Indiana

The Indiana Venture Center, a local not-for-profit that mentors Hoosier entrepreneurs and startup companies, is shutting its doors. President Jim Eifert announced today that it will end operations Dec. 31.

Founded in 2003, the center focused on stimulating high-tech deal flow and connecting entrepreneurial people. Eifert said it helped more than 100 local companies, 40 of which found investors. The center also linked hundreds of university students and faculty members with startups to help with projects. Its offices are on the north side of downtown at 902 North Capitol Ave.

Eifert said the need for services has waned because other groups, such as the TechPoint technology promotion group, BioCrossroads life sciences initiative, the Indiana Economic Development Corp. and the angel investors' network HALO Group have emerged during the last five years to serve entrepreneurs.

"The mission of the IVC was always to stimulate and catalyze a supportive environment for Indiana's entrepreneurial community," Eifert said in a statement. "Great progress has been made in this marketplace due to the work of the IVC and other organizations. Indiana has improved significantly as it relates to entrepreneurial 'inputs' such as early stage capital, incubation space, government supported programs, connector organizations, and university entrepreneurship programs."