Roanoke-Blacksburg Innovation Network
- Assets
- $486.7k
- Revenue
- $949.4k
- Investments
- $0.0
- Employees
- 7
- Location
- Blacksburg, VA
- Founding
- 09/2014
- Data as of
- 12/2021
- EIN
- 46-2975294
Organization Overview
Roanoke-Blacksburg Innovation Network, operating under the name Valleys Innovation Council, is located in Blacksburg, VA. The organization was established in 2014. According to its NTEE Classification (B03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Education and related organizations. As of 12/2021, Valleys Innovation Council employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valleys Innovation Council is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Valleys Innovation Council generated $949.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 46.6% each year . All expenses for the organization totaled $628.6k during the year ending 12/2021. While expenses have increased by 49.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VALLEYS INNOVATION COUNCIL SUPPORTS THE REGION BY CONNECTING, COMMUNICATING, AND COLLABORATING WITH STAKEHOLDERS TO GROW AND STRENGTHEN OUR INNOVATION ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REGIONAL ENTREPRENEUR INITIATIVE - VIC SERVES AS THE REGIONAL ENTREPRENEURSHIP INITIATIVE COORDINATOR FOR REGION 2 OF VIRGINIA ON BEHALF OF THE REGION 2 GO VIRGINIA COUNCIL. IN THIS ROLE, VIC SUPPORTS GRANT ACTIVITY OF SERVICE ORGANIZATIONS BY PROVIDING TECHNICAL ASSISTANCE, GATHERS DATA AND RESEARCH TO PUBLISH AN ANNUAL STATE OF THE INNOVATION ECOSYSTEM REPORT, SUPPORTS A REGIONAL ENTREPRENEURSHIP SUMMIT, EXPLORES AVENUES TO LAUNCH AN ENTREPRENEUR RESOURCES PLATFORM, AND CONTINUES TO WORK ON PRIORITY PROJECTS WITH VARIOUS REGION 2 GROUPS AND COALITIONS, WHICH WERE IDENTIFIED IN THE STRATEGIC INVESTMENT PLAN.
RAMP (REGIONAL ACCELERATOR AND MENTORING PROGRAM) - FOCUSED ON EXPANDING PROGRAMMING IN FOUR KEY AREAS: 1. STARTUP PATHWAYS TO RESPOND TO THE NEED FOR MORE FOCUS ON PRE-ACCELERATION COMPANIES BY PROVIDING MENTOR CONNECTIONS, SUPPORTING THE HEALTH SCIENCE & TECHNOLOGY COMMERCIALIZATION FELLOWSHIP WITH FRALIN BIOMEDICAL RESERACH INSTITUTE, AND SUPPORTING TRANSLATIONAL RESEARCH FROM VIRGINIA TECH. 2. SCALING THE ACCELERATOR-IN-RESIDENCE PROGRAM BY PROVIDING SUPPORT FOR SIX IN-RESIDENCE COHORTS OVER THE THREE-YEAR PERIOD ADDING A PROGRAM COORDINATOR TO SUPPORT THE EXPANSION, INCREASING ACCESS TO DOMAIN EXPERT MENTORS, AND PROVIDING HYBRID IN-PERSON AND VIRTUAL COURSES. 3. ENHANCED SUPPORT FOR LATER-STAGE STARTUPS THROUGH EXIT RAMP PROGRAMMING DESIGNED TO PROVIDE ALUMNI SUPPORT THROUGH ONGOING MENTORING, PITCHPLUS PROGRAMMING TO HELP POST-ACCELERATION COMPANIES BETTER UNDERSTAND AND ACCESS CAPITAL, AND SHARED WORKSPACE. 4. RESOURCE DEVELOPMENT AND RESEARCH THROUGH MENTOR DEVELOPMENT AND TRAINING, MAKING CONNECTIONS TO REGIONAL INNOVATION ECOSYSTEM RESOURCES, AND RESEARCH CONNECTED TO TRACKING THE GROWTH AND DEVELOPMENT OF THE REGIONAL INNOVATION ECONOMY.
