Can Indiana Attract More Venture Capital?

Posted: Updated:
INDIANAPOLIS -

A prominent Republican leader says Indiana "absolutely" has the potential to draw more venture capital dollars to Hoosier companies. The problem is figuring out how to do it, particularly when the issue is primarily a function of the private market. "It's really not our business to run a business or to pick and choose winners and losers," said Senate Appropriations Chairman Luke Kenley (R-20). "We've had some success. But there are a lot of opportunities to do a lot more, and that's what we're trying to figure out. How do you do more and do it right, so that the taxpayer feels comfortable with what you're doing." 

Kenley added he believes promoting Indiana's overall economy, notably the tech sector, could attract more investors. However, the numbers would indicate otherwise. Despite having the 17th largest state economy last year, Indiana ranked 27th in the amount of venture capital investment for 2016. One of its strongest years in nearly a decade. Prompting Kenley and Senate Majority Floor Leader Brandt Hershman (R-7) to call on a number of the state's tech leaders for help.

"One of the success stories in Indiana is, is that not only does government work on something, but you get outside partners. People in private business. People who are willing to come in almost with their free time and say, 'Look, here. I'll help you figure out how to do this the best.' And I think we're putting that coalition together."

One of the key players assisting lawmakers in the 'coalition' is TechPoint Chief Executive Officer Mike Langellier, who is a big proponent of the Next Level Indiana Fund, legislation that would allow the state to invest in Hoosier companies. 

"By investing into venture capital firms that bring expertise, connections, and dollars to Indiana, the Next Level Indiana Fund would take Indiana from laggard to leader in venture capital investment and catapult Indiana ahead as a prominent tech hub," said Langellier. "I commend Governor Holcomb and a roster of house and senate leaders who see Next Level Indiana Fund's potential and are thoughtfully working to make it possible.”

The 2017 legislative session is expected to end Friday.

  • Perspectives

    • A Good 'Space' is About More Than Design

      Spaces Indiana, a competitive design showcase of innovative workspaces in Indiana, recently celebrated five winners from its 2017 pool of candidates, including MOBI, greenlight.guru, Flaherty & Collins, Mimir, and Bradley & Montgomery. These winners were chosen from dozens of forward-thinking, innovative companies who understand that workplace design is critical to realizing success. Attending the Spaces event brought back memories of my first job out of college.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • 'Best and Brightest' Finalists Unveiled

      Junior Achievement of Central Indiana has unveiled its list of "Indy's Best and Brightest" finalists. The event honors 100 of the area's "most outstanding young professionals" in central Indiana under the age of 40 in 10 industries including technology, manufacturing and government.

    • Indy Company Acquires Denton Pharma

      An Indianapolis-based pharmaceutical repackaging and fulfillment company has acquired New York-based Denton Pharma Inc. Financial details were not disclosed, however Northwind Pharmaceuticals says Denton will continue its operations in the northeast.

    • Technicolor Details Indy Layoffs

      California-based Technicolor Inc. says it will close its office on the north side of Indianapolis by the end of the year. In a notice to the state, the company says the closure will leave 95 employees out of work. 

    • Kroger Hires Eric Halvorson

      A former longtime Indianapolis television anchor and reporter has been hired by The Kroger Co. (NYSE: KR). Eric Halvorson, who left WISH-TV last year after 33 years, will serve as public affairs manager and media spokesman for the company's Central Division. He succeeds John Elliott, who will become the chief executive officer of Gleaners Food Bank in Indianapolis later this year.

    • Milhaus: Investment to Fuel $1B Portfolio

      Indianapolis-based real estate developer Milhaus has received a $245 million equity investment from FrontRange Capital Partners in Colorado and StepStone Group Real Estate LP. The developer says it will use the money, which also includes funding from a group of internal investors, to reach its goal of having 20,000 units in 10 markets by 2020. Milhaus specializes in urban infill and suburban multifamily residential buildings, with projects currently underway throughout...