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

    • Creating a Customer-Centric Marketing Strategy For Your Healthcare Business

      Obtaining and retaining customers is critical, especially in highly competitive markets like the healthcare industry. But, differentiating your organization with an exceptional customer experience can help you stay ahead in the $3.4 trillion industry. According to McKinsey, 70 percent of buying experiences are based on how the customer feels they’re being treated. Now more than ever the customer’s satisfaction needs to be at the top of focus for companies looking to...

    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

    • Infosys Picks Indy For Training Center, 1K Additional Jobs

      Inside INdiana Business has learned that India-based tech giant Infosys (NYSE: INFY) will house a USA Training Center at the old Indianapolis International Airport site. The plans involve 1,000 new jobs, on top of the company's previous commitment of 2,000 new jobs as part of its downtown technology and innovation hub. Vice President Mike Pence will join Governor Eric Holcomb and others for the official announcement Thursday in Indianapolis.

    • Manufacturer Adding Production in Daviess County

      Florida-based ISOFlex Packaging will Tuesday celebrate the opening of a third production line at its facility in Daviess County. The company, which produces specialty plastic films and bags, will add a small number of jobs as a result. The company has invested more than $4 million into the new production line. The facility originally opened in 2014 following a $25 million investment by Alliance Barrier Films, which was acquired by ISOFlex in January.

    • 'Supercar' Assembly Operation Planned For Purdue

      The England-based manufacturer of a car billed as the fastest street-legal vehicle on the road has selected the Discovery Park District at Purdue University for a showroom and assembly facility. Keating Supercars LLC will produce its first model to be sold in the U.S., the Viperia Berus coupe, which is capable of reaching speeds greater than 230 miles-per-hour. The company is slated to cut the ribbon on the showroom late next month and eventually ramp up production at Purdue to...

    • (Service area map provided by Vectren.)

      What Does Vectren Merger Mean?

      A utility industry observer says he does not think the planned $6 billion merger of Evansville-based Vectren Corp. (NYSE: VVC) and CenterPoint Energy Inc. (NYSE: CNP) will have a major impact in Indiana. Doug Gotham, who serves as director of the State Utility Forecasting Group at Purdue University, also says he is not aware of any recent mergers that have been shut down by Federal Energy Regulatory Commission, a key hurdle that remains to be cleared. CenterPoint says plans...

    • IN3, formerly API, involves major defense, govermental, economic development and academic stakeholders from throughout the state.

      New Name, First Contract For Defense Tech-Focused Institute

      Indiana Innovation Institute, formerly known as the Applied Research Institute, is kicking off a rebranding with the announcement of its first contract. The $2.3 million trusted microelectronics collaboration with Purdue University also includes researchers and personnel from the Crane Naval Surface Warfare Center, Indiana University and the University of Notre Dame. The work involves rapid development of counterfeit-resistant technology that is immune to global attacks.