2024-05-13T22:59:20-07:00 2023-12-31 990 2023-01-01 510252306 VENTURE CENTRAL INC VENT 4342274770 300 Preston Ave Suite 206 Charlottesville VA 22902 Chris Engel Treasurer 4349703111 2024-05-14 Chris Engel 999009999 1 0 11 1 AAL2 X 2023 2023-04-26 12:10:37Z Rebecca Haydock 300 Preston Ave Suite 206 Charlottesville VA 22902 478304 0 X venturecentralva.com X 1979 VA Venture Central's mission is to serve and strengthen the Central Virginia entrepreneurial community by building and bridging connections, programs, funding, and spaces. 6 6 2 0 0 0 212093 474426 3878 0 0 212093 478304 40000 0 105288 73695 0 0 81362 309906 186650 423601 25443 54703 118382 168658 75000 70573 43382 98085 Venture Central's mission is to serve and strengthen the Central Virginia entrepreneurial community by building and bridging connections, programs, funding, and spaces. We collaborate with regional entrepreneurs and business support partners for the advancement of the entrepreneurial ecosystem in Central Virginia. 0 0 172404 235801 Venture Central received a GO Virginia grant from the Commonwealth of Virginia's Department of Housing and Community Development to (1) create a singular focal point for entrepreneurship and innovation in Central Virginia, (2) establish a governance board and advisory committee, (3) hire a director, and (4) develop a fundraising plan. Throughout 2022 and 2023, Venture Central worked to achieve those goals by hiring an executive director, organizing and sponsoring local events, and engaging with and guiding local startups and founders. Venture Central also pursued multiple grants, and was awarded the U.S. Economic Development Administration Build to Scale Capital Connection grant for $300,000 with a $300,000 local match. This was the first known U.S. EDA grant received in the Central Virginia region. 35649 37234 GoVA REI (Regional Entrepreneurship Initiative) for Region 9: Counties of Albemarle, Culpeper, Fauquier, Fluvanna, Louisa, Madison, Nelson and Orange, the city of Charlottesville and the town of Culpeper. Overview: The Community Investment Collaborative (CIC), in partnership with Venture Central was to develop a regional strategy to strengthen and grow the GO Virginia Region 9 entrepreneurial ecosystem. The project would engage a broad range of stakeholders in the region, inventory available resources and small business funding sources, and develop actionable strategies to increase the rate of new business formation and improve survival rates for early-stage businesses in urban and rural areas. 2023 saw the kickoff of the Go Virginia REI grant. Venture Central and CIC hired a consultant (The Good People Research Company) and a Program Manager to facilitate the grant work. Work completed included planning the project, setting objectives, defining communities, identifying stakeholders, researching best practices, and started community conversations with entrepreneurs, ESOs, Chambers of Commerce, and local government representatives. The grant work will continue through late 2024. 116567 67769 U.S. Economic Development Administration Build to Scale Capital Connection grant: In 2023 Venture Central advanced the work under the U.S. EDA grant titled Diversify-Connect-Fund (DCF). The project was designed to support the Central Virginia entrepreneurial ecosystem in three ways: (1) establishing a series of angel investor training programs to encourage new investors to participate in funding local startups, (2) building connections between local startups who need venture capital funding and the sources of such funding, and (3) explorating an investment fund strategy to assist startups in raising funds. 2023 deliverables for the program were on track. Events were conducted to drive investor engagement and education, startups were connected to funders, local startups recorded over $112,000,000 in funding and fund strategies got underway. Events attracted nearly 200 participants and included Angel Academy (accredited investor training), Women On The Rise (investor & founder programming), and Getting Deals Done (due diligence training for deal leads and startups). The activities under the grant, which run through September of 2024 engaged more and more diverse participants to support regional businesses - from businesses operating locally to those scaling internationally. 