Cromwell Schmisseur LLC
 

Our Mission:

Empower  Entrepreneurs

We advise on best practice venture investment and venture development programs to unleash the economic development potential of great American entrepreneurs in emerging regions.

 
 
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Location Matters

When it comes to venture capital investment and where an entrepreneur can start a high-growth potential company, location matters. A lot. The venture capital industry is concentrated in a small number of metropolitan areas, creating a situation where innovators are required to move to the source of capital rather than capital flowing to the innovators where they currently live and work.

Question - is your state a net importer or exporter of innovation capital (funds and talent)...?

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Our Philosophy

We believe venture capital is an important component of an economic development agenda and that there are exceptional entrepreneurs and great companies in every state. Emerging entrepreneurial ecosystems are too often underserved by venture capital, but there are smart policies and best practice programs state leaders can utilize to stimulate private investment in local markets. Importantly, these programs offer elected officials the opportunity to realize "comprehensive returns" in the form of both economic development outcomes and strong investment returns. It's time for states to stop giving money away in the name of economic development and focus on market-based strategies.

 

1+

billion in funding supported

Cromwell Schmisseur has advised public and private sector leaders on the design, implementation or review of large-scale capital formation initiatives. From state supported private investment funds to co-investment funds to fund-of-funds, we've seen what works and what doesn't work in this niche policy arena.

 

40+

states with vc programs

More and more states are realizing the importance of nurturing high-growth potential firms to be the future anchors of regional economies. Business innovation is fueled by equity financing, so states are seeking new strategies to spur local investment in promising firms.

 
 

1000+

small businesses Impacted

The small business investment programs supported by Cromwell Schmisseur have positively impacted thousands of companies in diverse regions across the country. These innovative businesses can diversify and strengthen state economies.

 
 

Program Models

Technology-based economic development strategies require a long-term commitment, for program outcomes are realized over 10-15 year investment cycles. However, states have served as laboratories for innovation with various capital formation experiments, and practitioners today can learn from recognized best practices and a principles-based approach to good policy-making. Examples of government-supported programs include:

 

Invest Maryland

InvestMaryland is the largest venture capital initiative in the state's history, designed to plug a financing gap between seed-stage and growth-stage ventures in Maryland. The program raised $84 million from the sale of $100 million of deferred tax credits, with the capital proceeds split between a direct investment fund and fund-of-funds strategy.

innovate in pa

Innovate in PA addresses the financing needs of technology-oriented businesses by increasing risk capital accessibility. The program was capitalized by the sale of $100 million of deferred tax credits to yield $85.5 million for investment. The capital is being deployed by the Ben Franklin Technology Partners, the Life Science Greenhouse and through a fund-of funds program.

ssbci

The State Small Business Credit Initiative (SSBCI) was created by the Small Business Jobs Act of 2010 and managed by the U.S. Department of Treasury. SSBCI was funded with $1.5 billion to strengthen state small business financing programs, with nearly $450 million in funding allocated to state venture capital programs for equity-finance support.