Sovereign Venture Program Ecosystem

As Alabama's first statewide public-private partnership focused on entrepreneurship, technology and innovation, Innovate Alabama implements programs and policies that support Alabama's innovation ecosystem. Through these efforts, Innovate Alabama empowers entrepreneurs, business owners and students to build a business, a career and a life in Alabama.

Innovate Alabama's investments have generated an initially estimated 607 jobs with rapid growth projections and $71.8 million in economic activity statewide. These new positions are projected to contribute approximately $30.4 million in wages for Alabamians, particularly in high-value, high-growth innovation sectors like professional services and research.

Arizona has three programs under the State Small Business Credit Initiative, two are run though AVC. The Arizona Venture Co-Invest Program makes direct equity investments in innovative seed- and early-stage businesses in targeted sectors alongside institutional/venture capital firms, established angel capital associations, corporate VCs and established accelerators and incubators. The Arizona Multi-Fund Venture Capital Program provides equity investments in established venture capital firms to attract new capital in innovative Arizona-based businesses.

AZ-VC was built out of necessity to fill the void that existed in terms of capital sources for post-revenue companies looking to expand beyond seed-level financing. Without local financing options, these companies relied on venture capitalists outside of Arizona in places like Silicon Valley, Salt Lake City, Denver and elsewhere. In 2020, invisionAZ and its Chairman Jack Selby, made an announcement to lead the charge to create the largest venture capital fund in the state's history. Anchored with $25M from Pinnacle West Capital Corporation, AZ-VC (formerly invisionAZ Fund) began to take shape.

The Expanding Venture Capital Access program is funded in part through the State Small Business Credit Initiative (SSBCI 2.0) program, which was created through the federal American Rescue Plan Act of 2021 and will invest $250 million in venture capital (VC) funds and businesses in the state. Of these funds, $200 million of the funds will be invested in VC funds, and the balance directly to businesses.

As one of the first funds explicitly investing in rural communities, the Greater Colorado Venture Fund (GCVF) is pioneering new approaches to unlock venture capital for Rural America. The State of Colorado awarded GCVF an initial $9.1M which has been leveraged to create a $17.5M fund focused on seed stage investments in growth-oriented companies. Working with the state burdens the General Partner, adding ~$60k in administrative costs such as annual audits and large insurance premiums not common for funds of this size. In addition, the challenges of working in rural markets requires a highly involved and ecosystem focused approach to inspire a cultural change that embraces the previously foreign, and often non-existent, startup activity in these rural communities.

Colorado Fund I - The Fund and its affiliates invested over $24 million in companies across the state of Colorado. 22% of investments were to qualified rural businesses, 22% of investments were to companies located in a distressed urban community, and the remaining 55% of investments in other qualified statewide businesses. Over 880 jobs were created in Colorado from qualified investments made by the fund manager. The VCA received over $38.9 million in proceeds from this partnership. Colorado Fund II - The Fund and its affiliates invested over $27.4 million in companies across the state of Colorado. Over 760 jobs were created in Colorado from qualified investments made by the fund manager. The VCA received over $9.4 million in proceeds from this partnership. Greater Colorado Venture Fund I - The Fund invested over $15.5 million in companies in rural Colorado. Over 350 jobs were created in Colorado from qualified investments made by the fund manager. To date, the VCA has received $6.7 million in proceeds from this partnership. Greater Colorado Venture Fund II - The Fund invested over $7.6 million in companies in rural Colorado. Over 45 jobs were created in Colorado from qualified investments made by the fund manager.

CI is Connecticut's strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. By offering equity and debt investments, strategic guidance and introductions to valuable partners, we help promising businesses to thrive.

Between FY 2021-2023 invested nearly $127 million in 272 companies between FY 2021 and FY 2023, leveraging an additional $2.3 billion in follow-on investment. Connecticut Innovations' Venture Program generated more than 45,200 job years with wages and benefits totaling more than $6.1 billion, $15.1 billion of economic output, and $657 million of local/county and state tax revenue for the State of Connecticut.

