Overview
What is Vermont Center For Emerging Technologies Inc?
Vermont Center For Emerging Technologies Inc, located in Burlington, Vermont, is a dynamic nonprofit organization dedicated to fostering innovation and entrepreneurship. With a mission to accelerate these aspects across the state, VCET offers a range of services. They operate a coworking facility, serving over 250 members annually, and provide expert mentoring at no charge to clients. VCET also helps entrepreneurs connect with angel investors, foundations, economic development organizations, and venture capital resources for capital formation. They offer assistance with grants and loans, business advisory, consulting, and coaching. Besides, VCET operates a coworking/incubation facility, hosts special community events, and manages a seed capital venture fund, supporting over 35 companies. In the fiscal year 2023, they offered entrepreneurial start-up assistance to approximately 340 start-ups, students, and entrepreneurs. The organization's efforts have resulted in substantial economic impact, with companies reporting a combined revenue of $151 million, payroll of $54 million, and capital raised of $139 million.
Official website here: www.vermonttechnologies.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Stars)
The Vermont Center For Emerging Technologies Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting strong performance in accountability and finance. This rating is particularly significant as it indicates the organization’s commitment to financial transparency and effective governance, with a notable 92% score in these areas.
One of the strengths highlighted in the evaluation includes the organization’s independent board, which consists of 12 members, all of whom are independent. Additionally, the organization maintains robust financial practices, with a high program expense ratio of 80.20%, demonstrating that the majority of its expenditures are directed towards its programs rather than administrative costs. Furthermore, the center has comprehensive policies in place regarding conflicts of interest and whistleblower protections, which enhances its governance framework.
While the organization exhibits strong financial health with a low liabilities to assets ratio of 0.71%, ensuring its stability, there are no noted limitations in the data provided. Overall, the Vermont Center For Emerging Technologies Inc stands out as a well-managed nonprofit dedicated to its mission while upholding high standards of accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Vermont Center For Emerging Technologies Inc legitimate?
Vermont Center For Emerging Technologies Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Vermont Center For Emerging Technologies 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: $454,915
Professional Fundraising Fees: $0
Other Salaries and Wages: $67,165
For more financial information, click here
Official website here: www.vermonttechnologies.com
What is the mission statement of Vermont Center For Emerging Technologies Inc?
The Vermont Center for Emerging Technologies Inc's mission is centered around accelerating innovation and entrepreneurship. This is achieved through the provision of expert mentoring and technical assistance, the operation of coworking and incubation facilities, and the management of early-stage seed capital venture funds. The organization supports entrepreneurs in forming, incubating, and accelerating their ideas into commercial enterprises. They offer a range of services, including coaching and mentoring, connection to investors, grant and loan assistance, and business advisory services. Additionally, they operate a coworking facility and provide programs and resources to support startups in their growth. The organization has made significant contributions, with 35 companies backed by their seed capital fund and generating over $150 million in revenue and $139 million in capital raised.
Official website here: www.vermonttechnologies.com
Who is the CEO of Vermont Center For Emerging Technologies Inc?
David Bradbury is the President of Vermont Center For Emerging Technologies Inc.
Official website here: www.vermonttechnologies.com
What is the revenue of Vermont Center For Emerging Technologies Inc?
Vermont Center For Emerging Technologies Inc's revenue in 2023 was $653,569.
Official website here: www.vermonttechnologies.com
Who are the executives of Vermont Center For Emerging Technologies Inc and what are their salaries?
The average compensation at Vermont Center For Emerging Technologies Inc during 2023 was $65,260. There are 8 employees at Vermont Center For Emerging Technologies Inc.
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Official website here: www.vermonttechnologies.com
Where can I find the form 990 for Vermont Center For Emerging Technologies Inc?
Vermont Center For Emerging Technologies Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.vermonttechnologies.com
Learn more at the official website: www.vermonttechnologies.com
Mission Statement of Vermont Center For Emerging Technologies Inc
Vermont Center for Emerging Technologies Inc, often referred to as VCET, is dedicated to accelerating innovation and entrepreneurship across the state. This is achieved through various means, including providing expert mentoring and technical assistance, operating coworking and incubation facilities, and managing early-stage seed capital venture funds. The organization's mission is to support entrepreneurs in forming, incubating, and accelerating ideas and innovations into commercial enterprises.
VCET has a significant impact on the local startup ecosystem, having worked with over 3,300 start-ups, entrepreneurs, and students. The organization operates a coworking facility serving over 250 members annually and curates an expert mentor network. VCET offers free expert advice to 340 clients each year and makes direct investments from a 6 million dollar revolving seed capital fund. VCET's services include coaching and mentoring, establishing connections to investors and funding resources, grant and loan assistance, business advisory, consulting, and coaching, and operation of a coworking/accelerator and incubation facility.
In addition to these services, VCET also produces and curates widely accessible programs and support resources such as the Start Here podcast series, the Female Founder series, VCET's Lunch & Learn series, Startup Perks program, and the Vermont Startup Collective. VCET also supports and performs in special community events such as TechJam, UVM SPARK, UVM ARC, Middlebury Innovation Hub, Innovation Week, Launch VT Startup Competition, and dozens of recurring meetups, trainings, and professional enrichment events. The organization's efforts have resulted in significant impact, with 24 companies reporting generating 151 million in revenue, 54 million in payroll across 599 jobs, and 139 million in capital raised in the previous 12 months.
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Impact
July, 2024
VCET has had a significant impact on Vermont's entrepreneurial ecosystem by providing expert mentoring, technical assistance, coworking facilities, and seed capital funding. They have supported over 3,300 startups, entrepreneurs, and students, with a coworking facility serving over 250 members annually. Additionally, VCET has curated a network of expert mentors and provides free advice to 340 clients each year. Through direct investments from a revolving seed capital fund, they assist entrepreneurs in forming, incubating, and accelerating ideas into commercial enterprises.
Notably, in 2013, VCET was recognized as the 11th globally and 5th in the US by the UBI Index. They received a Rural Impact Award from the InBIA Global Trade Association in 2018. Furthermore, VCET's portfolio companies have reported generating $151 million in revenue, supporting 599 jobs with $54 million in payroll, and raising $139 million in capital.
Overall, VCET's efforts have contributed to community improvement by fostering innovation, creating job opportunities, and supporting the growth of innovative startups in Vermont.
This information is meant to be a general summary of Vermont Center For Emerging Technologies 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 2023.
- Investment Income: $40,435
- Program Service Revenue: $261,649
- Gross Receipts: $653,569
Assets and Liabilities:
- Total Assets: $4,502,777
- Total Liabilities: $32,058
- Net Assets: $4,470,719
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RESIDENT CLIENT FEES
Revenue
$143,649
ADMINISTRATIVE FEES
Revenue
$118,000
Organization Details
Founding Year
2003
Phone
(866) 232-9423Principal Officer
David Bradbury
Main Address
23 MANSFIELD AVENUE, BURLINGTON, VT, 05405
Website
www.vermonttechnologies.comNTEE Category
Code: S43 - Community improvement
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