Mike Wolanin | The Republic Chris LaMothe, CEO of Elevate Ventures, gives the keynote speech during the Columbus Area Chamber of Commerce Innovation Week at The Commons in Columbus, Ind., Monday, March, 22, 2022.
Christopher LaMothe, retiring CEO of Elevate Ventures, once heard a story about a man who was recognized for his success and entrepreneurship within a community. This man said that when he came to the town, all of his worldly possessions were folded up into a sack. After the speech, a young boy asked just what was in that bag.
The answer? $250,000 in bearer bonds and $100,000 in cash.
“Success never happens by itself,” said LaMothe. “It takes a group of people. It takes a concerted effort. And that is the story of Elevate Ventures. … We don’t do anything by ourselves.”
LaMothe was the keynote speaker at a luncheon held at The Commons Tuesday as part of the Columbus Area Chamber of Commerce’s Innovation Week. He spoke about the importance of entrepreneurship and what Columbus can do to continue to advance its region.
“I’m very passionate about innovation and entrepreneurship,” said LaMothe. “I absolutely believe it’s the holy grail. It doesn’t mean that there isn’t a deep passion around large business, large employers that we need in our communities as strong anchors. But I do believe that the future of communities, interpersonal interaction, depends on innovation and entrepreneurship.”
He also presented information about the role of Elevate Ventures in promoting these values and helping startups throughout the state.
Chamber President Cindy Frey described Elevate Ventures as the state of Indiana’s “venture studio organization” in a previous interview. According to event organizers, LaMothe has helped make Elevate “the most active Venture Capital Fund in the Great Lakes, having supported some 450 Hoosier startups destined for growth.”
“Elevate Ventures exists to build sustainable entrepreneurship cultures in Indiana, and to foster and develop high-potential, high-growth businesses for investment and returns for its stakeholders,” the chamber said. The organization invests in start-up and “early stage” companies in Indiana.
LaMothe explained that Elevate invests taxpayer dollars into select businesses that it expects to create good returns for Indiana citizens. The organization is a private 501(c)(3) and not part of the state government. It works in partnership with the Indiana Economic Development Corp.
Elevate’s work also includes collaboration with communities such as Columbus.
“In 2019, we officially kicked off the Velocities partnership with Elevate Ventures and the Dimension Mill in Bloomington,” Frey said. “We have fantastic partners in what was designed as a three-year partnership.”
Velocities has supported endeavors such as the entrepreneur in residence position, early-stage investments in startups through the regional Community Ideation Fund, events focused on fostering entrepreneurship, connecting startups to capital, and the Columbus Propeller makerspace.
Over the past two and a half years, Elevate has directly invested almost $2 million in startups and early stage companies in the area and helped leverage about $7 million in capital from outside partners, said LaMothe.
He added that local community and business leaders have helped make the partnership a success.
“It’s one thing to say yes,” he said. “‘Yes, let’s give it a try.’ It’s another to put your shoulders behind it and really, really make things happen.”
LaMothe advised his audience that developing a community into a center of entrepreneurship is a “long distance run,” not a sprint. For instance, it took Indianapolis about 20 to 25 years to “build some momentum around even just one vertical, which is mostly tech-related,” he said.
He concluded by presenting a “formula for successful communities.” The ingredients included quality of place, workforce attraction and retention, quality of education, angel investors, and entrepreneurship and innovation.
The region needs a “bold, aggressive vision and plan” that connects all of these objectives, he said.
“If you do, this will be a remarkable region to start and grow a business, to build a family, to be engaged in your communities, to have high quality of life,” said LaMothe.
