In an effort to better support entrepreneurs in Louisville and Southern Indiana, Access Ventures announced Tuesday morning Render Capital, a new $15 million regional fund focused on providing early stage risk capital for local entrepreneurs.
Launching today is the Render Competition, an annual competition that will award eight startups an investment of $100,000 each to help them grow and scale. The competition will focus on innovation, scalability, and the potential for a significant regional impact.
According to a press release, 55% of Americans view access to money as the most difficult part of starting a business, 49% of millennials plan to start a business in the next three years, and 83% of entrepreneurs end up starting and growing their businesses without traditional venture capital or traditional bank financing.
"These stats tell us that it’s not a lack of innovation or motivation that is keeping our region from reaching its full entrepreneurial potential, but we do lack the proper vehicles to deploy capital in a way that sets up entrepreneurs in our region for growth and success," the release states.
"That’s one of the reasons we are excited to launch Render Capital, a regionally specific fund of Access Ventures. This mission is critical for our region because new businesses stimulate our economy and mobilize our community by creating jobs, bringing talent, and attracting investment and at Access Ventures, we believe that access to capital is an essential part of economic growth," Bryce Butler, Managing Partner, Access Ventures, said in the release.
This story will be updated.