Loan-related Elevate Ventures questions remain following audit report release
An audit report released Thursday does not address some lingering issues between Elevate and the Indiana Economic Development Corp., including a loan default issue.
Susan Orr
Articles
Takeaways from the forensic audit of the IEDC, Elevate Ventures and other related entities
The report details findings related to the Indiana Economic Development Corp., the Indiana Economic Development Foundation, the LEAP District, Elevate Ventures and the Applied Research Institute.
State releases results of monthslong forensic audit of IEDC, affiliated agencies
The 127-page report comes just over a week after the IEDC board unanimously agreed to publicly share it—pending legal review—and roughly five months after it was announced.
Regions Bank economist sees more growth ahead
Regions Bank’s chief economist, in a visit to Indianapolis, said the metro area has been performing better economically than much of the country, in part because of the area’s diversified economy.
IEDC approves $10M in federal funding to launch Indianapolis venture studio
The Indiana Economic Development Corp. approved $10 million in federal funding for the planned OneHealth Venture Studio, which will operate on Elanco Animal Health’s new Indianapolis campus.
Q&A with Festool CEO, who has leaned into Hasbro experience to appeal to customers
Festool has about 90 employees in Lebanon, where the company’s U.S. corporate headquarters and U.S. repair facilities are located. All of the company’s tools are made in Germany and the Czech Republic.
Scott Dorsey to Rally crowd: AI age reminiscent of dawn of the internet, but ‘so much faster’
At the annual Rally innovation conference, High Alpha founder Scott Dorsey joined Colorado-based tech entrepreneur Godard Abel for a chat about who will win—and who will lose—in the age of artificial intelligence.
State plans to ‘wind down’ the Indiana Economic Development Foundation
The nonprofit, which raises money to support Indiana Economic Development Corp. activities, was singled out by Gov. Mike Braun amid calls for greater transparency regarding taxpayer dollars.
IEDC board OKs public release of forensic audit of agency, affiliated entities
Gov. Mike Braun ordered the audit in April, citing unspecified concerns about transparency at the Indiana Economic Development Corp. and its related entities.
UPDATE: IEDC board allows Elevate Ventures to continue investment activity
The move came hours after Gov. Mike Braun—whose administration last spring froze funding for the nonprofit—made an unscheduled appearance at Elevate’s Rally innovation conference.
Checking in with past winners of Rally’s IN-Prize pitch contest, aimed at bringing startups to Indiana
The pitch contest, which comes with the potential for up to $1 million in rewards for each of the winners, returns this week as part of Elevate Ventures’ annual Rally innovation conference.
Indianapolis-based WSI Technologies under new ownership
Indianapolis-based The September Group purchased the companies that would eventually create WSI—which offers secure audio and video recording solutions for public safety and child welfare organizations—in 2020.
Tech consulting firm Hylaine to add 20-25 Indianapolis employees
CEO Adam Boitnott, who founded Hylaine in 2017, said the Indianapolis hiring is part of a national growth strategy for the company, which has about 200 employees overall working through five hub locations.
DOC to request $15.8M for planned immigration detention site
The funding request, which is summarized in the agenda for Wednesday’s State Budget Committee meeting, says the agency needs the funding to prepare the correctional facility for ICE detainees.
First Internet Bank selling $869M loan portfolio
First Internet has never sold off such a large pool of loans in a single transaction, according to Chief Operating Officer Nicole Lorch.
Mears Machine Corp. leaning into 3D printing as growth vehicle
Founded by Ron and Clara Mears in 1966, Mears Machine makes precision metal parts for the aerospace, marine, medical, racing and transportation industries.
Indianapolis-based health-tech company GeoH lands $30M investment
GeoH offers a software platform that home care agencies can use for things like billing, staff scheduling, payroll and analytics, as well as a handful of other services.
Lingering conflict means angst for startup community
Indianapolis-based Elevate, a nonprofit venture investment firm, has been operating under a cloud since late April when state officials froze its funding.
Carmel software firm reaches settlement in legal dispute with former business partner
Carmel-based Max Minds, which does business as Alleo, had been embroiled in a legal dispute with a Virginia-based business partner since 2023, with each party suing the other.
Business owners express optimism amid economic challenges, PNC survey shows
PNC Chief Economist Gus Faucher said business owners nationally and in the Indianapolis area are optimistic about their prospects despite ongoing concerns about inflation and possible recession.