The Invest Georgia Program is a long-term investment program, backed by the State of Georgia, that is designed to help grow and mentor current, new and future Georgia Venture Capital and Private Equity Investment Funds in the state of Georgia. By doing so, the Invest Georgia Program will help create new Georgia companies, new Georgia entrepreneurs and long-term, high-paying Georgia jobs.

Since inception in 2015 of the Invest Georgia program to 2024, Invest Georgia's portfolio of 18 venture capital and growth funds have, in the aggregate, invested in over 100 companies based in Georgia. Companies in the Invest Georgia portfolio have employed 4,377 Georgia residents, a 10% increase compared to the number reported in 2023 (3,979 employees).

HI-CAP Invest is an offering administered by HTDC that is extended to venture capital (VC) funds and investors with ambitions to contribute to Hawaiʻi's startup and entrepreneurial endeavors.

The Illinois Innovation Venture Fund (INVENT) is a $114 million direct equity capital program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by the Illinois Department of Commerce and Economic Opportunity (DCEO).

InnoVenture Iowa Fund is the state's first publicly-funded venture capital fund. The state of Iowa received $96 million in 2022 from the US Treasury as a part of the SSBCI funding. Launched in August 2022, the InnoVenture Iowa Fund is a $30 million co-investment fund designed to support early-stage startup companies in biosciences, advanced manufacturing and information technology.

This new program from GrowKS will invest in multiple Kansas-based seed/early-stage venture funds with a total program allocation of $6M dollars. These firms will be selected by the GrowKS Multi-Fund selection committee and the funds must meet the criteria set forth by the Kansas Department of Commerce, Network Kansas, and the U.S. Department of Treasury SSBCI 2.0 guidelines.

Kentucky's state-sponsored early-stage venture capital initiatives include the Kentucky Angel Investment Tax Credit (KAITC), Kentucky Investment Fund Act (KIFA), Commonwealth Seed Capital (CSC), the Kentucky Enterprise Fund (KEF), and U.S. Treasury's SSBCI Venture Capital program which includes Kentucky Growth Capital Fund (KGCF) managed through Kentucky Science and Technology Corporation's Keyhorse Capital investment initiative in partnership with the Kentucky Cabinet for Economic Development.

The Louisiana Seed Capital Program (LSCP) provides financing to start-up businesses and early-stage small businesses through approved Louisiana based program participants such as venture capital funds, early-stage investment funds and nonprofit organizations. The approved program participants provide private financing through seed stage investments to start-ups and early-stage small businesses in order to create jobs and improve the state's economy.

MassVentures was founded in 1978, formerly known as the Massachusetts Technology Development Corporation (MTDC), MassVentures was established as a quasi-public corporation by the Commonwealth of Massachusetts to address the capital gap for startup companies and to encourage the growth of early-stage technology firms. Initial funding came from a $2 million grant awarded by the Economic Development Administration (EDA), a division of the U.S. Department of Commerce. From 1980 through 2015 we received an additional $1 million from the EDA and $8.5 million net from the Commonwealth. In 2020, the EDA awarded MassVentures $500,000 under the CARES act, and in 2022, MassVentures received additional federal funds through SSBCI v2.0 from the Department of Treasury.

Since 1978, MassVentures has only received $8.5M in taxpayer money and has generated $7.0B in total state GDP. For every $1M of taxpayer money, MassVentures generated $429M in state & local tax revenue.

TEDCO's evergreen Venture Funds are dedicated to funding and growing the next generation of outstanding early-stage businesses in Maryland. We are an experienced team with significant operating and venture experience whose focus is on making the entrepreneurs successful. TEDCO is pleased to be one of the direct participants in the deployment of Maryland's State Small Business Credit Initiative (SSBCI). This money will supplement TEDCO's Venture Funds, which are dedicated to funding and growing the next generation of outstanding early-stage businesses in Maryland.

The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995. Over $49 million has been invested in Maine companies from the Fund, which operates as a revolving 'evergreen' fund.

Since 1996 MVF has invested more than 50M, private companies have invested nearly 380M. 102M in revenue has been generated (it's unclear if this is company revenue or state revenue).

