Tennessee Technology Development Corporation
- Assets
- $18.1m
- Revenue
- $12.1m
- Investments
- $0.0
- Employees
- 22
- Location
- Nashville, TN
- Founding
- 06/1999
- Data as of
- 06/2022
- 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 06/2022, Launch Tennessee employed 22 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 06/2022, Launch Tennessee generated $12.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $12.2m during the year ending 06/2022. While expenses have increased by 14.2% 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.
Since 2015, Launch Tennessee has awarded 147 individual grants totaling $22,210,483. 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
2022
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 PROGRAM IS A COMPETETIVE APPLICATION PROCESS DESIGNED TO FINANCIALLY SUPPORT SELECTED SBIR/STTR APPLICANTS IN TENNESSEE. THE PROGRAM IS AN INNOVATIVE PROCESS ESTABLISHED TO GIVE HIGHLY QUALIFIED APPLICANTS THE BEST POSSIBLE CHANCE TO BE COMPETETIVE IN THE SBIR/STTR PROGRAM IN TENNESSEE. THE GOAL OF THE SUPPORT EFFORT IS TO ASSIST TENNESSEE FIRMS IN ACHIEVING WIN RATES THAT ARE AT LEAST DOUBLE THE NATIONAL AVERAGES FOR PHASE I AND PHASE II WINS AND TO MAKE EVERY EFFORT TO ENDURE THAT PHASE I WINNERS BECOME PHASE II WINNERS.
WE FULFILL OUR MISSION THROUGH CLOSE COORDINATION WITH TWELVE NETWORK PARTNERS. WITH REGIONAL AND INDUSTRY-FOCUSED APPROACHES, OUR PARTNERS SUPPORT ENTREPRENEURS THROUGH EVERY STAGE OF GROWTH. THESE PARTNERS INCLUDE FULL-SERVICE ENTREPRENEUR CENTERS IN MEMPHIS, JACKSON, NASHVILLE, COOKEVILLE, CHATTANOOGA, KNOXVILLE, AND THE TRI-CITIES, AS WELL AS LIFE SCIENCE TENNESSEE, TENNESSEE ADVANCED ENERGY BUSINESS COUNCIL, BUNKER LABS, AGLAUNCH, AND TENNSMART,WITH WHOM WE CREATED THE LAUNCHTN MENTOR NETWORKS PROGRAM TO SUPPORT ENTREPRENEURS IN INDUSTRIES CORE TO THE TENNESSEE ECONOMIES.
WE CREATE COLLABORATION AMONG ENTREPRENEURS, THE PRIVATE SECTOR, CAPITAL SOURCES, AND OTHER STAKEHOLDERS NECESSARY FOR GROWING NEW BUSINESSES AND CREATING JOBS IN TENNESSEE. IN ADDITION TO THE PROGRAM ACTIVITIES DETAILED ON PAGE 2, WE CARRY OUT MANY OTHER INITIATIVES IN OUR AREAS OF STRATEGIC PRIORITY: ENGAGE ANGEL, VENTURE, AND CORPORATE VENTURE DOLLARS FROM ACROSS THE STATE, REGION, AND COUNTRY, AND PROVIDE ACCESS TO ALTERNATIVE FUNDING SOURCES TO SERVE ENTREPRENEURS; CURATE CONNECTIONS AND CREATE PROGRAMS FOR ESTABLISHED BUSINESSES TO PARTNER WITH STARTUPS AS EARLY ADOPTERS, FIRST CUSTOMERS, MENTORS, INVESTORS, AND MORE; OFFER RESOURCES TO FACILITATE THE COMMERCIALIZATION OF INSTITUTIONAL RESEARCH INTO STARTUPS; CREATE TACTICS TO DEVELOP, RECRUIT, AND RETAIN BEST-IN-CLASS TECH AND BUSINESS TALENT. EXPENSES AND GRANTS RELFLECTING THIS ACTIVITY, INCLUDING COMPENSATION RELATED TO ALL OF OUR PROGRAM ACTIVITIES, ARE REFLECTED IN THESE TOTALS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Van Tucker Former President & CEO | Officer | 37.5 | $134,205 |
Abby Trotter Interim CEO | Officer | 37.5 | $85,000 |
Andre J Bahou Secretary | OfficerTrustee | 2 | $0 |
Bob Rolfe Chairman | OfficerTrustee | 2 | $0 |
Bruce Doeg Vice President | OfficerTrustee | 2 | $0 |
Lindsey Cox CEO | Officer | 20 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Butler Snow Legal Services | 6/29/15 | $122,376 |
American Express | 6/29/15 | $204,315 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,971,688 |
| 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 | $11,971,688 |
| Total Program Service Revenue | $131,700 |
| Investment income | $4,480 |
| 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 | $12,109,273 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,454,785 |
| 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. | $219,205 |
| Compensation of current officers, directors, key employees. | $54,801 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $809,851 |
| Pension plan accruals and contributions | $144,146 |
| Other employee benefits | $0 |
| Payroll taxes | $77,203 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,169 |
| Fees for services: Accounting | $124,437 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $629,868 |
| Advertising and promotion | $125,877 |
| Office expenses | $23,525 |
| Information technology | $11,138 |
| Royalties | $0 |
| Occupancy | $141,955 |
| Travel | $48,206 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $73,387 |
| Interest | $3,616 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,106 |
| Insurance | $24,079 |
| All other expenses | $2,122 |
| Total functional expenses | $12,192,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,184,661 |
| Pledges and grants receivable | $1,194,099 |
| Accounts receivable, net | $25,000 |
| 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 | $40,896 |
| Net Land, buildings, and equipment | $2,964 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,432,870 |
| Intangible assets | $182,363 |
| Other assets | $0 |
| Total assets | $18,062,853 |
| Accounts payable and accrued expenses | $445,419 |
| Grants payable | $0 |
| Deferred revenue | $15,000 |
| 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 | $14,767,075 |
| Total liabilities | $15,227,494 |
| Net assets without donor restrictions | $2,225,634 |
| Net assets with donor restrictions | $609,725 |
| 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 | $18,062,853 |
Grants Awarded
Over the last fiscal year, Tennessee Technology Development Corporation has awarded $9,365,730 in support to 57 organizations.
| Grant Recipient | Amount |
|---|---|
Nashville, TN PURPOSE: PROGRAM EXPENSES FOR ENTREPRENEUR CENTER | $670,000 |
MOBIUS PBC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS AND MICROGRANT FOR SBIR/STTR PROP. SUPPORT | $306,000 |
ACTIVE ENERGY SYSTEMS INC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $300,000 |
CARBON RIVERS LLC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $300,000 |
ASSURED BIO LABS LLC PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $300,000 |
IQUITY PURPOSE: MATCHING GRANTS FOR SBIR/STTR FEDERAL GRANTS | $300,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Tennessee Technology Development Corporation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Vanderbilt University Nashville, TN PURPOSE: Contribution | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |