 1103 1103 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY ANNUAL MEMBERSHIP DUES OF $862 and $1,000 WERE PAID TO THE INDIANA CHAMBER OF COMMERCE and the Indiana Technology & Innovation Association, respectively, OF WHICH A PORTION IS FOR LOBBYING ACTIVITIES. 197203 141698 55505 55505 Accrued Interest Income 19095 INVESTMENT IN INDIANA 21ST CENTURY FUND, LP 2084597 Right-of-Use Asset 62469 2166161 Right-of-Use Liability 62469 62469 X 10000521 51759 53270 -68809 36220 9964301 -3550 -3550 9960751 11624634 0 0 11624634 -3550 -3550 11621084 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Internal Revenue Service has determined that Elevate is a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income. Elevate is not considered to be a private foundation. Current accounting standards require Elevate to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended December 31, 2023 and 2022, management has determined that Elevate does not have any tax positions that result in any uncertainties regarding the possible impact on Elevate's financial statements. Elevate does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Elevate recognizes interest and/or penalties related to income tax matters in income tax expense. Elevate did not have any amounts accrued for interest and penalties at December 31, 2023 and 2022. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Loss ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP - -68809 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Cost of Goods sold - -3550 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Cost of Goods sold - -3550 true Air Buoyant 1508 E 7th St Anderson IN 46012 205662350 50000 SBIR/STTR Phase I Grant Ateios 7970 S Energy Drive Newberry IN 47449 130809657 37445 SBIR/STTR Phase I Grant Covert Defenses 1195 South Sharon Chapel Road West Lafayette IN 47906 830845564 50000 SBIR/STTR Phase I Grant Forever Analytical Services 1400 East Angela BLVD South Bend IN 46617 49992 SBIR/STTR Phase I Grant M3SIM LLC 2116 Wake Robin Drive West Lafayette IN 47906 842993548 50000 SBIR/STTR Phase I Grant Monon Bioventures LLC 1800 North Capitol Avenue Noyes Pavilion Suite 504 Indianapolis IN 46202 474138058 50000 SBIR/STTR Phase I Grant Neurodon LLC 9800 Connecticut Drive Crown Point IN 46307 465375254 50000 SBIR/STTR Phase I Grant Opalgenix Inc 612 Pomeroy St Indianapolis IN 46202 851877373 50000 SBIR/STTR Phase I Grant Tayco Brace Inc 205 W Western Ave Suite 101 South Bend IN 46601 862127385 74935 SBIR/STTR Phase I Grant Transfoam LLC 12100 Serenity Place Nokesville VA 20181 850648435 50000 SBIR/STTR Phase I Grant Valgotech LLC 11079 Village Square Lane Fishers IN 46038 824223911 37472 SBIR/STTR Phase I Grant Dimension Mill 642 North Madison Street Bloomington IN 47404 823745526 501(c)3 16000 Nexus Grant Indiana Restaurant and Lodging Association 200 S Meridian St Suite 350 Indianapolis IN 46225 350411202 8000 Nexus Grant Ivy Tech Foundation 50 W Fall Creek Pkwy N Dr Indianapolis IN 46208 237073977 501(c)3 10000 Nexus Grant Purdue Research Foundation 1281 Win Hentschel BLVD Suite 2500 West Lafayette IN 47906 351052049 501(c)3 71000 Nexus Grant Purdue University Fort Wayne Foundation 2101 E Coliseum BLVD Fort Wayne IN 46805 316033698 25000 Nexus Grant Purdue University Northwest 7150 Indianapolis BLVD Hammond IN 46324 356002041 501(c)3 18000 Nexus Grant Trustees of Indiana University 1024 E 3rd Street Room 132 Bloomington IN 47405 356001673 501(c)3 10000 Nexus Grant University of Notre Dame du Lac 1100 Grace Hall Notre Dame IN 46556 350868188 501(c)3 42000 Nexus Grant Indiana University Research 509 E 3rd Street Bloomington IN 47401 356001673 501(c)3 98944 IVP Grant Ninetwelve Institute 100 East Willow Street Zionsville IN 46077 844615768 273000 IVP Grant Purdue University 1201 State Street West Lafayette IN 47907 356002041 501(c)3 104060 IVP Grant Rose Hulman Institute of Technology 5500 Wabash Avenue Office of Institutional Advancement Terre Haute IN 47803 350868149 501(c)3 50000 IVP Grant University of Notre Dame RSPA 836a Grace Hall Notre Dame IN 46556 350868188 501(c)3 103096 IVP Grant 10 14 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. Grants listed on Schedule I reflect a number of different grant programs designed to support high-growth Indiana companies and make capital more accessible to Indiana entrepreneurs in alignment with Elevate Venture's exempt mission. The grant programs include the INNOVATION VOUCHER PROGRAM, SBIR PHASE 1 GRANTS, DIRECT REGIONAL GRANTS, Elevate Nexus Higher Education