SBVCP provides up to $75 million to increase the availability of capital to early-stage, technology-based businesses in the State of Michigan. As approved by the U.S. Department of the Treasury, the program will support funding for qualified for-profit early-stage, technology-based businesses by investing as a limited partner in venture capital funds operating in the State of Michigan.

The Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund is MTC's flagship state-sponsored venture capital initiative that makes investments in exchange for equity or convertible debt to the most promising early-stage, high-growth potential businesses. By leveraging state and federal funding, the IDEA Fund makes direct investments to early-stage entrepreneurs as part of their venture funding rounds to support commercialization, accelerate additional private investment and create jobs in the state. This program is a catalyst for economic growth, supporting businesses as they create jobs, drive technological advancements, and build a stronger future for Missouri. The IDEA Fund is primarily funded by the Federal State Small Business Credit Initiative (SSBCI) 2.0 program.

Since 2010: $60M invested in over 168 startups. $2.2B in private capital raised. 8,000+ Missouri-based jobs created. 22 successful exits.

Innovate Mississippi is a non-profit dedicated to supporting technology entrepreneurs and emerging companies in the state's startup ecosystem through capital, networking, and development efforts. InvestMS is made possible by $86 million in federal funding for Mississippi as part of the U.S. Department of the Treasury's State Small Business & Credit Initiative (SSBCI) program. Regardless of whether your business needs equity investments, debt lending or technical assistance, SSBCI is here to provide equitable access to capital so your business can continue to thrive in Mississippi.

NCInnovation bridges the gap between academia and industry to advance more North Carolina public university research from proof-of-concept to the point where it is commercially investible. NCInnovation provides fiscally responsible funding and state-wide coordination to overcome the following challenges: Lack of world-class collaborative research focused on finding marketplace solutions, Lack of business knowledge in different regions of the state to understand technology and market assessments and advance the commercialization process, Lack of capital and commercialization funding for applied university researchers, Lack of regional collaboration to provide value-added services and assistance to connect academic, industrial, and capital formation networks.

The North Dakota Development Fund, Inc. (NDDF) provides 'flexible gap financing' through loans and equity investments not available from most conventional lenders or investors for the purpose of economic development. Funds are available to new and expanding North Dakota primary sector businesses. The NDDF coordinates efforts between the sources of financing, the business, and the community. Any project considered for this financing must be feasible and have a reasonable chance of succeeding. The NDDF makes investments of up to $3,000,000 through innovative financing mechanisms including direct loans, participation loans, and subordinated debt and equity investments.

Since inception in 1991 the Fund has invested in 915 ND projects, created 9,350 jobs and has seen a $3.09/$1 return on investment.

The New Jersey Innovation Evergreen Fund (NJIEF) is a partnership with the private sector that will raise and invest funds in New Jersey-based companies to address New Jersey's shortfalls in venture capital funding and create the conditions necessary for entrepreneurs to succeed. Professional, institutional venture capital investors can apply to become a Qualified Venture Firm (QVF). Under the program, Qualified Venture Firms will have access to up to $12.5 million per year to invest in the growth and creation of jobs in New Jersey-based companies operating in innovative sectors. Qualified Businesses receiving investment may also access support from the NJIEF Fund Advisory Board, comprised of corporations that purchased tax credits as part of the NJIEF Corporate Tax Credit Auction.

The New Mexico Catalyst Fund was launched in 2016 to help address the lack of seed and early stage investment funding in New Mexico. The Catalyst Fund is a Fund of Funds investment vehicle. Investments from the Catalyst Fund are made into other New Mexico based investment funds. Investment funds receiving funding from the Catalyst Fund independently evaluate potential investments into companies.

Battle Born Venture is Nevada's state venture capital program. It was created in 2013 to help our entrepreneurs stay local when it comes to fundraising. Since then, it has invested in high potential Nevadan startups, has co-invested with prestigious corporations and high profile venture capital firms, and has celebrated five exits. Battle Born Venture is funded through the State Small Business Credit Initiative (SSBCI), and its mandate is determined by the US Treasury approved state SSBCI application.