94200 40000 137500 434 Accelerator: Venture Central became host of the 434 Accelerator, a startup accelerator program that works with entrepreneurs in the Central Virginia area. 434 Accelerator is a member of the Virginia Accelerator Network, which is supported, in part, by the Virginia Innovation Partnership Corporation. Venture Central's role was to facilitate resources for accelerator leadership to include funding, meetings, expertise and more. In 2023, the accelerator provided six newly formed, technology-driven companies based in the Charlottesville area with bespoke guidance, connections to a network of industry experts, eligibility to apply for up to $20,000 in grant support, dedicated workspace and access to a portfolio of additional resources. The program also hosted over twelve events connecting entrepreneurs with stakeholders, supported three interns, and provided guidance to teams in the region preparing for or operating outside of the accelerator program. 94200 40000 137500 418820 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 VA X Rebecca Haydock 4342274770 300 Preston Ave Suite 206 Charlottesville VA 22902 Sarah Rumbaugh Chair 1 0 X X 0 0 0 Charlie Rogers Vice Chair 1 0 X X 0 0 0 Chris Engel Treasurer 1 0 X X 0 0 0 James Atkinson Director 1 0 X 0 0 0 JT Newberry Director 1 0 X 0 0 0 Pyam Pourtaheri Director 1 0 X 0 0 0 0 0 0 0 0 0 0 Rahul Keshap Shuru Law LLC 3334 TURNBERRY CIRCLE Charlottesville VA 22911 Executive Director 134832 1 0 0 0 0 399426 75000 0 474426 Angel Academy Ticket Sales 541618 3878 3878 0 0 0 0 0 0 3878 0 0 0 0 0 0 478304 3878 0 0 X 40000 40000 0 0 0 0 0 0 0 0 0 0 68225 68225 4216 4216 1254 1254 133945 130554 3391 151 151 8901 8354 547 144297 144297 10000 10000 75 75 1423 921 502 1300 1300 956 956 8468 8468 Miscelleneous - Bank, Payroll Fees 188 0 188 0 202 49 153 423601 418820 4781 0 100444 80620 17938 88038 118382 168658 70573 75000 75000 70573 X 0 0 0 0 43382 98085 43382 98085 118382 168658 54703 0 0 0 0 0 X 0 0 0 X 17394 0 0 211538 403304 632236 17394 0 0 211538 403304 632236 632236 23 23 555 60855 61410 693669 0.91144 0.9981 X Schedule A, Part II, Line 10 Grant from Private Foundation RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 Vistaly Inc 1889 Pine Cone Cir Charlottesville VA 22901 320669751 10000 Cash Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community. CargoLabs Inc 43102 Kimberley Ct Leesburg VA 20176 843505970 10000 Cash Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community. Utrain Inc 122 E Main St Ste A Charlottesville VA 22902 844881910 20000 Cash Grant award to support business development and growth as a local, organically-grown startup benefiting the Central Virginia community. 0 3 Schedule I, Part I, Line 2 Grants were made through the 434 Accelerator Program. Applicants to the accelerator were screened for their eligibility based on residency, stage of company, technology, and other key qualifications. Eligible teams were interviewed by a selection committee comprised of individuals representing capital communities from across the commonwealth. Selected teams received 50% of the grant funds upon their first check-in for the program, through which use of funds in discussed, and the remaining 50% of the funds were provided to the team based upon active participation in and engagement with the program, its office hours, check-ins, and other obligations. Form 990, Part VI, Section B, Line 11b The Managing Director presents a Draft Form 990 to the Board of Directors for review and proposed changes, then Board approves and files final version. Form 990, Part VI, Section B, Line 12c Venture Central shares the conflict of interest policy with directors and officers of the organization and conducts periodic compliance reviews of its compensation arrangements, benefits, partnerships, joint ventures and arrangements, as required by the policy. Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policy, and financial statements are available to the public upon request. Form 990, Part IX, Line 11g Required Grant Metrics Tracking - $48,191.50, Charlottesville Business Innovation Council grant partner - $41,420.00, Program Media and Web Consultants - $28,075.00, Community Investment Collaborative grant partner - $26,610.47