Draper Hero Institute
- Assets
- $788.0k
- Revenue
- $79.3k
- Investments
- $0.0
- Employees
- 0
- Location
- San Mateo, CA
- Founding
- 10/2018
- Data as of
- 12/2022
- EIN
- 82-4951039
Organization Overview
Draper Hero Institute is located in San Mateo, CA. The organization was established in 2018. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Draper Hero Institute 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, Draper Hero Institute generated $79.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (50.8%) each year. All expenses for the organization totaled $638.4k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE AND PROMOTE GLOBAL ENTREPRENEURSHIP THROUGH A MAKER'S SPACE AND VIRTUAL REALITY ARCADE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR GOAL IS TO ENABLE THE GENERAL PUBLIC THE ABILITY TO EXPERIENCE, LEARN, & ACCESS TANGIBLE TECHNOLOGY THROUGH A STATE OF THE ART VIRTUAL REALITY (VR) ARCADE. THE NEWEST VR TECHNOLOGIES TEND TO BE VERY EXPENSIVE FOR CONSUMERS TO PURCHASE AND ACCESS, WHICH CREATES A BARRIER FOR THE AVERAGE CONSUMER. WE WILL CAREFULLY OBSERVE HOW THESE TECHNOLOGIES ARE USED IN PRACTICE WITH GOALS TO IMPROVE EDUCATIONAL OUTCOMES FURTHER OUR MISSION. WE HOPE TO DELIGHT OUR CUSTOMERS BY PROVIDING THEM WITH THE LATEST AND GREATEST TECHNOLOGIES AT A LOW PAY PER MINUTE COST.
DHI RUNS THE MAKERSPACE IN THE HEART OF SILICON VALLEY WHERE YOUNG ENTREPRENEURS AND EMERGING TECHNOLOGY BUSINESSES ARE NETWORKING TOGETHER AND CREATING NEW IDEAS THROUGH A SHARED WORKSPACE. WITH OVER 34,000 TOTAL SQ FT. AND TWO FLOORS OF SHOP AND OFFICE SPACE, THE MAKERSPACE IS PERFECT FOR TECHNOLOGY START-UPS.
LAUNCHED IN 2021, WE HAVE IGNITED AN INNOVATIVE RESEARCH INDEX CONSISTING OF A SERIES OF DATA INDICATORS ON THE STATE OF ENTREPRENEURIAL ACTIVITY, ENVIRONMENT, AND DRIVERS - NATIONALLY AND GLOBALLY. THE DRAPER INNOVATION INDEX (DII) LOOKS AT KEY SUCCESS FACTORS, METRICS, AND INDICATORS THAT SUPPORT THE PERFORMANCE OF STARTUPS AND BUSINESSES. DII SERVES AS A BENCHMARK TO FACILITATE THE CREATION OF NEW JOBS AND ECONOMIC PROSPERITY, PURSUE EMERGING OPPORTUNITIES IN VC FUNDING, STARTUP CULTURE, AND EXAMINE GOVERNMENT QUALITIES AND REGULATORY ENVIRONMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Draper Chairperson | OfficerTrustee | 1 | $0 |
Frank Creer Ceo/president | OfficerTrustee | 1 | $0 |
Vivian Lufkin Director | Trustee | 1 | $0 |
Roc Ryder Director | Trustee | 1 | $0 |
Karen Mostes-Withrow Secretary | Officer | 5 | $0 |
Desiree Omran Cfo/treasurer | Officer | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tccg Tech Coast Consulting Group Llc Research | 12/30/22 | $305,000 |
Capitol Public Affairs Organizational Management/public Affairs | 12/30/22 | $110,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $79,285 |
| Investment income | $62 |
| 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 | $79,347 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $55,000 |
| Fees for services: Legal | $116 |
| Fees for services: Accounting | $17,024 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $305,000 |
| Advertising and promotion | $98,268 |
| Office expenses | $35 |
| Information technology | $2,768 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $388 |
| 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 | $88,977 |
| Insurance | $2,356 |
| All other expenses | $75 |
| Total functional expenses | $638,422 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $583,051 |
| Savings and temporary cash investments | $0 |
| 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 | $204,987 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $788,038 |
| Accounts payable and accrued expenses | $54,769 |
| 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 | $54,769 |
| Net assets without donor restrictions | $0 |
| 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 | $733,269 |
| Total liabilities and net assets/fund balances | $788,038 |