Tennessee Technology Development Corporation
- Assets
- $26.9m
- Revenue
- $13.4m
- Investments
- $0.0
- Employees
- 18
- Location
- Nashville, TN
- Founding
- 06/1999
- Data as of
- 06/2023
- EIN
- 62-1765738
Organization Overview
Tennessee Technology Development Corporation, operating under the name Launch Tennessee, is located in Nashville, TN. The organization was established in 1999. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Launch Tennessee employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Launch Tennessee 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 06/2023, Launch Tennessee generated $13.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $13.4m during the year ending 06/2023. While expenses have increased by 13.6% per year over the past 8 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.
Since 2015, Launch Tennessee has awarded 194 individual grants totaling $30,818,944. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CREATION OF ECONOMIC ACTIVITY THROUGH DEVELOPMENT OF TECHNOLOGICAL RESEARCH AND DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBIR/STTR SUPPORT PROGRAM - THE ORGANIZATION'S SBIR MATCHING FUND PROGRAM PROVIDES GRANTS TO SELECTED TENNESSEE COMPANIES WHO HAVE RECEIVED FEDERAL SBIR/STTR AWARDS. THE GOAL OF THE SUPPORT EFFORT IS TO ASSIST TENNESSEE COMPANIES IN ACHIEVING HIGHER THAN AVERAGE SUCCESS RATES FOR PHASE I AND PHASE II WINS AND TO PROVIDE FUNDING TO EXPEDITE BRINGING RESEARCH INTO MARKET.
WE FULFILL OUR MISSION IN PART BY PROVIDING FUNDING AND CONNECTIONS TO SEVEN REGIONAL ENTREPRENEUR CENTER PARTNERS LOCATED IN MEMPHIS, JACKSON, NASHVILLE, COOKEVILLE, CHATTANOOGA, KNOXVILLE, AND THE TRI-CITIES AND SIX STATEWIDE INDUSTRY PARTNERS IN INDUSTRIES WHICH ADD VALUE TO THE TENNESSEE ECONOMY INCLUDING ADVANCED ENERGY, AG TECH, CONSUMER PACKAGED GOODS, FINANCIAL TECHNOLOGIES, LIFE SCIENCES, AND MOBILITY.
WE ARE UNIQUELY POSITIONED TO PROVIDE DIRECT INVESTMENT, WHILE ALSO SUPPORTING COLLABORATION AMONG FOUNDERS, INVESTORS, RESEARCHERS, PRIVATE SECTOR INSTITUTIONS AND GOVERNMENT. WE FOSTER ENTREPRENEURSHIP, TECHNOLOGY ADVANCEMENT AND WORKFORCE DEVELOPMENT BY PROVIDING CAPITAL ACCESS, COMMERCIALIZATION SUPPORT, AND CONNECTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Bentley Director | Trustee | 2 | $0 |
Andre J Bahou Director | Trustee | 2 | $0 |
Sen Bo Watson Director | Trustee | 2 | $0 |
Bruce Doeg Secretary | OfficerTrustee | 2 | $0 |
Calvin Anderson Director | Trustee | 2 | $0 |
Dawn Patrick Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
American Express | 6/29/15 | $204,315 |
Butler Snow Legal Services | 6/29/15 | $122,376 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,177,546 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,177,546 |
| Total Program Service Revenue | $239,541 |
| Investment income | $12,764 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$95,008 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,419,783 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,398,453 |
| 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. | $316,773 |
| Compensation of current officers, directors, key employees. | $79,193 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,171,265 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $245,287 |
| Payroll taxes | $110,735 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $38,975 |
| Fees for services: Accounting | $142,728 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,464 |
| Advertising and promotion | $0 |
| Office expenses | $15,146 |
| Information technology | $14,469 |
| Royalties | $0 |
| Occupancy | $22,670 |
| Travel | $71,514 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,901 |
| Interest | $6,767 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,535 |
| Insurance | $0 |
| All other expenses | $83,292 |
| Total functional expenses | $13,375,582 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $633,557 |
| Pledges and grants receivable | $11,037,929 |
| Accounts receivable, net | $10,000 |
| 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 | $107,442 |
| Net Land, buildings, and equipment | $215,773 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,767,758 |
| Intangible assets | $172,799 |
| Other assets | $0 |
| Total assets | $26,945,258 |
| Accounts payable and accrued expenses | $513,242 |
| 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 | $23,552,456 |
| Total liabilities | $24,065,698 |
| Net assets without donor restrictions | $2,470,709 |
| Net assets with donor restrictions | $408,851 |
| 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 | $26,945,258 |
Grants Awarded
Over the last fiscal year, Tennessee Technology Development Corporation has awarded $10,500,253 in support to 62 organizations.
| Grant Recipient | Amount |
|---|---|
3RT INNOVATIONS PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $100,000 |
4XTECHNOLOGIES LLC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $100,000 |
ADDIGURU LLC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS, INTERNSHIP STIPEND | $280,963 |
AGLAUNCH INITIATIVE PURPOSE: PROGRAM EXPENSE FOR NETWORK PARTNERS | $250,000 |
ARMS CYBER DEFENSE INC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $300,000 |
AMERICAN NANOTECHNOLOGIES INC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $100,000 |