Vermont Center for Emerging Technologies Inc

What it reported doing in 2024

Vcet has worked with over 3,900 start-ups, entrepreneurs and students and operates a coworking facility serving over 250 members annually. Vcet curates an expert mentor network, provides free expert advice to 377 clients a year and makes direct investments across two venture funds with a combined 15m of revolving seed capital. Vcet works directly with and supports entrepreneurs to form, incubate and accelerate ideas and innovations into commercial enterprises. In 2013, vcet was named 11 globally and 5 in the us by the ubi index. In 2018, vcet received a rural impact award by the inbia global trade association. In 2024, vcet was awarded as an inc power partner. Visit at www.vcet.co services include: -providing no cost coaching and mentoring from both on-site and affiliated experts to clients. -establishing connections to angel investors, foundations, economic development organizations and venture capital resources for capital formation and syndicates. -assisting with grants and loans from local, state, and federal sources, including providing federal sbir application aid and support. -offering a network of managerial, financing and professional resources -no cost business advisory, consulting and coaching to help companies build teams, find early customers, access prototyping facilities and identify access to key business and founder support resources -operation of a coworking / accelerator and incubation facility serving over 250 members and the broader Vermont innovation ecosystem. -accountability and encouragement -entrepreneurial start-up assistance to approximately 320 start-ups, students and entrepreneurs in calendar 2024. -seed capital fund management, operation, compliance and performance that supports entrepreneurs in capital formation, operational execution and job expansion. The current Vermont seed capital fund, lp (fund 1) has now backed 36 companies, and the new Vermont growth fund 2, llc (fund 2) launched and has now backed 4 companies thus far. -the vcet platform produces and curates widely accessible programs and support resources such as: first chair newsletter, start here podcast series, the female founder series, startup perks program, mentoring and meetups across Vermont. -perform and support special community events such as techjam, uvm spark, uvm arc, middlebury innovation hub, innovation week, deltaclimevt climate accelerator, the meyers cup and dozens of recurring meetups, trainings and professional enrichment events. -as of june 2024, vcet portfolio impact survey had 21 companies report generating for the prior 12 months: 153 million in revenue, 75 million in payroll across 693 jobs, and 77 million in capital raised.

Financial Efficiency

• Mission deployment rate: 26.4%; rating input score 26
• Program expense ratio: 80%; rating input score 80
• Fundraising efficiency: $59.05 raised per $1 spent on fundraising; rating input score 80; 80th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 67.4%; rating input score 96; 96th percentile among comparable filings
• Total-asset coverage ratio: 29.42; rating input score 98; 98th percentile among comparable filings
• Liabilities to assets ratio: 0.57; rating input score 14; 14th percentile among comparable filings
• Officer compensation ratio: 91.8%; rating input score 0; 0th percentile among comparable filings

Growth

• Program expense growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
• Revenue growth: 5% per year; rating input score 100; 44th percentile among comparable filings
• Asset growth: 9% per year; rating input score 100; 55th percentile among comparable filings