REGIONAL ENTREPRENEURSHIP SUMMIT - VIC SUPPORTED AND COORDINATED EVENT PLANNING FOR A REGIONAL ENTREPRENEURSHIP SUMMIT, AS PART OF THE VIRGINIA TECH CORPORATE RESEARCH CENTER'S (VTCRC) GAME CHANGER WEEK, FROM AUGUST 23-27. VIC SUPPORTED EVENTS (UNDER THE VERGE BANNER) INCLUDED AN ENTREPRENEUR-RESOURCE MATCHMAKING EVENT, AS WELL AS A VENTURE CAPITALIST PANEL DISCUSSION WITH MORE THAN 20 ATTENDEES. VIC PROVIDED AN INNOVATION ECOSYSTEM UPDATE TO REGIONAL LEADERS, AS WELL AS COORDINATED A 67 PERSON LUNCHEON WITH MICHAEL FRIEDLANDER, VICE PRESIDENT FOR HEALTH SCIENCES AND TECHNOLOGY AT VIRGINIA TECH AND FOUNDING EXECUTIVE DIRECTOR OF THE FRALIN BIOMEDICAL RESEARCH INSTITUTE AT VIRGINIA TECH CARILION, AS PART OF THE EVENT WEEK TOO.
TRACKING REGIONAL ECONOMY AND OTHER PROGRAM SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Feldmann CEO | OfficerTrustee | 60 | $140,692 |
Meredith Hundley Chief Program Officer | Officer | 40 | $97,008 |
Ken Ferris Co-Chair | OfficerTrustee | 4 | $0 |
Marty Muscatello Co-Chair | OfficerTrustee | 4 | $0 |
Ed Lawhorn Treasurer | OfficerTrustee | 4 | $0 |
Daniel Summerlin Secretary | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $427,801 |
| All other contributions, gifts, grants, and similar amounts not included above | $521,607 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $949,408 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $949,408 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $237,700 |
| Compensation of current officers, directors, key employees. | $30,126 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $241,518 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,471 |
| Payroll taxes | $39,079 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,258 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $523 |
| Office expenses | $4,308 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,341 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $913 |
| All other expenses | $0 |
| Total functional expenses | $628,615 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $472,905 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,316 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $486,721 |
| Accounts payable and accrued expenses | $111,197 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $111,197 |
| Net assets without donor restrictions | $54,393 |
| Net assets with donor restrictions | $321,131 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $486,721 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Roanoke-Blacksburg Innovation Network has recieved totaling $200,017.
| Awarding Organization | Amount |
|---|---|
Truist Foundation Inc Orlando, FL PURPOSE: GENERAL OPERATING | $200,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $17 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oak Ridge Associated Universities Inc Oak Ridge, TN | $44,030,627 | $90,563,395 |
Methodist University Inc Fayetteville, NC | $132,260,615 | $89,510,877 |
Entrepreneurs Organization Alexandria, VA | $61,864,158 | $33,696,911 |
American Council On Education Washington, DC | $87,315,703 | $34,913,177 |
Association For Supervision And Curriculum Development Arlington, VA | $74,879,436 | $26,629,493 |
Propane Education & Research Council Inc Washington, DC | $68,183,417 | $39,056,977 |
National Science Teaching Association Arlington, VA | $24,488,010 | $16,846,179 |
American Society Of Pension Professionals & Actuaries Inc Arlington, VA | $34,260,839 | $23,358,827 |
American Association Of Community Colleges Washington, DC | $17,692,990 | $18,107,472 |
National Board For Professional Teaching Standards Inc Arlington, VA | $7,108,000 | $15,320,880 |
National Association Of Independent Schools Inc Washington, DC | $58,850,620 | $18,662,235 |
Air Force Association Arlington, VA | $41,846,008 | $19,163,734 |