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Let’s start looking at the compensation of all these folks involved.
Exactly
“People in line to get free money experiencing angst because they might not get free money”
Fixed the headline for you IBJ
My grandmother warned about cutting off the nose to spite the face. Regardless of whether or not Elevate did anything out of line, why can’t the the Braun Administration find a way to address concerns without undue harm to Indiana’s burgeoning tech ecosystem? Politics and power spats only divert attention from the kind of problem-solving our citizens want to see from state leadership.
Susan, what a great article, very objective and detailed.
Indiana needs to stop investing in things that the private market won’t…because there is no market.
The only ones making money here are the VCs collecting fees.
From Hannah News:
“Then Sen. Qaddoura laid out the crux of his concerns, ostensibly to the IEDC proxy, but more so for his colleagues and those who may have been watching the meeting.
The same prospectus, the investment prospectus has language about conflict of interest and I will read it to you.
It said, and this is from directly coming out of their documents that they sent to investors – and the subheading is ‘Potential Conflicts of Interest with the Management Company,’ personnel of the management company and Elevate. Although personnel of the management company shall devote such portion of their time during normal business hours to the management and operation of the fund as may be necessary to effectively manage the fund’s business, the management company and its personnel are entitled to and do engage in other business activities, and are not prohibited from engaging in activities that are, or may be competitive with the activities of the fund specifically.
This is not from me. This is from the investment prospectus that they are sending around.
But I’m extremely concerned that we’re not getting anywhere with holding IEDC accountable, and we’re not getting the answers.
And I … hope that for those who are listening from IEDC, I demand that we as legislators need to know the answers to all of these transactions that are happening under IEDC, funded by the taxpayers going to IEDC ventures – from IEDC to Elevate Ventures, Elevate Management, LLC, Rally Innovation LLC – and the key employees are getting paid with conflict of interest that exists and acknowledged by their own prospectus investments.
I don’t think this is right. It’s just not right for the taxpayers of the state.”