Elevate Ventures Inc

What it reported doing in 2024

In 2024, Elevate Ventures furthered its mission with the mantra 'Committed Beyond Capital'. We are a venture development organization which means we execute both venture development and venture capital initiatives. Our focus is supporting and helping to grow the entrepreneurial ecosystem throughout the entire State of Indiana. Our strategic initiatives are centered on helping businesses launch, grow, and locate in the state by leveraging modern expectations and technology. We achieved this through multiple initiatives including education, programming, workshops, events, networking, mentoring, coaching, direct capital deployment and post investment value add solutions. We completed a three phase strategy this year that included (1) Digital Transformation, (2) Physical Transformation and (3) Operational Transformation. At a high level, we modernized Elevate Ventures to position for how we best serve the State of Indiana's entrepreneurial ecosystem for the next 25 years. This involved retooling the organization, structuring 2tb of deal data and locating to a geographic area that is more accessible to the statewide ecosystem. The Digital Transformation included several areas of transformation. The first step was redesigning the web presence foundation. The new website prominently shares the portfolio and highlights success stories of founders that we serve. In addition, it serves as a repository of best practices and resources for anyone to access as they think about starting and growing a business. Secondly, we created a portal for our Operating Partners to streamline how they engage with us through their service on the boards, or as observers, for the portfolio companies in which we have a seat. Finally, these improved digital capabilities help us to better spread the word across the globe about the incredible assets, startup community and entrepreneurial ecosystem that exists in Indiana. The Physical Transformation enabled multiple points of value we can now provide for the ecosystem. We relocated to downtown Indianapolis which is more accessible for all stakeholders. The new headquarters location allows for those frequently traveling through the capital city to have a place to call home through our new memberships, provides space for events that are walkable to downtown places of interest and opens the opportunity for partners and founders to physically collaborate and work together. This space not only allows for better statewide connectivity but now provides a platform where stakeholders across the state can more easily engage with those across the globe when they come to visit for the many major events such as the WNBA All-Star weekend. The Operational Transformation is a massive initiative in which the first step is structuring over 2tb of deal data. Our end goal is to be able to leverage this data with modern AI tools and unlock value to not only founders but the ecosystem at large. As of the end of 2024, we completed approximately 80% of this effort with the expectation that the core foundation will be in place by the end of 2025. This project will enable many capabilities as AI continues to proliferate. Not only will we be able to analyze data in a more automated fashion but we believe we will be able to leverage data in ways not yet even imagined with what we believe is one of the world's largest first-party, early-stage, private company databases. As an overlay to the above strategy rollout, we were able to launch Elevate+, which consists of robust post investment value add. Over the last 14 years, education and venture development have been the major parallel thrust as the organization grew with the ecosystem. These are still critical components but now that the portfolio has grown to nearly 400 companies, we must add post investment value add services. The two most critical elements for any company to be successful are talent and capital. Assisting portfolio companies with filling critical talent is a major pillar o

Financial Efficiency

• Mission deployment rate: 84.2%; rating input score 84
• Program expense ratio: 71.5%; rating input score 72
• Fundraising efficiency: $105.48 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings

Transparency & Controls

• Consistency checks: 88.2%; rating input score 88; 2nd percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 99.4%; rating input score 99; 38th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 75%; rating input score 75; 13th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -17.1%; rating input score 8; 8th percentile among comparable filings
• Total-asset coverage ratio: 2.6; rating input score 70; 70th percentile among comparable filings
• Liabilities to assets ratio: 0.18; rating input score 47; 47th percentile among comparable filings
• Officer compensation ratio: 25.7%; rating input score 8; 8th percentile among comparable filings

Growth

• Program expense growth: 14% per year; rating input score 100; 76th percentile among comparable filings
• Revenue growth: 9.3% per year; rating input score 100; 65th percentile among comparable filings
• Asset growth: 17% per year; rating input score 100; 79th percentile among comparable filings