Overview
What is Southside Business Technology Center Inc?
Southside Business Technology Center Inc, commonly known as The Launch Place, is a venture development organization situated in Danville, Virginia, and the Research Triangle Park, North Carolina. Their primary mission is to invest in innovative start-ups from Virginia and North Carolina with the potential to generate economic impact in the Dan River region. Through their pre-seed and seed investment funds, they support promising entrepreneurs financially. Besides investments, The Launch Place also offers business consulting, training, mentoring, and provides office space to these entrepreneurs, aiming to foster their growth and success. With a team of four dedicated individuals, The Launch Place plays a significant role in nurturing and developing innovative businesses in the region.
Official website here: www.thelaunchplace.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Stars)
Southside Business Technology Center Inc, doing business as The Launch Place, has received an 87% overall score on Charity Navigator, reflecting a strong emphasis on accountability and finance. The charity's rating is based solely on its Accountability & Finance score, showcasing robust practices in governance and financial management. Achieving perfect scores in areas such as board independence, material diversion of assets, and policies related to conflict of interest and whistleblower protections underscores its commitment to maintaining a transparent and responsible operational framework.
The organization features a fully independent board of directors and effective financial practices, such as maintaining a favorable liabilities to assets ratio and program expense ratio. These strengths indicate a well-structured nonprofit with a focus on adhering to best practices in accountability. However, it is important to note a significant limitation in fundraising efficiency, where the organization scored zero out of 25 points. This could indicate challenges in generating funds through donations or fundraising events, which may impact its ability to sustain or expand its programs.
Overall, while The Launch Place demonstrates strong financial governance and accountability, addressing its fundraising efficiency could enhance its overall impact and capacity to serve its community effectively. Stakeholders may want to consider this aspect when evaluating the organization's overall performance and future potential.
This AI summary has been generated from information found on Charity Navigator.
Is Southside Business Technology Center Inc legitimate?
Southside Business Technology Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southside Business Technology Center Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $179,108
Professional Fundraising Fees: $0
Other Salaries and Wages: $297,696
For more financial information, click here
Official website here: www.thelaunchplace.org
What is the mission statement of Southside Business Technology Center Inc?
The Southside Business Technology Center Inc., operating under the name The Launch Place, is a venture development organization that invests in innovative start-ups in Virginia and North Carolina. Its primary goal is to identify start-ups with the potential to generate economic impact, primarily in the Dan River region. Beyond investments, The Launch Place offers a range of support services to entrepreneurs. This includes business consulting, training, mentoring, and provision of office space. The organization aims to empower these entrepreneurs and contribute to their growth and success.
Official website here: www.thelaunchplace.org
Who is the CEO of Southside Business Technology Center Inc?
Eva Doss is the Board Chair of Southside Business Technology Center Inc. The CEO's salary of Southside Business Technology Center Inc is $179,108 and their total compensation is $195,751.
Official website here: www.thelaunchplace.org
What is the revenue of Southside Business Technology Center Inc?
Southside Business Technology Center Inc's revenue in 2022 was $1,752,354.
Official website here: www.thelaunchplace.org
Who are the executives of Southside Business Technology Center Inc and what are their salaries?
The average compensation at Southside Business Technology Center Inc during 2022 was $119,201. There are 4 employees at Southside Business Technology Center Inc.
Here are 8 key members and their salaries (Southside Business Technology Center Inc's CEO's salary is $179,108 and their total compensation is $195,751):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $179,108
- Related: $0
- Other: $16,643
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $144,200
- Related: $0
- Other: $13,032
Official website here: www.thelaunchplace.org
Where can I find the form 990 for Southside Business Technology Center Inc?
Southside Business Technology Center Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thelaunchplace.org
Learn more at the official website: www.thelaunchplace.org
Mission Statement of Southside Business Technology Center Inc
Southside Business Technology Center Inc., doing business as The Launch Place, is a venture development organization that invests in innovative start-ups in Virginia and North Carolina with the potential to create significant economic impact. Located in Danville and the Research Triangle Park, this nonprofit organization provides more than just investment funds. It offers comprehensive business support to entrepreneurs, including consulting, training, mentoring, and office space. By investing in and nurturing these start-ups, The Launch Place aims to stimulate growth and development within the Dan River Region.
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Impact
October, 2024
Southside Business Technology Center Inc significantly impacts the Dan River region by fostering innovation and economic growth through its initiative, The Launch Place (TLP). By investing in promising start-ups in Virginia and North Carolina, TLP not only injects capital into the local economy but also stimulates job creation and community development.
Through pre-seed and seed investment funds, TLP identifies and supports innovative entrepreneurs, helping them navigate the early stages of business development. In addition to financial support, TLP offers essential resources such as business consulting, training, mentoring, and office space. This comprehensive support system nurtures new businesses, enabling them to thrive and contribute meaningfully to their communities.
The impact of TLP extends beyond individual businesses; it promotes a culture of entrepreneurship and innovation, invigorating the local economy and enhancing the overall quality of life in the region. By focusing on sustainable business practices and community improvement, Southside Business Technology Center Inc plays a crucial role in shaping a vibrant and economically resilient future for the Dan River area.
This information is meant to be a general summary of Southside Business Technology Center Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $103,077
- Program Service Revenue: $34,250
- Gross Receipts: $1,752,354
Assets and Liabilities:
- Total Assets: $6,448,984
- Total Liabilities: $134,429
- Net Assets: $6,314,555
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
IDEA AND BIG LAUNCH
Revenue
$33,500
CLIENT FEES - CONSULTI
Revenue
$750
Organization Details
Founding Year
2005
Phone
(434) 799-5491Principal Officer
Eva Doss
Main Address
527 BRIDGE STREET 200, DANVILLE, VA, 24541
Website
www.thelaunchplace.orgNTEE Category
Code: S30 - Community improvement
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