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Startup, Rampup, Speedup: How Startup Indiana could help your business

The Startup America Partnership, a federal public-private partnership with a goal of bringing together entrepreneurs, funders, and other service providers to provide resources to early stage companies and help them succeed recently launched Startup Indiana.  As a regional affiliate, Startup Indiana will have the same focus and serve the same purpose as the Startup America Partnership but will do so on a local level.The Startup America Partnership specifically looks to target and assist three different types of companies.

  1. “Startup” companies are those companies that were formed after January 1, 2006; have two or more employees; and have a product or service “concept”, but have not yet launched that product or service.
  2. “Rampup” companies are those companies formed after 2001; have five or more employees; have a product or service that is in the marketplace and at least two customers; are focused on customer growth, developing its sales and marketing plan; and have a product or service that has demonstrated profit potential.
  3. “Speedup” companies are those were formed in 2001 or later, have 25 or more employees and are continuing to add employees on a quarterly basis; have a management team in place; are experiencing growth that is being driven by customer demand and are expanding into new markets; and have a revenue run rate of $10 million.

No matter if your company is a startup, rampup or speedup company, once you are a member you will be eligible to access the Startup America Partnership resources. These resources are spread across five general areas.

  1. Expertise: Connect startups with training, mentors, advisors and accelerators.
  2. Services: Provide startups with access to critical services at reduced costs.
  3. Talent: Assist startups in recruiting, training and retaining the people that can help them grow.
  4. Customers: Help startups through acquisition of new customers and expansion into new markets.
  5. Capital: Highlight sources of capital available to startups in various regions and sectors.

A number of large companies have already joined Startup America Partnership to provide more than $1 billion in goods and services ranging from furniture, computers and software to payroll services and advertising to members. There is also other informational content and a Linked-In network that is available to members. In all, the opportunity to interact with other entrepreneurs and build your network (both nationally and locally); the access to resources that could help your company grow; and the fact that membership is free are all good reasons why eligible companies should consider joining the Startup America Partnership. If  you are interested in becoming a member of the Startup America Partnership you can access the application here. For more information on resources for early stage companies, contact a member of the Corporate and Transactional team at Bingham Greenebaum Doll LLP.

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