Early–stage capital is scarce both in Indiana and in the United States as a whole. Emerging companies frequently face a funding gap at the exact moment when capital is needed to begin transforming its research into commercial products. IURTC established the Innovate Indiana Fund in 2009 to invest in technologies discovered at Indiana University. The goal of the fund is to harness the immense creativity happening across IU’s eight campuses and nine centers of medical education to create businesses that benefit the entire state. Funding is available for university faculty and researchers who need financial support to bring their discoveries to the marketplace. The $10 million initial capitalization of the fund is allocated to early-stage and late-stage investments.
The Fall 2010 issue of the Indiana Business Review has been recently released and is now available for download. A quarterly publication of the Indiana Business Research Center at IU’s Kelley School of Business, the IBR provides analysis and insight on key economic and demongraphic issues.
Particular articles of interest in the latest issue include:
Indiana in the Global Economy: Current Export and FDI Activity – Even though the economic recovery is still fragile, recent growth in Hoosier exports and increases in announced foreign direct investment provide encouraging signals. In fact, Indiana is only one of 14 states whose value of exports in the first six months of 2010 surpassed pre-recession levels.
Education’s Value: It’s Not That Simple – Educational attainment is a major contributor to higher earnings, but the value of a college degree varies widely. The benefits are greatest for people who choose the right industry and occupation. Not enough Hoosier students are studying the fields that lead to the highest wages – which are also the occupations that our key industries depend on most.
Here’s the link to IBR web site where a printable PDF of the full issue can be downloaded:
By Tony Armstrong
Very glad to have them affiliated with the IU Emerging Tehnologies Center!
By Bill Stephan
The President’s Economic Development Cabinet, a 15-member group of distinguished business, community and faculty leaders with a broad range of experiences and knowledge in the technology and life-sciences sectors, was established to serve as economic development advisors to Indiana University President Michael McRobbie. The Cabinet meets three times a year to provide policy input and counsel on how the university can best leverage its many assets into initiatives that will advance both the university’s interests and Indiana’s economic vitality.
By Kirk White
IU has forged partnerships with the Indiana National Guard (ING) on their efforts at the Guard’s Camp Atterbury-Muscatatuck Center for Complex Operations (CAMCCO) to brief and train personnel deploying to Afghanistan on issues related to language, cultural sensitivity, and governance. The Guard has been entrusted with the responsibility of developing and providing training programs for both civilian and military personnel engaged in various assistance programs for developing nations.
Under the partnership agreement, IU is assisting in the development these programs by providing a wide cross-section of faculty subject matter experts to serve as consultants, trainers, and instructors. Subject areas include languages, culture and customs and rules of law in counter-insurgency operations.
A key program currently under way involves training provincial reconstruction teams for deployment to Afghanistan. IU is providing trainers to teach Afghan languages and culture to members of these military/civilian teams before they deploy overseas.
Additionally, IU has partnered Crane Naval Surface Warfare Center – Crane, Indiana on the Advanced Linear Accelerator (LINAC) Facility, located at the IU Cyclotron in Bloomington. This project includes upgrades to the linear accelerator formerly based at Crane, a project that has already brought in $7.83 million in federal funding. IU is currently expanding its partnership with NSWC Crane to include specialized areas of IU faculty expertise in Information Technology and Informatics, including modeling, simulation, cyber security and data mining.
By David Gard
A recent article from Governing poses an interesting question: “can you have economic development without job growth?” At the end of the day, economic development is always about jobs. But, as the article asserts, the strategy implemented to secure new jobs may need to be about something else. Thus, if new jobs are the desired outcome, strategies may need to be focused on the outputs that can then help lead to job growth.
In the so-called “jobless recovery,” how do you measure economic development success without depending on jobs? A few emerging ideas are proposed:
- Focus on the emerging sectors that are a good match for your community, region, or state.
- Focus on the “high value added” sectors of the economy that will add true wealth to the economy (look upstream in the value chain).
- Match businesses to local labor skills – while still striving to broaden skill and educational levels.
- Plan for contingencies – what economic foundation (skills, assets, resources) are left in place even if a major employer departs?
Here’s the link for the full article:
By Tony Armstrong
I want to introduce you to another IU faculty member that is making a difference…
For those with advanced lung disease or damage, a lung transplant has been a way to buy a little more time. In fact, patients who receive newly transplanted lungs have just a 50/50 chance of being alive five years later.
Professor David Wilkes, who has devoted his career to improving lung transplant survival rates, may have discovered a way to improve the odds.
IU Vice President Bill Stephan, Bart Peterson from Eli Lilly and other community and business leaders joined us at the IUIC in Bloomington for a robust discussion on the Life Sciences sector in Indiana. Bill was interviewed immediately after the panel discussion.
We could not be more enthused about the prospects for growth in the Indiana University Technology Park in Bloomington. University and private sector interests will combine to draw upon IU’s deep IT resources and facilities that can accomodate life sciences research activity.
IU researchers David B. Audretsch and Taylor Aldridge argue that universities are underestimating the number of start-up companies that have formed to market university research by as much as 30 percent.
Professor Audretsch, a distinguished professor at the School of Public and Environmental Affairs (SPEA) at Indiana University Bloomington and director of the Institute for Development Strategies, and Aldridge, a research fellow at the Institute, focused their research on scientists who received patents from research funded by the National Cancer Institute.
They found that the work of as many as 30 percent of these professors found its way to market without the assistance of their universities’ technology transfer offices.
Why do university researchers bypass their technology transfer offices? The reasons that Audretsch and Aldridge cite include:
• The different approaches required to market an invention versus a discovery
• Some universities lack the technology transfer resources to effectively serve faculty
• A university culture that does not place economic development among its core missions
University research is vital to creating the local and regional companies that will help Indiana and the nation thrive in the 21st century. If you’re an IU researcher with a promising discovery, we urge you to contact the Indiana University Research and Technology Corporation to explore your options.
Congratulations to IURTC clients CS-Keys, Fast Diagnostics, Immuneworks, and Therametric Technologies. All were listed among 100 federal funding success stories by the Science Coalition, a nonprofit and nonpartisan group that supports federal funding of scientific research in the United States.
The report underlines the vital connection between university research, investment, and economic development. The 100 companies named now employ more than 100,000 people and earn revenues of nearly $100 billion a year.