National Collegiate Inventors & Innovators Alliance
- Assets
- $19.8m
- Revenue
- $45.8m
- Investments
- $288.7k
- Employees
- 76
- Location
- Hadley, MA
- Founding
- 05/2007
- Data as of
- 06/2021
- EIN
- 42-1727335
Organization Overview
National Collegiate Inventors & Innovators Alliance, operating under the name Venturewell, is located in Hadley, MA. The organization was established in 2007. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2021, Venturewell employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venturewell is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Venturewell generated $45.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $38.7m during the year ending 06/2021. While expenses have increased by 20.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Venturewell has awarded 829 individual grants totaling $17,785,294. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
VENTUREWELL IS ON A MISSION TO CULTIVATE A PIPELINE INVENTORS, INNOVATORS, AND ENTREPRENEURS DRIVEN TO SOLVE THE WORLD'S BIGGEST CHALLENGES AND TO CREATE LASTING IMPACT. WE FOSTER COLLABORATION AMONG THE BEST MINDS FROM RESEARCH LABS, CLASSROOMS, AND BEYOND TO ADVANCE INNOVATION AND ENTREPRENEURSHIP EDUCATION AND TO PROVIDE UNIQUE OPPORTUNITIES FOR STEM STUDENTS AND RESEARCHERS TO FULLY REALIZE THEIR POTENTIAL TO IMPROVE THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RADX - VENTUREWELL SERVES AS THE NETWORK PARTNER AND ADMINISTRATOR FOR THE NATIONAL INSTITUTES OF HEALTH'S RAPID ACCELERATION OF DIAGNOSTICS INITIATIVE, KNOWN AS RADX, THIS PROGRAM AIMS TO EXPAND THE RANGE OF INNOVATIVE DIAGNOSTIC TECHNOLOGIES AVAILABLE TO SUPPORT A RAPID INCREASE IN RELIABILITY, SPEED, AND SCALE OF TESTING FOR SARS-COV-2 (THE VIRUS THAT CAUSES COVID-19) ACROSS THE COUNTRY.
IN ADDITION TO THE 3 GRANTS PROGRAMS OUTLINED ON LINES 4A THROUGH 4C, NCIIA ALSO: A) AWARDS OTHER TYPES OF GRANTS PRIMARILY TO INSTITUTIONS OF HIGHER EDUCATION IN KEEPING WITH THE ORGANIZATION'S MISSION OF PROMOTING INVENTION, INNOVATION AND ENTREPRENEURSHIP; B) OFFERS MEMBERSHIP TO COLLEGES AND UNIVERSITIES ACROSS THE U.S., WHICH AFFORD MEMBER INSTITUTIONS THE OPPORTUNITY TO ATTEND NCIIA-SPONSORED EVENTS AT REDUCED RATES, TAP INTO THE NCIIA NETWORK, AND TO APPLY FOR NCIIA GRANTS; C) CONDUCTS WORKSHOPS AND EVENTS, INCLUDING BUT NOT LIMITED TO AN ANNUAL CONFERENCE AND WORKSHOPS DESIGNED TO TEACH TECHNOLOGY ENTREPRENEURSHIP BASICS AND HOW TO ENHANCE SUCCESS OF COMMERCIALIZING INVENTIONS AND INNOVATIONS; AND D) INVESTS IN SELECT VENTURES EMERGING FROM U.S. INSTITUTIONS OF HIGHER EDUCATION.
I-CORPS PROGRAM - VENTUREWELL LED COURSES ENGAGE PARTICIPANTS IN MOVING PRODUCTS OUT OF THE LAB INTO THE MARKET BY TALKING TO POTENTIAL CUSTOMERS, PARTNERS AND COMPETITORS, AND ENCOUNTERING THE CHALLENGES AND UNCERTAINTY OF CREATING SUCCESSFUL INNOVATIONS.
GIST - VENTUREWELL SUPPORTS DELIVERY OF THE U.S. DEPARTMENT OF STATE'S GLOBAL INNOVATION THROUGH SCIENCE AND TECHNOLOGY (GIST) INITIATIVE, WHICH EMPOWERS YOUNG INNOVATORS THROUGH NETWORKING, SKILLS BUILDING, MENTORING, AND ACCESS TO FINANCING TO DEVELOP STARTUP SOLUTIONS THAT ADDRESS ECONOMIC AND DEVELOPMENT CHALLENGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
University Lab Partners Program Delivery | 6/29/21 | $588,714 |
Granite Healthcare Advisors Program Delivery | 6/29/21 | $308,188 |
Susan Moreira Chavez Program Delivery | 6/29/21 | $291,875 |
Kevin Leite Program Delivery | 6/29/21 | $368,750 |
Lumos Diagnostics Program Delivery | 6/29/21 | $300,639 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $67,200 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,172,052 |
| All other contributions, gifts, grants, and similar amounts not included above | $87,360 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,326,612 |
| Total Program Service Revenue | $41,273,648 |
| Investment income | $41,689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $157,617 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,805,073 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,114,879 |
| Grants and other assistance to domestic individuals. | $149,632 |
| Grants and other assistance to Foreign Orgs/Individuals | $246,500 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $620,893 |
| Compensation of current officers, directors, key employees. | $266,091 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,288,863 |
| Pension plan accruals and contributions | $363,940 |
| Other employee benefits | $527,670 |
| Payroll taxes | $455,548 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,145 |
| Fees for services: Accounting | $56,657 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,780 |
| Fees for services: Other | $23,523,550 |
| Advertising and promotion | $10,954 |
| Office expenses | $1,114,432 |
| Information technology | $2,479,041 |
| Royalties | $0 |
| Occupancy | $202,835 |
| Travel | $21,802 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,162 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $113,369 |
| Insurance | $131,759 |
| All other expenses | $4,492 |
| Total functional expenses | $38,677,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,075,569 |
| Savings and temporary cash investments | $5,255,258 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,311,194 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $498,503 |
| Net Land, buildings, and equipment | $60,539 |
| Investments—publicly traded securities | $3,273,660 |
| Investments—other securities | $288,709 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,763,432 |
| Accounts payable and accrued expenses | $3,683,496 |
| Grants payable | $0 |
| Deferred revenue | $255,408 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $326,150 |
| Total liabilities | $4,265,054 |
| Net assets without donor restrictions | $11,044,314 |
| Net assets with donor restrictions | $4,454,064 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $19,763,432 |
Grants Awarded
Over the last fiscal year, National Collegiate Inventors & Innovators Alliance has awarded $2,967,379 in support to 140 organizations.
