Local start-up companies will get assistance in developing their firms through a joint community partnership between the cities of Columbus and Bloomington and a venture development organization in Indianapolis.
The three-year, up to $2.5 million partnership announced Tuesday is with Elevate Ventures, which was created through the state of Indiana to help entrepreneurs with startup businesses, Mayor Jim Lienhoop said.
The state of Indiana will be contributing $1.5 million toward the effort that will be shared between the cities of Columbus and Bloomington.
“Columbus is a top-ranked city known for technology-driven manufacturing, a skilled, global workforce, and a high concentration of engineering talent,” Lienhoop said. “Our city’s success has been the result of working collaboratively — within our own county and across our region. Working in tandem with Bloomington, we can fuel economic growth in southern Indiana.”
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Columbus has committed $300,000 for three years that will be paid using its Economic Development Income Tax funds, while the remaining $200,000 will be covered by Heritage Fund — the Community Foundation of Bartholomew County and private donors, Lienhoop said.
“We’ve not had an organized program to help small or medium businesses,” Lienhoop said. “This opens a new segment of business development for us.”
The program, designed to help entrepreneurs with start-up businesses, will have an entrepreneur-in-residence who will be shared between both cities, Lienhoop said.
That individual will meet with entrepreneurs and explain the program, including how small businesses can receive assistance with venture capital funding that will be available from the state, the mayor said.
The partnership has already seen success in other Indiana communities, including South Bend and Elkhart, he said.
“It’s been well received in those communities and we’re excited to bring it to Columbus,” Lienhoop said.
Cindy Frey, president of the Columbus Area Chamber of Commerce, described the partnership with Elevate Ventures as another tool designed to support businesses in the area.
The chamber offers assistance to entrepreneurs through its Fish Tank, while the Service Corps of Retired Executives, or SCORE, also provides training programs at the chamber office, Frey said.
“What this project does that’s different is that it focuses on innovation-driven businesses,” Frey said. “We’re looking for high-growth, high-potential companies.”
Frey said the new partnership represents a promising step forward for both communities.
“Bloomington and Columbus are cities with strong economies and complementary strengths that can learn from each other,” Frey said. “It is our hope that the Elevate Ventures partnership is the first of many opportunities for our communities to work together to grow our region.”
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Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-growth 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.
More information: elevateventures.com
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