June, 2014

Valparaiso announces Tech Foundry

Mayor Costas Welcomes The Tech Foundry Business Accelerator


VALPARAISO, IN. (JUNE 23, 2014) – Mayor Jon Costas announced the launch of The Tech Foundry Startup Accelerator program, in partnership with Elevate Ventures and the state of Indiana. The goal of The Tech Foundry is to help technology companies meet the challenges facing a start-up, enhancing their success and speeding their entry to the marketplace.
The Valparaiso-based Tech Foundry will be the first business accelerator in Northern Indiana and the second in the state of Indiana. “Sometimes what keeps a new, innovative business from taking off is not a lack of creativity or vision, but a lack of business knowledge,” said Mayor Jon Costas. “We’re pleased to support The Tech Foundry as a way to help promising technology start-ups to flourish. By developing a strategy for helping people to get their bright ideas off the ground, we create new economic opportunity and jobs in our city.”

The Tech Foundry Accelerator program will provide $15,000 in seed funding to each company chosen for the program, along with free office space, access to a high-level advisory team, a 13-week hands-on instructional program, and connections to potential investors, partners, and resources. “Technology moves so fast these days that start-ups need to be nimble and move just as fast,” said Kelly Schwedland, heading the Tech Foundry Accelerator Program. “We adopted a program for the Tech Foundry that caters to early stage companies and offers the intense, hands-on help they need to get to market quickly and successfully.”

The Valparaiso Economic Development Corporation (VEDC), Porter County, NIPSCO 1st Source Bank and the Indiana Economic Development Corp (IEDC) are funding partners and Elevate Ventures will provide program support services. The Tech Foundry also has the support of Porter County Commissioners John Evans, Laura Blaney and Nancy Adams.
To be considered for the first round of Tech Foundry Assistance, qualifying tech start-ups may apply by July 21, 2014 for the program, which will begin on Aug. 15, 2014. Up to six companies will be accepted for round one. For more information about The Tech Foundry and the Accelerator Program, contact Kelly Schwedland at kellys@Elevateventures.com or visit www.TechFoundry.org.


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MSRB reports on VRDO and ARS


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published its most recent statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market. The report, “Municipal Variable Rate Demand Obligations and Auction Rate Securities: Interest Rate and Trading Trends,” updates earlier trend analysis and provides information on municipal variable rate securities through March 2014.


The report includes annual trend information on the size of the market for auction rate securities (ARS) and variable rate demand obligations (VRDOs),  trading volume, interest rates and number of rate resets, among other information. Data in the report reflects a continued decline in the issuance, trading and number of interest rate resets of the ARS and VRDO markets.


Among the report’s conclusions are:


  • Since its peak in 2008, the new issue market for VRDOs has contracted five of the last six years.
  • Between April 2012 and March 2014, the size of the VRDO market decreased nearly 22 percent to $222 billion, while the size of the ARS market decreased 31 percent to $27 billion during the same period.
  • The number of trades and par amount traded of VRDOs and ARS, and the numbers of VRDO rate resets are a fraction of their peak levels in 2008.
  • In 2013, VRDO rate resets decreased 13 percent to 703,268, compared to 810,488 rate resets in 2012.

See:  MSRB Press Release for full details

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