Venture Hall dissolves, $475K grant is canceled
Courtesy / Venture Hall
Jess Knox, president of Venture Hall, a Portland-based startup accelerator, announced two weeks ago that the nonprofit is one of six recipients nationwide of grant funding from The Kauffman Foundation in a new initiative intended to remove policy barriers hampering new business creation. On Monday, Knox resigned, the nonprofit dissolved and the grant has been canceled.
Two weeks after landing a $475,000 three-year grant from the Kauffman Foundation Entrepreneurs’ Policy Network, the Portland-based startup accelerator Venture Hall has closed.
That surprise announcement, initially posted on the nonprofit’s website on Monday, prompted Kauffman Foundation to cancel the grant.
“We were alerted late on Monday that Venture Hall has decided to cease operations,” Kim Wallace, the foundation’s director of engagement and entrepreneurship, told Mainebiz in a written statement this morning. “Of course, we were disappointed and surprised to hear this news. Venture Hall was scheduled to receive its grant payment this week; however, we have canceled that planned payment based on this news. We look forward to continuing our work with the remainder of our Entrepreneurs’ Policy Network grantees to break down barriers for entrepreneurs.”
Few details have been provided regarding Venture Hall’s sudden closing.
Board decides to 'cease operations'
“One of our founding members has resigned for personal reasons,” a statement issued by the nonprofit’s board stated in an announcement posted on the now-defunct Venture Hall website. “Venture Hall was largely driven by the spirit and drive of the two founders, but the CEO, Mike Sobol, and the board made the difficult decision to cease operations."
Late Tuesday morning, the board revealed it was co-founder Jess Knox who had resigned.
“We are confident that our ecosystem is deep and robust enough that another organization will emerge to continue this important work with a clear vision and a new brand," the board continued in its initial statement.
“Thank you to all the people who supported Venture Hall, our funders, our experienced volunteer advisors, the promising entrepreneurs embarking on their ventures and other supporters working behind the scenes who lent their skills and support.”
What this means for the various entrepreneur training programs and events overseen by the nonprofit — such as a pilot project launched last spring with Thomas College and Project>Login to bring much-needed software development classes to Maine — is uncertain.
Focus had been 'high-growth, high-impact ventures'
Founded in 2016 by Jess Knox and Mike Sobol, Venture Hall was launched with more than $30,000 of in-kind investment from Cloudport CoWorking MultiSpace, located at 63 Federal St in Portland.
The co-founders said at that time that their joint venture would be working “on building out the infrastructure to support Maine’s startup ecosystem,” primarily through a series of programs, events and classes focused on building high-growth or high-impact ventures.”
In a telephone interview with Mainebiz two weeks ago, Knox, who also is behind Maine Startup and Create Week, said he was humbled by the Kauffman Foundation’s selection of Venture Hall as one of six recipients nationwide to receive funding in a new initiative that's intended to remove policy barriers hampering new business creation.
Knox said at that time he expected Venture Hall would use the grant money to help entrepreneurs become more effective advocates for “removing barriers to new business creation."
In its dissolution announcement, the nonprofit’s board stated: “From day one Venture Hall has been a champion of Maine’s entrepreneurial ecosystem, one of several proof points that Maine’s innovation economy and its unique start-up ecosystem is at an exciting inflection point, ready to take flight. We are proud to have contributed to this infrastructure, designed to lift aspiring entrepreneurs to the next level.”
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