757 Accelerate Inc
- Assets
- $615.9k
- Revenue
- $961.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Norfolk, VA
- Founding
- 05/2018
- Data as of
- 12/2021
- EIN
- 82-3232312
Organization Overview
757 Accelerate Inc is located in Norfolk, VA. The organization was established in 2018. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, 757 Accelerate Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 757 Accelerate Inc 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 12/2021, 757 Accelerate Inc generated $961.8k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $847.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, 757 Accelerate Inc has awarded 30 individual grants totaling $596,638. 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
757 ACCELERATE IS A NON-PROFIT STARTUP ACCELERATOR AND INCUBATOR PROGRAM. OUR MISSION IS TO PROVIDE STARTUPS WITH THE CUSTOMIZED RESOURCES AND CAPITAL THEY NEED TO GROW. WE BOOST PROMISING STARTUPS TOWARDS CUSTOMER TRACTION AND REVENUE USING THEIR OWN NETWORK OF MENTORS, INVESTORS, SUPPORT SERVICE, WORKING SPACE, AND A LEAN STARTUP EDUCATION. OUR VALUES ARE ENTREPRENEURS-FIRST, GIVE BEFORE YOU GET, AND A LONG-TERM COMMITMENT TO HELPING STARTUPS DO MORE, FASTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED 160 APPLICATIONS FOR 9 SPOTS IN THE ACCELERATOR PROGRAM. OF THE 9 COMPANIES, 6 HAD A MINORITY FOUNDER AND 5 HAD A FEMALE FOUNDER ON THE C-SUITE TEAM. ENGAGED OVER 80 MENTORS WHO SPENT OVER 510 HOURS WITH THE 9 FOUNDERS. OUR ALUMNI COMPANIES CREATED 109 JOBS, GENERATED $3.5 MILLION IN REVENUE, RAISED A TOTAL OF $34 MILLION IN INVESTMENT CAPITAL AND RECEIVED OVER $12 MILLION IN GRANTS, LOANS, SBIR OR STTR FUNDING. DURING 2021, 757 ACCELERATE DEVELOPED A NEW PARTNERSHIP WITH HAMPTON ROADS BIOMEDICAL RESEARCH COLLABORATIVE ("HRBRC") THAT NOT ONLY BECAME A FINANCIAL SPONSOR BUT HAS JOINED THE COALITION TO PROVIDE TARGETED MENTORSHIP AND PROGRAMMATIC SUPPORT TO SUPPORT OUR EFFORTS TO GROW MORE REGIONAL BIOMEDICAL AND HEALTHCARE RELATED COMPANIES.
757 STARTUP STUDIOUS HAS MADE A MEASURABLE IMPACT IN OUR REGION'S ENTREPRENEURIAL AND STARTUP ECOSYSTEM. CURRENTLY, WORKING WITH 12 EARLY-STAGE FOUNDERS, STARTUP STUDIOS HAS FACILITATED NEARLY 50 UNIQUE PROGRAMMATIC OFFERINGS SINCE OPENING. THE STUDIOS HAS HAD OVER 1,600 VISITS INTO THE SPACE AND OVER 600 UNIQUE VISITORS DURING THAT TIME PERIOD. THE STUDIOS HAS SURPASSED OVER 30,000 IMPRESSIONS ON SOCIAL MEDIA PLATFORMS AND WEBSITE SINCE LAUNCHING. BEGINNING NOVEMBER 2022, THE STUDIOS WILL BE SCALING UP FROM SERVING 12 STARTUPS TO 30 EARLY-STAGE STARTUPS. THE COMPANIES FOR WHICH THE STUDIOS HAS ASSISTED HAS RESULTED IN OVER 40 JOB CREATIONS AND RAISING OVER A MILLION DOLLARS IN FUNDING SINCE MOVING INTO STARTUP STUDIOS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evans Mcmillion Executive Director | Trustee | 45 | $144,792 |
Nancy Grden Chairman | OfficerTrustee | 0.5 | $0 |
Monique Adams Officer | OfficerTrustee | 5 | $0 |
Blake Luse Board Member | Trustee | 0.5 | $0 |
Anne Conner Board Member | Trustee | 0.5 | $0 |
Drew Unvgarsky Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $434,612 |
| All other contributions, gifts, grants, and similar amounts not included above | $527,173 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $961,785 |
| Total Program Service Revenue | $0 |
| Investment income | $35 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $961,820 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $179,992 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $240,542 |
| Compensation of current officers, directors, key employees. | $144,325 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,330 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,811 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,031 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $107,000 |
| Advertising and promotion | $9,644 |
| Office expenses | $16,792 |
| Information technology | $11,493 |
| Royalties | $0 |
| Occupancy | $78,009 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,936 |
| All other expenses | $0 |
| Total functional expenses | $847,498 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $502,515 |
| Savings and temporary cash investments | $113,419 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $615,934 |
| Accounts payable and accrued expenses | $83,978 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $18,822 |
| Total liabilities | $102,800 |
| Net assets without donor restrictions | $513,134 |
| Net assets with donor restrictions | $0 |
| 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 | $615,934 |
Grants Awarded
Over the last fiscal year, 757 Accelerate Inc has awarded $179,992 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
AGED DIAGNOSTICS PURPOSE: ORGANIZATION STARTUP FUNDS | $20,000 |
SENIOR RUNS PURPOSE: ORGANIZATION STARTUP FUNDS | $19,999 |
PAINTJET PURPOSE: ORGANIZATION STARTUP FUNDS | $19,999 |
ZILPER TRENCHLESS PURPOSE: ORGANIZATION STARTUP FUNDS | $19,999 |
HAPPY ACTIVE FAMILY PURPOSE: ORGANIZATION STARTUP FUNDS | $19,999 |
FRONTLINE PURPOSE: ORGANIZATION STARTUP FUNDS | $19,999 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that 757 Accelerate Inc has recieved totaling $16,667.
| Awarding Organization | Amount |
|---|---|
Norfolk State University Research And Innovation Foundation Norfolk, VA PURPOSE: GENERAL SUPPORT | $16,667 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |