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IU life sciences startup attracts former Lilly exec: INphoton attempts to commercialize high-tech cellular imaging techniques

It doesn’t have a headquarters or any full-time employees yet. But local life sciences startup INphoton LLC has attracted something equally important: an experienced manager. This month, INphoton hired Steven Plump, Eli Lilly and Co.’s former chief marketing officer, as its CEO. Plump, who retired from Lilly in 2006 after a 30-year career there, hopes to commercialize the high-tech research imaging techniques that INphoton’s founders discovered in Indiana University laboratories. In the process, INphoton could cut pharmaceutical companies’ cost of…

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Veteran grocer plays new role: O’Malia teaches customer service as training-firm VP

In the late 1950s, when Daniel O’Malia was a kid working in the first store his father owned, he would often keep busy weighing and bagging potatoes. But on occasion, a customer would ask for something the small grocery didn’t stock. Joe O’Malia would hand his son some change and tell him to run to a nearby Kroger grocery to pick up the item. He had the competitor’s prices memorized and always gave his son the right amount. “He would…

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Classic Niche: Local insurer riding wave of classic-car enthusiasm

In 1993, Dan Yogodnik started a business with a friend that leased out exotic cars for special occasions. The biggest hurdle the partners encountered was lining up insurance for the cars. That experience spurred Yogodnik, who had been working in the banking industry, to start his own insurance firm. “If we had our own insurance agency, then we wouldn’t have to chase all over the country [for the niche policies],” he said. What started out as a side business targeting…

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Law lets small employers band together for insurance: Experts disagree on whether associations will take off

The Healthy Indiana Plan, which enacts a system to bring affordable health insurance to low-income Hoosiers, is one of the most far-reaching pieces of legislation to arise from the General Assembly this spring. The noble cause could provide coverage to about 15 percent of the state’s population. Yet it could affect the small-business community as much as the state’s growing number of uninsured. House Bill 1678, introduced by State Rep. Charlie Brown, D-Gary, and signed by Gov. Mitch Daniels May…

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Charity sees hope in Third World ‘micro’ lending

In the village of Armenia, in western El Salvador, the Barahona Bautista family last month got a $246 loan to start a pig
farm from Ambassadors for Children. Micro loans are new to Ambassadors, which assists children in more than a dozen countries.

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Admitted ‘geek’ builds product-development prowess at Priio

By Larry O’Cull’s own admission, his company’s northwest-side office is staffed with “a bunch of geeks,” including himself. But as clients of product-development firm Priio will attest, it’s hip to be geek. A tour of the office offers a glimpse at a playground for engineering-inclined grown-ups. One of the firm’s 12 employees fiddles with the trigger on a paintball gun, while another tinkers with a concept for a propane-tank vending…

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Embarking on a new Venture: New leader planning progressive changes at center, not a total revamping

The new leader of the Indiana Venture Center is beginning to put his stamp on the not-for-profit that mentors promising startups. James Eifert, 64, is the former president of Terre Haute-based Rose-Hulman Ventures who took charge of the center in December following the July resignation of Steve Beck. Beck left to become co-managing director of IVC Equity Partners, a new local seed-capital fund. Chief items on Eifert’s to-do list are broadening the donor base, revamping the Venture Center’s proprietary network…

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EYE ON THE PIE: Whom will the state subsidize next?

Last week, I was walking on the Statehouse grounds and I saw some folks with large green pins on their lapels. “What do those stand for?” I asked. “Small businesses need Electronic Gaming Devices” one wearer told me. “That’s for bars,” I commented. The reply I got was not friendly. In the newspapers and on TV during the same week, there were features about horse breeders “needing” more state subsidies from slot machines at racetracks to “keep the industry alive.”…

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Invoice-borrowing a growing credit option

Bank loans and credit cards are common solutions to small businesses’ cash-flow crunches, but small-business owners increasingly
have another option: using unpaid invoices as collateral to borrow money from investors.

