FAQ

Got Questions?

If you don’t see your question here, email us!

Who's eligible to compete?

To compete at Crossroads, your startup needs to be based in Indiana (that is, have a headquarters here, or 50% of your employees live here). Your TAM (total addressable market) should be at least $500 million, and you should be early-stage, with ARR (annual recurring revenue) of less than $250,000 a year.

What is a "tech-enabled" startup?

A tech-enabled startup is a new/emerging business that leverages technology as a fundamental component of its operations, products, or services. The startup uses innovative and digital solutions to address specific problems or meet market demands. Technology plays a critical role in enabling their business model, whether it’s through the development of software, use of online platforms, data analytics, automation, or other technological advancements. This is often characterized by a focus on scalability, disruption of traditional industries, and a reliance on innovative technologies (like AI) to drive their growth.

What do you mean by "pre-seed" and "seed"?

If you already have a product and customers, or an MVP (minimum viable product), you’re considered seed. If you don’t have a product or MVP yet, we define you as pre-seed. Judging criteria will vary slightly based on whether you’re defined as seed or pre-seed. If you have questions,  email Bram Boyd, Program Manager for Crossroads.

Do I have to pre-register?

Nope! You can just apply. But if you want to make sure that you don’t forget to apply by the deadline, go ahead and pre-register. We’ll email you a reminder a few days before the deadline. 

How will my pitch be evaluated?

Thanks for asking! Crossroads is judged by panels of dozens of investors and experts from across Indiana. Judges are asked to rate each pitch across a set of criteria on a scale of 1 to 5 (1 = poor, 2 = fair, 3 = adequate, 4 = good, 5 = excellent). 

 

Will the event be live or over Zoom?

Semi-finals are held over Zoom and the finals are held live at The Mill in Bloomington, Indiana. 

What does it mean to win investment from Flywheel?

The winner will get investments of $10,000 from Flywheel Fund. You get a check and access to an incredible network of experts, investors, and mentors. In return, Flywheel Fund gets a small stake in your startup. 

If you make it to the semifinals, we’ll ask you for more information and help you prepare for investment. 

What are VCI tax credits?

VCI tax credits make your startup more appealing to Indiana investors. If you win Crossroads, Flywheel Fund will ask you to complete some paperwork to make that possible.

Getting set up for VCI tax credits is free and just takes a couple steps. First, create an Access Indiana account with the IEDC. Once you have that, you’ll be able to apply to become a Qualified Indiana Business through the IEDC portal. They’ll send you a letter to confirm your application, then you’ll fill out one more form. 

Hey, you’re not getting discouraged by paperwork, are you?! Because your startup is awesome, and people are going to want to invest. YOU CAN DO THIS. We’ll help. 

How do I apply for VCI tax credits?

To learn more about the program, click here.

Step 1: The initial step to applying for VCI Tax Credit is to first become a Qualified Indiana Business (QIB). Our contact at the IEDC (Lee Robinson) gives this as the initial instructions to get started: 

Visit the VCI Tax Credit landing page.  

Step 2: Also, effective 1.1.2022 businesses, funds, and investors must establish an Access Indiana account before they can submit any information to the IEDC. Please use this link to establish your account:   

Step 3: After you have established your Access Indiana accountplease follow these steps: (Please “hardkey” all information)

    1. Select “Services”, which will provide you access to the IEDC portal. 
    2. Select the IEDC portal
    3. Select the appropriate Application from the VCI Program menu. Businesses need to complete the QIB Application, Investors the VCI Investor Application
    4. Choose “Create” to begin completing the Application

Feel free to also contact Lee (lrobinson@iedc.in.gov) if you face any problems or with any questions you may have regarding VCI tax credits.

Do you have any tips for applicants?

We sure do! You can read them online here.