After nine years of managing the state’s investments in startups, the not-for-profit Elevate Ventures has had some wins, but more losses—as measured by the number of companies that paid back at least as much as they took in.
The Senate version of the two-year, $34.6 billion budget allocates $22 million per year for the state’s 21st Century Research and Technology Fund. That’s $8 million less per year than in the current budget.
Gov.-elect Eric Holcomb, who announced his legislative agenda Thursday, has roughly the same idea as Gov. Mike Pence when it comes to investing in early-stage Indiana companies, but wants to pay for the plan through a different fund.
Frustrated by up-and-down state funding for startup life sciences companies, industry leaders are talking up a plan to create a dedicated funding stream that could total $30 million a year.
Republican State Sen. Brent Waltz has filed a bill that would require the Indiana Economic Development Corp. and businesses seeking awards from the 21st Century fund to match the state’s money with outside capital at a four-to-one ratio.
Elevate Ventures could attract an additional $30 million in matching federal and private funding to support entrepreneurs statewide, Indiana Economic Development Corp. officials say.
Even as some of its investments bear fruit in grand fashion, the state’s principal fund for investing in high-tech companies may get even less in the next budget than it did two years ago when its funding was cut in half.
The state’s principal fund investing in high-tech companies has reached a milestone—for the first time recouping all the money it granted an emerging company, and then some.
A panel of five leaders of the state’s life sciences
industry took on a wide range of topics
July 24 at IBJ’s Power Breakfast
at the Westin Indianapolis.
Indiana legislators are signaling that everyone who receives funding from state government must tighten their belts as tax
collections fall short of projections. That could cause pressure for cuts to key technology incentives.
For a preview of how Indiana’s 2008 gubernatorial election will play out, look no further than the emerging tussle over entrepreneur
Scott Jones’ $4 million in awards from the state’s 21st Century Research & Technology Fund.
