Startwheel Corp
Public records show a registered, tax-exempt organization in good standing.
What it says it does
Innovate Hampton Roads is dedicated to fostering the growth and development of the entrepreneurial and innovation ecosystems in Hampton Roads, VA focusing on education and by supporting startups through incubation, mentorship, networking, and strategic partnerships in order to drive economic vitality, job creation, and technology commercialization in the region.
- Income
- $297,137
- Spending
- $267,360
- Spent on programs
- 86%
- Reserves
- 0.9 months of spending
- Largest source of income
- fees for its services, 53%
- Employees
- 0
- Volunteers
- 25
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 52 out of 100. Higher than 21% of charities in its peer group (community improvement, $250k to $1m).
Reserves
4 of 35Spendable reserves would cover 0.9 months of spending.
Debt
10 of 20It owes 42% of what it owns.
Living within its means
15 of 15Income exceeded spending by 10% of income.
Spending floor
15 of 1585% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Fair: 59 out of 100. Higher than 24% of charities in its peer group (community improvement, $250k to $1m).
Independent board
25 of 2515 of 15 voting board members are independent.
Conflict of interest policy
0 of 15Reports no written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Independent check of accounts
6 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (2)
- $69,860 spent. Entrepreneurial Education and Competition toward Ecosystem Development: Innovate Hampton Roads (IHR) empowers entrepreneurs through educational workshops and high profile competitions. From June to December, 2024 IHR educated 30 founders with 42% from historically underrepresented groups through initiatives like four Start Peninsula Micro Pitch Competitions, culminating in a final pitch event in November 2024. The program facilitated over 200 mentorship hours. IHR also hosted the first-ever Virginia Regional StartUp World Cup, where local startup IV Watch placed third globally while competing for a $1 million prize. Moreover, in 2024 IHR hosted six events with 715 attendees including "Down to Earth: Ready to Launch" workshop with NASA Research Center in Hampton, Virginia.
- $158,699 spent. Startup Incubator and Support: IHR manages the REaKTOR Technology Innovation Center, a hub for technology-driven startups in Hampton Roads, Virginia, providing office/lab space, mentorship, and funding support. From June to December 2024, the incubator onboarded five new companies, surpassing the goal of three, and supported a portfolio of 16 companies employing a staff of 91. The program facilitated $9.185 million in grants, investments and commitments for 7 client companies, created 24 new jobs, recruited seven professional service providers and introduced four investors.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 2015.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.