| Grant Recipient | Amount |
|---|---|
Baltimore, MD PURPOSE: An award to cover the participation in the Rapid Acceleration of Diagnostics (RADx) Initiative Phase 0: Work Package Development. Funding, hands-on workshops, peer networking opportunities, and expert coaching for student teams working to commercialize their high-impact science and technology inventions. | $85,000 |
Evanston, IL PURPOSE: An award to cover the participation in the Rapid Acceleration of Diagnostics (RADx) Initiative Phase 0: Work Package Development. Funding, hands-on workshops, peer networking opportunities, and expert coaching for student teams working to commercialize their high-impact science and technology inventions. Grants to help fund and support faculty with innovative ideas to create new or transform existing courses and programs to help students develop novel, STEM-based inventions and gain the necessary entrepreneurial skills needed to bring these ideas to market. | $82,000 |
Davis, CA PURPOSE: Grants to help fund and support faculty with innovative ideas to create new or transform existing courses and programs to help students develop novel, STEM-based inventions and gain the necessary entrepreneurial skills needed to bring these ideas to market. | $57,000 |
La Jolla, CA PURPOSE: An award to cover the participation in the Rapid Acceleration of Diagnostics (RADx) Initiative Phase 0: Work Package Development. Funding, hands-on workshops, peer networking opportunities, and expert coaching for student teams working to commercialize their high-impact science and technology inventions. | $50,000 |
Berkeley, CA PURPOSE: Grants to help fund and support faculty with innovative ideas to create new or transform existing courses and programs to help students develop novel, STEM-based inventions and gain the necessary entrepreneurial skills needed to bring these ideas to market. Funding, hands-on workshops, peer networking opportunities, and expert coaching for student teams working to commercialize their high-impact science and technology inventions. | $40,000 |
NORTH CAROLINA STATE UNIVERSITY AT RALEIGH PURPOSE: Grants to help fund and support faculty with innovative ideas to create new or transform existing courses and programs to help students develop novel, STEM-based inventions and gain the necessary entrepreneurial skills needed to bring these ideas to market. | $37,222 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that National Collegiate Inventors & Innovators Alliance has recieved totaling $4,038,112.
| Awarding Organization | Amount |
|---|---|
The Lemelson Foundation Portland, OR PURPOSE: TO SUPPORT PROMISING, EARLY-STAGE STUDENT INVENTORS IN THE VENTURE DEVELOPMENT PROCESS, AND TO SUPPORT FACULTY TO CULTIVATE THE CONDITIONS THAT NURTURE STUDENT INVENTORS. | $3,080,447 |
Bill Hillary & Chelsea Clinton Foundation Little Rock, AR PURPOSE: LEADERSHIP AND CIVIC SERVICE | $620,000 |
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: POSTSECONDARY EDUCATION | $286,444 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI PURPOSE: SUPPORT EM AND SUSTAINABILITY FACULTY DEVELOPMENT WORKSHOPS | $27,000 |
The Lemelson Foundation Portland, OR PURPOSE: TO SUPPORT RESEARCH, ANALYSIS, AND DISSEMINATION DESIGNED TO INCREASE EQUITY AND INCLUSION IN THE HIGHER EDUCATION INVENTION AND ENTREPRENEURSHIP PIPELINE. | $24,221 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fund For Public Schools Inc New York, NY | $69,123,846 | $27,701,638 |
National Collegiate Inventors & Innovators Alliance Hadley, MA | $19,763,432 | $45,805,073 |
Ernst & Young Foundation New York, NY | $39,971,970 | $27,635,064 |
Kipp New York Inc New York, NY | $134,718,837 | $36,118,873 |
Nellie Mae Education Foundation Inc Quincy, MA | $585,493,964 | $94,584,276 |
Say Yes Buffalo Scholarship Inc Buffalo, NY | $26,879,466 | $14,014,941 |
The Heckscher Foundation For Children New York, NY | $236,760,119 | $11,760,357 |
United Federation Of Teachers Educational Foundation Inc New York, NY | $18,651,586 | $11,866,585 |
Caroline & Joseph S Gruss Life Monument Funds Inc New York, NY | $48,124,527 | $2,679,769 |
Five Colleges Incorporated Amherst, MA | $34,378,872 | $10,361,692 |
Suny Impact Foundation Inc New York, NY | $1,805,430 | $8,847,404 |
Poughkeepsie Public School Teachers Asso Trust Fund Poughkeepsie, NY | $14,239,734 | $11,580,276 |