Bob Coy has been named the first president and chief executive officer of 16 Tech. The 60-acre innovation community near IUPUI is billed as a transformational development in Indianapolis’ bid to attract talent. Coy most recently served as CEO of Ohio-based venture development organization CincyTech, which pumped more than $680 million into 70 different startups during his nearly 12 years at the helm. 16 Tech Community Corp. also announced a $2 million grant from the Indianapolis-based Richard M. Fairbanks Foundation, to fuel efforts to attract top talent to the development.
In a Studio(i) interview with Inside INdiana Business, Coy said he was attracted to the "big vision" of the Indianapolis innovation district.
Coy says the effort already has the advantages of support from the business and public sectors as well as a prime location near the Indiana University medical school, IU Health and Eskenazi Hospital.
His ultimate goal, Coy says, is to have 16 Tech span 2 million square feet and employ 2,500 people or more industries including life sciences, information technology and advanced manufacturing. He says the district will be a mashup of startups and established companies with an additional presence from higher education institutions.
Before joining CincyTech, Coy worked as senior vice president for entrepreneurial development and economic development at the St. Louis Regional Chamber and Growth Association. There, he co-founded the St. Louis Arch Angels, which is a group of individuals who invest in early-stage St. Louis-area companies.
The centerpiece of 16 Tech is the Indiana Biosciences Research Institute, which launched in 2013 with an initial $50 million in funding from sources including the state, Eli Lilly and Co. (NYSE: LLY), Lilly Endowment Inc. and the Indiana University School of Medicine. In January, Roche Diagnostics North America Chief Executive Officer Jack Phillips told Inside INdiana Business Television the institute was about halfway to its $350 million fundraising goal.