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Dear State – Please audit, investigate, question and challenge all you want. But please don’t kill entrepreneurship and innovation in the State. We really don’t have to be near the bottom among states in this category too.
Agreed, Indiana can be fiscally responsible and productive at the same time. This is a very delegate situation that requires attention but dont runaway investors to other competing states. Indiana can’t afford to lose out to our peers and fall behind on any gains the state has made over the decades.
Agree. The problem is not the innovation, but the people in charge of it.
InnoCrooks.
I invested in a company that was overseen by Elevate Ventures and they did very little to hold the company to much record keeping or accountability of performance. Their accounting and business practices should be reviewed, but in a timely fashion.
These are a bunch of crooks creating a parallel economy. These people stole my contacts, my IP and cancelled my contract.
Investigate David Roberts, Paul Mitchell and Chad Pittman at the Battery Innovation Center, the sponsors of Andretti and Chambers.
Investigate the Applied Research Institute bla bla dba 9-12 LLC, the Purdue Foundry, also known as CENTURY 21, ELEVATE PURDUE FOUNDRY bla bla
LEAP is nothing else than a connected corridor managed by a network located at 1250 Indianapolis St, EMC2 bla bla
This group buys Wejo, an illegal data trader of GM from the Purdue Discovery Park.
https://opencorporates.com/companies/us_in/2011100600158
https://opencorporates.com/companies/us_in/2011100600158
This has happened before:
http://advanceindiana.blogspot.com/2015/05/christine-scales-e-mail-to-council.html
The battery innovation center has merged with energy system networks, and through a grant has awarded the fleet and hydrogen of the corridors to Andretti petroleum, and of course themselves, no bid.
In 2023 an employee from Andretti UK called Mark Haskins, called me at my home in Indiana to tell me that “If I wanted to have business in Indiana I needed to sponsor Andretti.” He said that since the state cannot officially sponsor a Formula One team, the IEDC has come up with an innovative way to pay for Andretti formula one via sustainability grants Formula e related with the battery innovation center….” because those grants were unlimited in Indiana.”
Michael Andretti finally won something: the race of the crooks.
So how about some performance metrics on the Elevate investments:
-jobs created for and held by Indiana residents, total payroll, and the income taxes paid to the state
-purchasing spend by Elevate companies with Indiana suppliers and consultants (and the state tax revenue generated)
-cash out to Indiana residents and Elevate when startups are sold (and the state tax revenue generated)
After all, the whole purpose of VC is to generate gains.
Yes, please!! I don’t mind investing in innovation and viable businesses, but we need to do annual business reviews on the companies invested in to see what our tax credits and investment dollars are doing. Are they working for Elevate, the new companies and/or the taxpayers?