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Blueprint Intelligence / Specialized Pathways / Indiana SSBCI venture capital, IEDC and Elevate co-investment
Specialized Pathways
Indiana invests its SSBCI venture capital alongside other investors through Elevate Ventures and the Indiana Angel Network Fund.
Indiana's SSBCI plan is administered by the Indiana Economic Development Corporation, and its venture capital does not reach companies directly from the state. Elevate Ventures is Indiana's venture-development partner, and SSBCI venture funds are invested in Indiana-based companies through the Indiana Angel Network Fund alongside co-investors. Indiana's broader plan also includes the Legend Fund, which is a loan-participation route rather than equity.
The state is not the counterparty a company negotiates with. IEDC administers the plan, Elevate Ventures acts as the venture-development partner, and the investment reaches the company through that structure.
That shapes where a company starts. The conversation runs through the venture partner and the round's other investors rather than through a direct application to the state for equity.
SSBCI venture funds are invested in Indiana-based companies through the Indiana Angel Network Fund, alongside co-investors. The route focuses on pre-seed, seed, and early-stage or early-revenue companies.
Indiana intends to participate in early funding rounds led by venture partners, including efforts focused on underrepresented founders. A company should therefore be able to describe its round and its lead, because the state's participation is defined by that round rather than by a standalone state process.
The Legend Fund is a loan-participation route inside Indiana's broader SSBCI plan. It is a different instrument with different obligations, and it is not part of the venture capital route described above.
Treating the two as one product produces the wrong preparation and the wrong conversation. A company seeking equity co-investment and a company seeking loan participation are answering different questions.
Indiana's venture route is built around co-investment: IEDC works with Elevate Ventures and the Indiana Angel Network Fund to participate alongside investors in Indiana-based early-stage companies.
Source check recorded: August 2, 2026.
Use this guide to prepare the conversation, then confirm current terms with the program administrator. Eligibility, investment limits and application windows can change after the recorded source date.
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