757 Accelerate Inc
- Assets
- $821.0k
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 4
- Location
- Norfolk, VA
- Founding
- 05/2018
- Data as of
- 12/2022
- EIN
- 82-3232312
Organization Overview
757 Accelerate Inc is located in Norfolk, VA. The organization was established in 2018. 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 12/2022, 757 Accelerate Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 757 Accelerate Inc 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 12/2022, 757 Accelerate Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 18.9% each year . All expenses for the organization totaled $1.3m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, 757 Accelerate Inc has awarded 30 individual grants totaling $601,643. 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
757 ACCELERATE IS A NON-PROFIT STARTUP ACCELERATOR AND INCUBATOR PROGRAM. OUR MISSION IS TO PROVIDE STARTUPS WITH THE CUSTOMIZED RESOURCES AND CAPITAL THEY NEED TO GROW. WE BOOST PROMISING STARTUPS TOWARDS CUSTOMER TRACTION AND REVENUE USING THEIR OWN NETWORK OF MENTORS, INVESTORS, SUPPORT SERVICE, WORKING SPACE, AND A LEAN STARTUP EDUCATION. OUR VALUES ARE ENTREPRENEURS-FIRST, GIVE BEFORE YOU GET, AND A LONG-TERM COMMITMENT TO HELPING STARTUPS DO MORE, FASTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED 157 APPLICATIONS FOR 7 SPOTS IN THE ACCELERATOR PROGRAM. OF THE 7 COMPANIES, 6 HAD A MINORITY FOUNDER AND 3 HAD A FEMALE FOUNDER ON THE C-SUITE TEAM. ENGAGED OVER 100 MENTORS WHO SPENT OVER 500 HOURS WITH THE 7 FOUNDERS. TO DATE OUR ALUMNI COMPANIES CREATED 464 JOBS, GENERATED $27 MILLION IN LIFETIME REVENUE, RAISED A TOTAL OF $69 MILLION IN INVESTMENT CAPITAL AND RECEIVED OVER $14 MILLION IN GRANTS, LOANS, SBIR OR STTR FUNDING. DURING 2022, 757 ACCELERATE DEVELOPED A NEW PARTNERSHIP WITH HAMPTON ROADS BIOMEDICAL RESEARCH COLLABORATIVE ("HRBRC") AND RISE COAST RESILIENCE PROVIDING PRE-ACCELERATION SERVICES AND PORTFOLIO ANALYSIS.
IN ITS FIRST FULL YEAR OF EXISTENCE, STARTUP STUDIOS' IMPACT HAS GROWN TO REDUCING OBSTACLES AND BARRIERS TO OVER 70 EARLY-STAGE, GROWTH ORIENTED ENTREPRENEURS. THE STUDIOS MODEL CONTINUES TO BE HYPER FOCUSED ON SURROUNDING ENTREPRENEURS WITH PLACE, COMMUNITY, CUSTOMIZED PROGRAMMING AND MENTORSHIP SO ENTREPRENEURS CAN FOCUS ON VALIDATING AND SCALING THEIR BUSINESS. WE RECEIVED A RECORD NUMBER OF APPLICATIONS FOR OUR PROGRAM AND ARE PROUD TO SHARE THAT OVER 80% OF OUR FOUNDERS HAVE AN UNDER-REPRESENTED MEMBER PART OF THEIR LEADERSHIP TEAM. WE RECORDED OVER 6,000 VISITS IN OUR SPACE DURING THIS CALENDAR YEAR, FACILITATED OVER 150 UNIQUE PROGRAM OFFERINGS TO OUR GROWING COMMUNITY. OUR ENTREPRENEURS RAISED OVER $7M IN OUTSIDE CAPITAL AND CREATED DOZENS OF HIGH PAYING JOBS IN THE REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Grden Chairman | Trustee | 0.5 | $0 |
Anne Conner Board Member | Trustee | 0.5 | $0 |
Blake Luse Board Member | Trustee | 0.5 | $0 |
Drew Unvgarsky Board Member | Trustee | 0.5 | $0 |
Chandra Briggman Board Member | Trustee | 0.5 | $0 |
Angela Reddix Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $750,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $813,849 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,564,099 |
| Total Program Service Revenue | $0 |
| Investment income | $24 |
| 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 | $1,564,123 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $105,000 |
| 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. | $225,000 |
| Compensation of current officers, directors, key employees. | $135,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $348,525 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,623 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55 |
| Fees for services: Accounting | $8,470 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $168,000 |
| Advertising and promotion | $6,438 |
| Office expenses | $10,111 |
| Information technology | $12,427 |
| Royalties | $0 |
| Occupancy | $167,617 |
| Travel | $4,334 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,205 |
| All other expenses | $0 |
| Total functional expenses | $1,334,638 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $730,593 |
| Savings and temporary cash investments | $90,422 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| 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 | $821,015 |
| Accounts payable and accrued expenses | $62,670 |
| 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 | $15,726 |
| Total liabilities | $78,396 |
| Net assets without donor restrictions | $742,619 |
| Net assets with donor restrictions | $0 |
| 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 | $821,015 |
Grants Awarded
Over the last fiscal year, 757 Accelerate Inc has awarded $105,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CONCONNECT PURPOSE: ORGANIZATION STARTUP FUNDS | $25,000 |
CHAINPARENCY PURPOSE: ORGANIZATION STARTUP FUNDS | $20,000 |
CRUNCHY HYDRATION PURPOSE: ORGANIZATION STARTUP FUNDS | $20,000 |
HUBLY SURGICAL PURPOSE: ORGANIZATION STARTUP FUNDS | $20,000 |
DREAMI PURPOSE: ORGANIZATION STARTUP FUNDS | $20,000 |