Latest news with #ElevateVentures
Yahoo
15-05-2025
- Business
- Yahoo
Braun signs contract for an IEDC audit costing taxpayers up to $800,000. Here's why
The state of Indiana could pay up to $800,000 on a forensic audit initiated by Gov. Mike Braun of the Indiana Economic Development Corp. and its affiliate entities. The state-funded entity has been increasingly maligned by Republicans for its lack of transparency, culminating in Braun announcing that he wants to investigate the quasi-governmental entity for possible impropriety. The IEDC has been by funded by taxpayers since its 2005 founding under Gov. Mitch Daniels' administration but has faced criticism over the years for its sometimes-opaque practices. Braun's administration has already frozen the funds of IEDC affiliate Elevate Ventures, a nonprofit investment entity that's doled out nearly $200 million to Indiana startups, while the audit takes place. He also earlier this year signed an executive order that will result in increased financial transparency over entities like the related Indiana Economic Development Foundation, which has funded international travel for past governors. Braun's Secretary of Commerce David Adams signed a one-year contract earlier this week with Washington, D.C.-based firm FTI Consulting Inc. The firm will be paid an hourly rate of $595 for its work up to $800,000, unless the contract is eventually renewed. The firm will provide "forensic review and support services" for the state, according to a letter from the firm, which has locations worldwide including an office on the north side of Indianapolis near Carmel. Braun previously has stopped short of accusing anyone specifically of wrongdoing, but has said "transparency is essential." A Hannah News Service story published in April raised several issues, including IEDC's alleged struggles to get financial and investment data from the Elevate Ventures affiliate. "We are not rushing to any conclusions," Braun said on April 24. "We want to make sure things are reviewed independently." Elevate Ventures' CEO Toph Day, meanwhile, has defended the organization and has said it is "eager to participate in the forensic audit." Contact senior government accountability reporter Hayleigh Colombo at hcolombo@ Sign up for our free weekly politics newsletter, Checks & Balances, by IndyStar political and government reporters. This article originally appeared on Indianapolis Star: Braun signs contract for IEDC audit costing taxpayers up to $800,000
Yahoo
15-05-2025
- Business
- Yahoo
Braun signs contract for an IEDC audit costing taxpayers up to $800,000. Here's why
The state of Indiana could pay up to $800,000 on a forensic audit initiated by Gov. Mike Braun of the Indiana Economic Development Corp. and its affiliate entities. The state-funded entity has been increasingly maligned by Republicans for its lack of transparency, culminating in Braun announcing that he wants to investigate the quasi-governmental entity for possible impropriety. The IEDC has been by funded by taxpayers since its 2005 founding under Gov. Mitch Daniels' administration but has faced criticism over the years for its sometimes-opaque practices. Braun's administration has already frozen the funds of IEDC affiliate Elevate Ventures, a nonprofit investment entity that's doled out nearly $200 million to Indiana startups, while the audit takes place. He also earlier this year signed an executive order that will result in increased financial transparency over entities like the related Indiana Economic Development Foundation, which has funded international travel for past governors. Braun's Secretary of Commerce David Adams signed a one-year contract earlier this week with Washington, D.C.-based firm FTI Consulting Inc. The firm will be paid an hourly rate of $595 for its work up to $800,000, unless the contract is eventually renewed. The firm will provide "forensic review and support services" for the state, according to a letter from the firm, which has locations worldwide including an office on the north side of Indianapolis near Carmel. Braun previously has stopped short of accusing anyone specifically of wrongdoing, but has said "transparency is essential." A Hannah News Service story published in April raised several issues, including IEDC's alleged struggles to get financial and investment data from the Elevate Ventures affiliate. "We are not rushing to any conclusions," Braun said on April 24. "We want to make sure things are reviewed independently." Elevate Ventures' CEO Toph Day, meanwhile, has defended the organization and has said it is "eager to participate in the forensic audit." Contact senior government accountability reporter Hayleigh Colombo at hcolombo@ Sign up for our free weekly politics newsletter, Checks & Balances, by IndyStar political and government reporters. This article originally appeared on Indianapolis Star: Braun signs contract for IEDC audit costing taxpayers up to $800,000
Indianapolis Star
15-05-2025
- Business
- Indianapolis Star
Braun signs contract for an IEDC audit costing taxpayers up to $800,000. Here's why
The state of Indiana could pay up to $800,000 on a forensic audit initiated by Gov. Mike Braun of the Indiana Economic Development Corp. and its affiliate entities. The state-funded entity has been increasingly maligned by Republicans for its lack of transparency, culminating in Braun announcing that he wants to investigate the quasi-governmental entity for possible impropriety. The IEDC has been by funded by taxpayers since its 2005 founding under Gov. Mitch Daniels' administration but has faced criticism over the years for its sometimes-opaque practices. Braun's administration has already frozen the funds of IEDC affiliate Elevate Ventures, a nonprofit investment entity that's doled out nearly $200 million to Indiana startups, while the audit takes place. He also earlier this year signed an executive order that will result in increased financial transparency over entities like the related Indiana Economic Development Foundation, which has funded international travel for past governors. Braun's Secretary of Commerce David Adams signed a one-year contract earlier this week with Washington, D.C.-based firm FTI Consulting Inc. The firm will be paid an hourly rate of $595 for its work up to $800,000, unless the contract is eventually renewed. The firm will provide "forensic review and support services" for the state, according to a letter from the firm, which has locations worldwide including an office on the north side of Indianapolis near Carmel. Braun previously has stopped short of accusing anyone specifically of wrongdoing, but has said "transparency is essential." A Hannah News Service story published in April raised several issues, including IEDC's alleged struggles to get financial and investment data from the Elevate Ventures affiliate. "We are not rushing to any conclusions," Braun said on April 24. "We want to make sure things are reviewed independently." Elevate Ventures' CEO Toph Day, meanwhile, has defended the organization and has said it is "eager to participate in the forensic audit."
Indianapolis Star
23-04-2025
- Business
- Indianapolis Star
Gov. Mike Braun orders independent audit of IEDC's accounting practices. Here's why
Gov. Mike Braun has ordered an independent forensic audit of the Indiana Economic Development Corp., a quasi-governmental agency that he had pledged on the campaign trail to scrutinize. The existence of an independent audit was first reported Tuesday by Hannah News Service, which also reported that the probe stems from concerns with the practices of a particular contractor of the IEDC, Elevate Ventures. Hannah News also reported that this was the subtext for an executive order Braun signed on April 8 ordering financial disclosures from the IEDC's private fundraising arm. 'Today I am reiterating my commitment to transparency in government," Braun said in a statement shared with IndyStar. "Hoosier taxpayers deserve clear accountability for how their dollars are spent. We are finalizing arrangements for an independent forensic audit of all Indiana Economic Development Corporation accounting and we will take any necessary action to protect taxpayers going forward.' Elevate Ventures started as a grant-writing IEDC spinoff, created by former Gov. Mitch Daniels in 2011. It has grown into a venture capital firm that invests in startups, including using state dollars to invest in Indiana startups. Toward the end of Gov. Eric Holcomb's term, in May 2024, the state launched a new "Elevate Ventures Growth Fund" to focus on investing in "cross sector innovation" companies in Indiana. Elevate Ventures also generally does investment and portfolio management for the IEDC. Some of the concerns from top IEDC officials as reported by Hannah News include their alleged struggles to get financial and investment data from Elevate Ventures, and an ownership structure at Elevate that gave certain individuals power over investment of state funds. A message seeking comment from Elevate Ventures was not returned. The IEDC deferred to the governor's office. The IEDC has for years been the subject of scrutiny over how it conducts business, most notably in the public eye over its quietly buying up land in Boone County for the LEAP District, a large industrial park that then appeared to need a pipeline to ship in water from Tippecanoe County. Lawmakers on the state budget committee often grill the IEDC on how it spends state dollars, which the agency can often obscure behind the sensitivity of competitive economic development deals. This became a significant campaign issue during the Republican gubernatorial primary race in 2024, where Braun competed against a former IEDC head, Brad Chambers.
Associated Press
29-03-2025
- Business
- Associated Press
World's First Vibe Coding Competition Announced at RALLY Conference
Teams will compete throughout the night for a chance to win $10,000 INDIANAPOLIS, IN - March 28, 2025 ( NEWMEDIAWIRE) - Today, RALLY, the cross-sector innovation conference, announced the first-ever vibe coding competition. Rally is looking for the world's best vibe coders to come compete head to head in front of thousands of attendees. Applications open on April 22, 2025, close on May 22, 2025 and can be accessed at Vibe coding will drastically accelerate the creation of our next generation tools and 12 teams of up to 3 people each will code throughout the night to show us how it's done. The event is part of the third annual RALLY conference held on September 24-25 in Indianapolis, Indiana. Developers are increasingly using AI to generate code and the competition aligns with RALLY's mission to highlight the innovations used by entrepreneurs, founders, and creators worldwide. Y Combinator, recently shared that a quarter of their startup group created 95% of their codebases via generative AI. 'The launch of the first-ever Vibe Coding Competition at this year's RALLY is a testament to our commitment to innovation,' said Christopher Day, CEO of Elevate Ventures and RALLY Visionary. 'We constantly challenge companies and individuals to be curious, think differently, innovate and iterate. Now, we're putting that mindset to the test. This competition will inspire the next generation of founders to think creatively about their next endeavor. How can you leverage AI and LLMs to accelerate your aha moment?' The competition, in partnership with Crafted, will happen live at RALLY and the competition kick-off will begin at 12:00 p.m. EST on Wednesday, September 24 where participants will learn more about the challenge they are solving and what they need to build. A happy hour and a break are scheduled during the event, and participants should be prepared for unexpected twists along the way. A panel of judges will review the submissions and the top three finalists will be announced on the Main Stage. The final three teams will be asked to demo their product to the audience and the winning team will be announced and awarded a $10,000 cash prize. Now in its third year, RALLY, where innovation convenes, brings together stakeholders worldwide to experience creative convergence across six innovation studios: software, agriculture and food, healthcare, sports, hardtech, and entrepreneurship. For more information about the conference, to secure early-bird tickets, and for more information about sponsorship opportunities, please visit Early bird pricing ends on March 31, 2025. About RALLY, where innovation convenes, unites cross-sector companies and disparate stakeholders, including entrepreneurs, investors, policymakers, educators, and more, to foster creative collisions. The event features over 3,500 attendees, a $5 million pitch competition, six innovation studios, thought leaders from around the globe, and an exhibit hall. Learn more at Media Contact Full Name: Muhammad Yasin Title: VP of Marketing