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EYE ON THE PIE: Indiana less entrepreneurial than nation

For many people, owning a business is a dream. As a nation, we idolize such people as “entrepreneurs.” We assemble data that show “small business” as the heart of the economy (even though the definition of “small” is fewer than 500 employees). Let’s look at this segment of the economy. Oops. The data we have are not as good as we want. We do not know how many proprietors or business operators are full-time and how many are part-time. It…

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SBDC network gets new chief

After about seven months without a leader, the Indiana Small Business Development Center network has found one in Jeff Heinzmann. An attorney by training, the 39-year-old is charged with getting the statewide system of 11 regional centers on track in their efforts to help entrepreneurs get started and grow. Despite their connection, the Indiana centers for the most part have operated independently, and some-like the central Indiana office serving Marion and the surrounding counties-have struggled for stability. Heinzmann aims to…

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Sarbanes reprieve possible: Lawmakers consider extension for small biz

Small public companies yet to comply with the stringent accounting provisions of the Sarbanes-Oxley Act could receive a reprieve from federal regulators weighing a one-year extension. Section 404 of the act requires public corporations to assess their internal accounting controls to ensure their financial reporting is accurate-and requires accounting firms to vouch for those controls. To comply with the act, which was enacted in the wake of financial scandals at Enron Corp. and MCI WorldCom, public companies have devoted thousands…

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Tax break would reward patent producers: Indiana legislators view bill as way to attract young, innovative high-tech companies and solo entrepreneurs

A bill weaving its way through the Indiana General Assembly could give the state an edge in attracting and growing the type of high-tech ventures several states covet. Indiana House Bill 1461, introduced by Rep. Brian Bosma, R-Indianapolis, advanced to the Senate after sailing through the House of Representatives on Feb. 26 by a vote of 95-3. The legislation that was referred to the Senate’s Economic Development and Technology Committee would provide a tax incentive that would shield income from…

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Making connections: Networking groups help business owners reach out

Small-business owners know building relationships helps build business. But cultivating strategic connections also takes time-one commodity that’s always in short supply. That’s where networking groups come in. A growing number of such organizations are working to connect busy business owners so they can trade advice and customer leads in a short span of time. With weekly or monthly meetings, the groups promise a one-stop opportunity to make dozens of contacts that can lead directly to sales. One of the fastest-growing…

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New NFIB boss knows politics: State chapter to devote more time to campaigns

Kevin Hughes cut his teeth in the political world. Now he’s taking a bite out of small business, as the new state director for the National Federation of Independent Business. Hughes, 30, has never owned his own business, but he worked for six years at the Ohio State Legislature as a legislative aide and for the Senate Republicans there. He also worked on several campaigns. In 2004, Hughes took a job as the Midwest regional political director for NFIB in…

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Interstate 69 corridor luring more distribution buildings: Unlike busy Plainfield market, where projects are huge, Fishers, Noblesville attracting smaller warehouses

Two massive developments with sizable retail components along the Interstate 69 corridor in Hamilton County are helping to spur the construction of several nearby distribution centers. The light industrial space rising near Fishers and Noblesville is unlike the monstrous warehouse projects prevalent west of Indianapolis in Plainfield and popping up within the Anson project near Whitestown. They instead are mediumsize warehouse or showroom space meant for small businesses expected to populate Hamilton Town Center and Saxony at the Exit 10…

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Cross-border investment in real estate on the rise: Local brokerages playing a role in growing trend

In 2006, $645 billion was sunk into real estate investments across the globe, according to a recent Cushman & Wakefield report. Of that, $187 billion was sent across borders to invest. And companies everywhere are chasing the most cost-effective spots to locate factories and needed hubs for office space. With all that cash changing hands, several locally based companies have made sure they’re positioned to help play a part. Take Indianapolis-based HDG Mansur, for example. In the field for 25…

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Forensic engineering firm seeks defense work: New initiative hopes to help other local firms follow in Wolf Technical’s footsteps

After 30 years in the forensic-engineering business, Wolf Technical Services Inc. has analyzed everything from deadly car crashes to patent infringement. Now, Indianapolis-based Wolf is hoping to diversify into a new area: federal defense contracting. It’s a field local corporate leaders hope Indiana will tap much more frequently in the years to come. “We don’t quite know at the moment where this could lead,” said Wolf Director of Client Relations Joseph Ward. “And that’s the fun part.” The 30-employee Wolf’s…

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CHRIS KATTERJOHN Commentary: It’s déjà vu all over again

CHRIS KATTERJOHN Commentary It’s déjà vu all over again Every once in a while, I’m struck by the same-ness of things. My last column was filed from Florida, as was last year’s second column in January. This week’s is being written upon my return from a publisher’s meeting in Puerto Vallarta, as was last year’s first February column. That’s a little scary. Is my life getting to be that predictable? Remember my passport debacle from last year? This year in…

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