For immediate release:
June 13, 2013
INDIANAPOLIS - A new initiative is under way in Indiana to diversify the state's economic foundations, according to State Rep. Terri Austin (D-Anderson).
The new Indiana Diversity Investment (IDI) Fund will provide investments and support for women-, minority-, and veteran-owned businesses that exhibit high growth potential within our state. The initiative is part of Governor Pence's pledge to ensure that veteran-owned businesses receive at least 3 percent of state contracts.
"As a state legislator for whom economic development and job creation are a top priority, I am extremely pleased to see this project moving forward," Austin said.
"Promoting diversity in Indiana business is one of the key components of a job-growth environment that can make a substantive contribution to our state's future economic success," she added.
The IDI Fund is a joint effort of the Indiana Economic Development Corporation (IEDC) and Elevate Ventures, a not-for-profit organization that manages our state's venture capital funds. The initial amount being made available through the IDI Fund is $1 million, with individual grants of between $5,000 and $25,000, and a maximum investment of $125,000 per company.
According to information provided by the IEDC, the IDI Fund will target "Indiana businesses owned and managed by women, minorities and veterans, with average annual revenues of less than $3 million in their two most recent fiscal years."
Elevate Ventures says it will review IDI Fund grant applications using the same process it uses for the Angel Network Fund. Other criteria for IDI Fund grants include:
- at least 51 percent owned and managed by persons who are women, minorities, or veterans;
- clear and sustainable competitive advantages;
- scalable business models with achieveable growth and exit potential;
- identifiable private investment from qualified investors; and
- financial and operational reporting.