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.
The Criteria of the Community Ideation Fund are:
- Stage: Ideation-stage companies with no more than $50,000 in trailing revenue over the past 12-month period.
- Geography: Indiana-based companies with headquarters in the South Bend – Elkhart region (Elkhart, St. Joseph & Marshall counties).
- Team: Strong team with complimentary skills or prior startup venture experience; demonstrate coach-ability; commitment to high-growth ventures.
- Market: Addressable market size over $500 million, clear understanding of the competitive environment, desired competitive advantages such as technical superiority, speed of execution, partnerships, and a planned high-growth business revenue model that is realistic, repeatable, and scalable.
- Product: Well articulated value proposition. While no technology invention is required, application of technology is usually desired as part of product or solution offering.
- Customer: Identified target customers and decision makers through customers discovery or customers validation work and development of go-to market strategies.
- Return/Milestones: No significant business or financial liabilities, clearly identified and specific use of funds to support achievement of meaningful milestones.
The Process for the Community Ideation Fund is:
- Online Application Completed by Entrepreneur
- Elevate Ventures and IEDC Review Process
- Notification to Entrepreneur
To apply, click the button below and select “Community Ideation Fund” as the “Topic”. An application will drop down that will require about 30 – 60 minutes to complete.