NIPSCO has contributed $175,000 to support entrepreneurial efforts in northern Indiana. The funding will help Elevate Ventures with its mission to develop emerging businesses.

Elevate Ventures provides up to one million dollars in funding for entreprenuers. In addition to the initiative’s contribution, they also provide assistance program, and help emerging companies to secure grants and find partners, such as NIPSCO to fund new Indiana-based companies.

The Times of Northwest Indiana reported that the Elevate Ventures has invested $25 million in 26 companies through the 21 Fund program.

The newspaper stated that 23 of those companies are still in business and 12 found more funding.

Dan Hasler, Indiana Secretary of Commerce, said failure is part of the business process, so a small number of companies going out of business can be expected even when fnding is provided.

Hasler accepted the donation from NISPCO along with Northwest Indiana Forum Chief Executive Officer Mark Maassel.