During the operation phase the Venture Capital Program is expected to sustain total employment of 7,115 (that is, the summation of direct, indirect and induced jobs), with total labor income, value added, and financial impacts of approximately $369.2 million, $610.4 million, and $1,037.9 million, respectively. As a total of $8,343,451.84 has been expended which represents 23.18 per cent of the total $36,000,000 allocation to the venture capital program upon which the economic impact assessment conducted by UNR is based, the above adjusted pro rata numbers of economic impact would be: Total employment 1,649 (that is, the summation of direct, indirect and induced jobs), with total labor income, value added, financial impacts of approximately $85.58 million, $141.49 million, and $240.58 million, respectively. The IMPLAN model estimates that the Venture Capital Program projects will generate approximately $33.5 million in combined total annual tax revenues.

New York Ventures supports high-growth companies and their partners to use technology to solve important challenges in areas of strategic interest and importance. We actively look to provide greater access to venture capital for regions, industries and individuals, including women and minority entrepreneurs and fund managers. Our goal is to build a robust startup ecosystem across New York State, leveraging public and private sector assets. New York Ventures is actively deploying over $300 million of capital through equity programs for both direct and indirect investment. In 2022, New York was awarded funds via the U.S. Department of Treasury SSBCI, which helps us to support our several programs.

$106M+ invested by NYS, matched by $715M+ from the private sector, 122 companies invested in.

The Ohio Venture Fund will provide capital to professionally managed investment funds to support growth-stage technology companies in Ohio. Development plans to make seven to 15 awards totaling up to $75 million through this fund.

Investments have generated $42 million in taxes since 2006. This translates into an inflation-adjusted tax revenue of $50.1 million in today's dollars. The OCF has helped to attract nearly $1.41 billion of private investment into 107 Ohio companies. $341 million has come from the OCF Underlying Funds, with another $1.07 billion coming from investors other than the OCF's Underlying Funds, investing in those same rounds of financing. The $1.41 billion invested in these 107 companies has created an 10.07 leverage multiple on the $139.9 million contributed by the OCF to date to its Underlying Funds. The OCF investments have helped to attract capital into seed- and early-stage companies in Ohio. Of the OCF's 30 investments, 13 funds established a new presence in Ohio. Those 13 funds have since made direct investments into Ohio startups totaling $177.7 million. Many of these funds had never invested in Ohio prior to receiving a commitment from the OCF.

Innovation support organization for Oklahoma's entrepreneurial ecosystem.

The Oklahoma Venture Capital Investment program is set to strengthen the state's economy and incentivize the growth of private venture capital in Oklahoma by investing nearly $49 million of SSBCI dollars in Oklahoma based venture funds. Through an open request for proposals, OCAST will award SSBCI dollars to Oklahoma based venture funds for the purpose of making investments in Oklahoma based innovation companies. Selected venture funds will be required to match every dollar of federal funds with a minimum of a dollar of matching private investment capital.

OVF invests in startups and growth companies in all sectors and stages of development. No startup is too early - half of our initial investments are in pre-revenue startups. Our check size ranges from $500K to $5M and we can invest up to $10M in a company over its life. We like to lead financing but are also happy to follow. Our investments tend to be in insanely great teams, creating must-have solutions for large or growing markets. We target to invest $20M annually in 8 to 10 startups and growth companies. Even if your startup isn't a fit for an OVF investment, we'd still like to try to be helpful.

$199M+ invested from OVF, $2.1B in follow-on capital, 87 startups funded, 6,423 jobs, $5.5B total market capitalization. Building a new generation of growth companies.

The Program is a $60 million fund designed to provide loans to venture capital companies looking to make investments in companies located in the Commonwealth. It will allocate 50% of the funds available to venture capital partnerships which operate locations in historically underserved areas of Pennsylvania. These areas are defined as counties outside of the Philadelphia MSA and those with populations below 1 million. The Program will also insure that 50% of the funds are invested in these areas. The program also requires a match by the VC of three dollars of investment into PA companies for every one dollar the Commonwealth provides. This creates $240 million in investment capital for PA companies.

In 2013, to foster job creation, facilitate small business development and enhance the workforce pipeline, the Rhode Island General Assembly created the Innovate Rhode Island Small Business Fund (IRISBF). Eligible Rhode Island small businesses may apply for grants to defray the cost of applying for SBIR/STTR awards, match SBIR/STTR Phase I and Phase II awards, and hire interns.

