Overview
What is The Roanoke-Blacksburg Innovation Network?
The Roanoke-Blacksburg Innovation Network, identified as Valleys Innovation Council Verge, is a nonprofit organization situated in Blacksburg, Virginia. With a team of 10 dedicated individuals, its mission is to foster growth and strengthen the innovation economy in the region by bridging connections, promoting communication, and collaborating with key stakeholders. The organization recently received a substantial grant of $200,000 from Truist Foundation, which it utilized to enhance its PitchPlus program. This program empowers regional entrepreneurs and founders by providing them with a better understanding of capital finance, connections to financing sources, and educational resources. As part of this initiative, an access to capital Blue Ridge PBS video series was launched, microgrants were awarded to startups, and additional educational resources were designed to support grant-writing efforts. Furthermore, the program expanded its networking events, mentor connections, and overall programming for entrepreneurs.
Official website here: www.valleysinnovation.orgvergeva
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating. The Roanoke-Blacksburg Innovation Network has achieved a solid rating, reflecting a strong commitment to accountability and finance. This score is derived entirely from their Accountability & Finance metrics, where they excelled in several key areas, including having a fully independent board and a strong program expense ratio.
The organization demonstrates effective governance, as evidenced by its 97% independent board members and the absence of any material diversion of assets. Their financial oversight is reinforced with a fully functioning audit and oversight committee, indicating robust internal controls. However, some weaknesses were noted, particularly in their policies, with the absence of a whistleblower policy and a document retention policy, which could impact transparency.
Despite these limitations, the Roanoke-Blacksburg Innovation Network’s strong program expense ratio of over 75% suggests that a significant portion of their resources is allocated towards their mission-driven programs. Overall, the organization shows promising accountability but may benefit from addressing its policy gaps to enhance trust and transparency with stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is The Roanoke-Blacksburg Innovation Network legitimate?
The Roanoke-Blacksburg Innovation Network is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Roanoke-Blacksburg Innovation Network 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: $244,290
Professional Fundraising Fees: $0
Other Salaries and Wages: $292,189
For more financial information, click here
Official website here: www.valleysinnovation.orgvergeva
What is the mission statement of The Roanoke-Blacksburg Innovation Network?
The Roanoke-Blacksburg Innovation Network, often referred to as The Valleys Innovation Council, serves its region by fostering connections, promoting communication, and encouraging collaboration among stakeholders. Their primary objective is to bolster and enhance the innovation economy. Through various initiatives, such as grant programs, educational series, and networking events, they aim to empower entrepreneurs and founders, helping them better comprehend capital finance and access it more effectively. They also produce informative videos and provide microgrants to support startup grant writing efforts. Overall, their mission is to strengthen the innovation ecosystem by creating opportunities for collaboration and knowledge sharing.
Official website here: www.valleysinnovation.orgvergeva
What is the revenue of The Roanoke-Blacksburg Innovation Network?
The Roanoke-Blacksburg Innovation Network's revenue in 2023 was $3,656,989.
Official website here: www.valleysinnovation.orgvergeva
Who are the executives of The Roanoke-Blacksburg Innovation Network and what are their salaries?
The average compensation at The Roanoke-Blacksburg Innovation Network during 2023 was $67,060. There are 8 employees and 74 volunteers at The Roanoke-Blacksburg Innovation Network.
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Official website here: www.valleysinnovation.orgvergeva
Where can I find the form 990 for The Roanoke-Blacksburg Innovation Network?
The Roanoke-Blacksburg Innovation Network's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.valleysinnovation.orgvergeva
Learn more at the official website: www.valleysinnovation.orgvergeva
Mission Statement of The Roanoke-Blacksburg Innovation Network
The Roanoke-Blacksburg Innovation Network, often referred to as The Valleys Innovation Council, plays a significant role in stimulating and enhancing the innovation economy of the region. Their mission is centered around connecting, communicating, and collaborating with various stakeholders. By doing so, they aim to foster growth and strengthen the regional innovation economy.
In practical terms, The Roanoke-Blacksburg Innovation Network serves as a bridge between different entities within the innovation ecosystem. They facilitate connections, promote open communication, and encourage collaboration, all with the goal of driving innovation forward. This approach ultimately contributes to the region's economic growth and development.
A recent initiative by The Roanoke-Blacksburg Innovation Network involves a $200,000 grant from Truist Foundation. This funding was used to expand their PitchPlus program, which provides educational resources and support structures to regional entrepreneurs and founders. The grant supported the creation of new educational programming, microgrants for startups, and increased networking opportunities with business mentors. This demonstrates The Roanoke-Blacksburg Innovation Network's commitment to empowering local innovators and driving growth within the region's innovation economy.
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Impact
July, 2024
The Roanoke-Blacksburg Innovation Network, through its Valleys Innovation Council, has made a significant impact on the region by connecting, communicating, and collaborating with stakeholders to grow and strengthen the innovation economy. Specifically, initiatives such as the PitchPlus program, supported by a $200,000 grant from the Truist Foundation, have provided valuable educational programming and support structures to regional entrepreneurs and founders. This program has helped these individuals better understand the fundamentals of capital finance and how to access it, ultimately enabling them to connect with crucial funding resources.
Moreover, the network has facilitated the production and launch of an access to capital Blue Ridge PBS video series, awarded microgrants to startups to support their grant writing efforts, and developed new educational and web resources. Additionally, they have expanded PitchPlus programming, organized networking events, and fostered connections between entrepreneurs and business mentors.
Through these efforts, The Roanoke-Blacksburg Innovation Network has played a vital role in empowering local entrepreneurs, fostering innovation, and driving economic growth in the region.
This information is meant to be a general summary of The Roanoke-Blacksburg Innovation Network. 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.
- Gross Receipts: $3,656,989
Assets and Liabilities:
- Total Assets: $250,605
- Total Liabilities: $42,499
- Net Assets: $208,106
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Other Activity
Organization Details
Founding Year
2013
Principal Officer
Erin Burcham
NTEE Category
Code: B03 - Education
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