Starting next year, a statewide nonprofit organization is assuming the role the Entech Innovation Center in Valparaiso held in providing entrepreneurial assistance to startup and emerging firms.
With the move, Charlie McGill, the center's executive director, will join Elevate Ventures as entrepreneur in residence for Northwest Indiana, according to a news release from the Valparaiso Economic Development Corp.
Indianapolis-based Elevate Ventures provides business development, investment and investment advisory services to startup and emerging companies.
The nonprofit Entech Innovation Center started operating three years ago. Entech received funding primarily through the Valparaiso Economic Development Corp., private foundation grants, a U.S. Small Business Administration grant and program income.
Entech will not renew its lease for office space in 2012 in the Eastport Centre and operations for Elevate Ventures Northwest Indiana will be located in Portage, a news release said. Operations will be at the same offices already home to the Northwest Indiana Forum and the Northwestern Indiana Regional Planning Commission.
McGill said there's excitement over the opportunity to do more for emerging and high-performing Indiana businesses through Elevate Ventures.
He pointed to the success of IVDiagnostics, which located at Entech in 2009, to develop and commercialize diagnostic tools to help in monitoring and early diagnosis of cancer and blood borne diseases. The company is preparing for clinical trials and if it receives approval from the U.S. Food and Drug Administration, it could employ 130 people and generate $200 million in revenue within five years.
Jim Jorgensen, chairman of the Valparaiso Economic Development Corp. board, said Entech can be proud for its support of high-end innovation.