I had the opportunity to hear Bruce Kidd (Director of Entrepreneurship at Indiana Economic Development Council) and Nate Feldman (Indiana Sec of Commerce) speak at the Life Science lunch in downtown Indianapolis yesterday on business development in Indiana and particularly the Indiana 21st Century Fund.
ParaPRO was awarded a 21 fund grant of $2.1 Million last fall.
Some Highlights for 2007
1) 51 companies have been given 21 fund awards for a total of $65.4 Million since 1/1/06
2) Awards are given to companies with “market changing technologies”
3) 47 are entrepreneurial companies
4) 26 awards were given to life science companies for a total of $33.7 Million
5) The 21 fund is providing leverage to help companies raise additional capital. Companies awarded 21 grants since 2006 have raised an additional $150 Million
6) 44 Life Science companies have been approved for the VCI tax credit and have raised or are raising $80 Million (investors get 20% of investment back as credit on state taxes)
1) Invest in 20-25 high potential new deals from the 21 fund = $25-30 Million
2) Support 40-50 SBIR Phase One companies and 6-10 Phase Two companies = $5 – 6 Million
3) Approve 60-70 companies for VCI Tax Credit and provide $7-10 Million of credits to investors
4) Create hundreds of new high wage jobs
5) Have a positive impact on our economy and in people’s lives.
More information on the IEDC and 21st Century Fund
The overall theme of the meeting was optimism. A few years ago a variety of speakers both in government and private industry were talking about what we should be doing. Now they are talking about what we are doing, why it is working and how we are going to make it better.
We may not have many natural lakes or mountains or oceans in Indiana. I am proud to say we have an improving business climate and a rapidly growing base of entrepreneurial companies. It is fun to be part of it.
Until next time – all the best!