Building the infrastructure that powers regional innovation.
Cromwell Schmisseur advises public and private sector leaders on the design, implementation, and review of large-scale capital formation initiatives — turning smart policy into durable economic growth.
Trusted by diverse stakeholders
Improving access to human and financial capital is essential to any comprehensive economic development agenda.
Emerging innovation ecosystems are often underserved by one or more sources of innovation capital. But there are smart policies and best-practice programs that state leaders can use to stimulate private engagement in local markets.
Importantly, these programs offer the opportunity to realize comprehensive returns — in the form of both economic development outcomes and strong investment returns. It's time for states to focus on market-based strategies that let companies of all sizes grow and thrive where they are located.
See How We Help →Market-Based by Design
Programs that align public dollars with private-market discipline and incentives.
Comprehensive Returns
Measurable economic outcomes alongside competitive financial performance.
Built for Practitioners
Principles-based guidance grounded in what actually works for each client.
A track record measured in relationships, not just dollars.
We've advised leaders on the design, implementation, and review of large-scale capital formation initiatives — from state-supported private investment funds to co-investment funds and fund-of-funds.
States increasingly recognize the importance of nurturing high-growth firms as the future anchors of regional economies, seeking new strategies to spur local investment and innovation development.
The investment programs we support have positively impacted thousands of companies located in diverse geographies, helping to strengthen state and local economies.
Expert advisory across the full spectrum of technology-based economic development.
From first-principles policy design to independent review of programs already in market, we help leaders in public and private organizations start down the right path — and stay on it.
Entity & Program Design
Structuring TBED organizations and initiatives is what we do best, with a focus on venture capital programs — direct funds, co-investments, and fund-of-funds — that align public objectives with private-market principles.
Implementation
Guiding decisions on the right entity structures, governance frameworks and program strategies, so initiatives launch cleanly and put patient capital to work with the right partners and oversight.
Review & Evaluation
Independent assessment of programs to benchmark against best practices and identify the adjustments that improve comprehensive returns for long-term stakeholder support.
Government-supported programs that align with private-market principles.
Innovation-based economic development requires long-term commitment by funding partners — outcomes realized over 10–15 year return cycles. States and regions have served as laboratories for capital formation experiments, and today's practitioners can learn from recognized best practices.
InvestMaryland
The largest venture capital initiative in the state's history, designed to plug the financing gap between seed-stage and growth-stage ventures — split between a direct investment fund and a fund-of-funds strategy.
Innovate in PA
Increases risk-capital accessibility for technology-oriented businesses. Capital is deployed through the Ben Franklin Technology Partners, the Life Sciences Greenhouse, and a fund-of-funds program.
SSBCI
The State Small Business Credit Initiative strengthens state small-business financing programs. Reauthorized and expanded, states allocated $3B to venture capital programs across 48 states and territories.
NY State Innovation VC Fund
A direct investment fund managed by New York Ventures within Empire State Development, focused on Seed through Series B technology companies.
A principles-based path to effective, efficient programs.
Diagnose the Gaps
Identify which sources of innovation capital are underserved by private investors in the local ecosystem.
Design the Structure
Match the right vehicle and incentives to the market and policy objectives.
Deploy With Discipline
Stand up models, processes and partners that keep capital aligned with comprehensive returns.
Measure & Refine
Track comprehensive returns over the long term and adjust to optimize performance.
Start collecting actionable information — and asking the right questions.
Credible information on best practices for state venture capital initiatives is all too elusive. These executive summaries help state leaders and ecosystem stakeholders begin down the right path.
State VCP Overview
A concise briefing on the essentials of state venture capital programs.
View summary FrameworkDesign Considerations
The key structural and policy decisions behind an effective program.
View framework BriefingPolicy Briefing
A deeper look at the policy landscape shaping state VC initiatives.
Request briefingReady to design an organization or program that works?
Contact us for a more in-depth discussion about innovation-based economic development. We'd enjoy hearing from you.
Get in Touch →Start the conversation.
Whether you're shaping a new initiative or evaluating one already in market, we're glad to share perspective. Tell us a little about your goals.