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BizVoice
/Indiana Chamber –
September/October 2012
S
ome of the most famous brands and companies are started by “serial entrepreneurs”
– those who get right back up and start over after failing (sometimes on multiple
occasions).
Never heard the term? No doubt you’re familiar with these famous “serials”:
Harland Sanders (aka the Colonel of Kentucky Fried Chicken fame), R. H. Macy
(founder of Macy’s department stores), Henry Ford, Walt Disney and Bill Gates.
They’re just a few of the now household names whose first efforts were fruitless.
Conversely, some hit the ball out of the proverbial park on the first attempt.
Entrepreneurship is about risk and reward. There’s a balancing aspect to it: knowing
when to push harder (or when to give in) and having resources to support and sustain your
business. Those resources may be even more important in the Midwest, which has not been
known for its venture capital investing.
In 2011, the Indiana Economic Development Corporation (IEDC) created Elevate Ventures
(a not-for-profit enterprise) to pave the way for more venture capital opportunities and business
assistance to keep entrepreneurs moving forward. Elevate Ventures serves as a public-private
partnership and was modeled after a similar program in Ohio called JumpStart.
Seizing opportunity
Elevate Ventures CEO Steve Hourigan (an experienced entrepreneur himself) points to
the “Hoosier humbleness problem” as one of the reasons Indiana’s entrepreneurial scene isn’t
as robust as it could be.
“We’re so humble; we’re not bragging about what innovation is taking place here. The
rest of the country is taking advantage of it. Consequently, we have excellent access to one of
the healthiest university systems. But (students) are leaving because opportunity begs them
to leave. We need to advertise to the talent workforce,” he offers.
“There are three things for an ecosystem for an entrepreneur to work: talent, supportive
community and capital. In essence, those are the core ingredients. You have to have the
‘Elevating’ Entrepreneurs
Partnership Provides Consulting, Capital
An annual forum at
DeveloperTown allows
Elevate Ventures’
entrepreneurs-in-residence
to explore potential deals.
By Charlee Beasor