Grant Program and Elevate Nexus Entrepreneurship Support Organization Grant Program. The organization maintains records of each grantee and the selection criteria used to award such assistance. All grant agreements outline that any unused funds should be returned to Elevate Ventures. Depending on the grant program, grantees are required to make regular reporting to Elevate, including monthly progress reports regarding the use of funds and progress to project completion; quarterly financial statements and reports summarizing Grantee's technology development, business development, and other indicators of economic impact; or Semi-annual progress reports detailing the timeline, challenges and mitigation, next steps, success stories, any assistance needed from Elevate, and press opportunities. In addition, Elevate Ventures may periodically carry out the Monitoring Reviews and on-site monitoring reviews. X X X X X false false false false false false false false false Phillip Lodato General Counsel, Chief Compliance Officer, and Secretary 221134 0 63800 0 333 0 9371 0 2120 0 296758 0 0 0 Christopher Day Chief Executive Officer 298654 0 68750 0 731 0 13200 0 13329 0 394664 0 0 0 Barbara Uggen-Davis Chief Financial Officer (Through November 2023) 183549 0 58000 0 446 0 8968 0 23607 0 274570 0 0 0 Jacob Schpok Partner 189595 0 51620 0 198 0 10065 0 27388 0 278866 0 0 0 Erica Schweyer Chief Operating Officer 193381 0 54950 0 178 0 7126 0 23701 0 279336 0 0 0 Mark Gramelspacher Entrepreneur-in-Residence 186406 0 36000 0 519 0 6390 0 1077 0 230392 0 0 0 Matthew Tyner Managing Partner 233243 0 20913 0 232 0 8127 0 32166 0 294681 0 0 0 Daniel Meek Entrepreneur -In-Residence 150209 0 30000 0 406 0 5613 0 22917 0 209145 0 0 0 Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON THE BEHALF OF THE GOVERNING BODY. Form 990, Part VI, Line 11b Review of form 990 by governing body The form 990 was reviewed in detail by the CFO and CEO. A draft of the form 990 was reviewed by the CEO and CFO October 30, 2024. The final draft was then distributed to the audit committee on October 30 and the full board of directors on November 6, 2024. Board members were encouraged to review the 990 and submit questions to the audit committee before electronic filing. Form 990, Part VI, Line 12c Conflict of interest policy Every board member, officer and employee are required to sign annually a Conflict-of-Interest Statement disclosing actual or potential conflicts of interest with the organization. The Compliance Officer has been appointed by the Board to review the disclosure statements and ensure compliance with the Conflict-of-Interest Policy. Additionally, each board member, officer, and employee are required to disclose actual and potential conflicts of interest in advance of the completion of the organization's investment transactions through Elevate and its subsidiary entities. If there are conflicts of interest that arise that are not related to the organization's investment activities, the board members and staff must disclose the conflict or potential conflict to the compliance officer and abstain from any decision-making as it pertains to the conflict. Form 990, Part VI, Line 15a Process to establish compensation of top management official The compensation committee engages outside compensation consultants from time to time to review CEO compensation package, to evaluate for appropriateness and compare compensation for similarly qualified persons at similar organizations. The last study was conducted in December 2022. Annually, the compensation package of the CEO is reviewed by the organization's independent compensation committee and is then reported to the board of directors for approval. Any board member with a conflict of interest is not involved in the deliberations or approval. The salary review process is contemporaneously documented in the minutes. Form 990, Part VI, Line 15b Process to establish compensation of other employees The CEO has the authority to hire and recommend initial and ongoing compensation of other officers and key employees. The compensation committee reviews the CEO's recommendations and approves the compensation annually. The board is made aware of staff reviews, salaries, bonuses, and benefits on an annual basis. Form 990, Part VI, Line 19 Required documents available to the public Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (IRC) Section 6104. These documents are not available to the public at this time. 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