State Delegation Travels to Silicon ValleyPosted: Updated:
Lieutenant Governor Sue Ellspermann has returned from an economic development mission to Silicon Valley. The delegation met with executives from global semiconductor chip companies attending an industry event.
November 14, 2014
San Jose, California -- Lieutenant Governor Sue Ellspermann led a delegation of Hoosiers on a jobs and economic development mission to Silicon Valley yesterday to promote Indiana's strong private sector job growth, world-class research institutions, competitive engineering workforce and the state's pro-business climate to semiconductor and high technology companies.
"Over the past decade, CEOs representing the $300 billion global semiconductor chip sector have entrusted Indiana's universities to conduct important research for their companies," said Ellspermann. "I invited them to increase that investment in Indiana by allowing our best and brightest Hoosiers to design and build their next generation of products in a state that is committed to growing advanced manufacturing."
During the one-day trip, the Indiana delegation met with executives from leading global semiconductor chip companies who are assembling in Silicon Valley for the annual Semiconductor Industry Association Board of Directors meeting. The delegation discussed opportunities to expand current university research partnerships and explore possibilities of relocating advanced design and manufacturing operations to Indiana.
Semiconductors power electronics in devices such as smart phones, appliances, cars, computers and medical devices, providing the foundation for the global $1.4 trillion information technology industry. On average, semiconductor chip companies devote 35 percent of their annual revenue on research and development and capital investments. Over the past five years, this has allowed the semiconductor industry to dedicate more than $50 million dollars to research initiatives led by the University of Notre Dame and Purdue University via the Semiconductor Research Corporation, as well as direct company contributions.
The job hunting mission to Silicon Valley comes amid the Indiana Economic Development Corporation's (IEDC) targeted marketing campaign in high-tax, high-regulatory states, including New York, Illinois, New Jersey, Massachusetts and California. Silicon Valley, originally named for pioneering American semiconductor chip companies and the material they use to make semiconductors, has seen chip manufacturing capacity decline due to California's burdensome regulations and sky rocketing taxes.
A picture of Ellspermann discussing Indiana's pro-business climate with Intel Corporation Chief Executive Officer Brian Krzanich, IBM Corporation Senior Vice President and Director of Research Dr. John Kelly III and Indiana Integrated Circuits Chief Executive Officer Jason Kulick can be found here.
Members of the delegation are:
Lieutenant Governor Sue Ellspermann, Ph.D.
Kent Anderson, IEDC
Jason Kulick, Indiana Integrated Circuits, LLC
Dennis Rosebrough, Office of the Lieutenant Governor
Alan Seabaugh, Ph.D., University of Notre Dame
Ali Shakouri, Ph.D., Purdue University
Ian Steff, IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov
Source: Indiana Economic Development Corp.