Find non-dilutive funding opportunities through Rhode Island Commerce. With grant programs and incentives specifically designed to support innovation research and development (R&D), from early-stage R&D to commercialization, we support your goals through connecting state and federal funding opportunities that help businesses of all sizes bring their ideas to market. Rhode Island's Innovation Incentives Portfolio is geared towards filling the gaps for entrepreneurs, inventors, and evolving small businesses. Venture support taps the vibrant Rhode Island innovation ecosystem to further leverage the knowledge and talent throughout the State. In the smallest state in the nation, we know it's the small things targeted in the right ways that can have outsized impacts.

InvestSC matches investments from accredited investors 1 to 1 as part of the U.S. Department of the Treasury's State Small Business & Credit Initiative (SSBCI) program InvestSC was formed by the South Carolina Jobs-Economic Development Authority (JEDA) at the request of the South Carolina Venture Capital Authority (VCA) to serve as the Designated Investor Group for South Carolina.

InvestTN is made possible by Fund Tennessee – $117 million in federal funding for Tennessee as part of the U.S. Department of the Treasury's State Small Business & Credit Initiative (SSBCI) program. Whether your business seeks equity investments, lending or technical assistance, Fund Tennessee is here to provide access to capital so your business can continue to succeed in The Volunteer State.

The Nucleus Fund was created to accelerate Utah's economy by investing in early-stage, deep-tech ventures emerging from the state's universities and research institutions.

VIPC's venture capital program, Virginia Venture Partners (VVP), supports entrepreneurs and founding teams building transformative companies in Virginia. VVP invests in technology, cybersecurity, life sciences, energy, and aerospace startups through grants, pre-seed, and seed-stage funding, providing the critical support needed to fuel company growth and success.

Virginia Invests is the name of VIPC's Fund of Funds program. Managed by Virginia Venture Partners (VVP) and underwritten by the U.S. Treasury Department's SSBCI program, VIPC is able to invest in fund managers that run early-stage venture capital funds.

Vermont has a strong start up culture and the Venture Capital Program is only going to help it grow. The Venture Capital Program will help maximize the potential of Vermont's creative and energetic entrepreneurs, and will fuel our economic growth, benefiting the entire state. Venture Capital Program recipients will use the SSBCI funds on seed fund investments; leveraging accelerator programs to make small investments in rural, pre-seed stage companies; and investments in high-growth, technology innovation companies in the healthcare sector.

The Washington SSBCI Venture Capital (VC) program provides $49 million in equity capital support by investing funds with Washington-based fund managers, including those with diverse management teams. The program will invest in up to three venture capital funds that offer early-stage support for Washington business growth. These funds focus on investing in underserved startups or targeted investment objectives such as social equity, climate tech innovations, information technology, AI and machine learning.

The Wisconsin Investment Fund is seeded with $50 million from the federal government State Small Business Credit Initiative (SSBCI) program. The Fund provides a source of venture capital for strategically selected seed and early-stage venture funds and fund managers for investment in start-up companies in Wisconsin. The fund managers raise private equity capital that matches the WEDC capital on at least a one-to-one basis, amplifying the impact of Wisconsin Investment Fund capital.

The WVCAP Seed Capital Co-Investment Fund can provide funding of up to $2,000,000 to assist businesses in advancing intellectual capital, for market and with their working capital needs, including expansion of their operations, technology development and key personnel hires. These transactions are either direct equity investments or convertible debentures with interest rates and terms based on market conditions and risk factors. The Seed Capital program has a 100% match, so every $1 of WVCAP funding is matched by $1 of non-WVCAP capital.

The Kickstart Grant Program is designed to support growth-oriented startups within the state to overcome initial hurdles through funding, mentorship, and future growth opportunities. Kickstart is available to help launch your business into the next phase of growth. We offer between $5,000 – $50,000 per award to help business owners achieve their next big milestone. This is non-dilutive funding, with no requirement for re-payment, so entrepreneurs can get their businesses up and running faster.