Innovate IndianaNews and information on how IU is driving innovation, entrepreneurship and economic development

IU Ventures’ investment helps fuel continued growth of Indiana-based life sciences startup and newly named ‘Most Fundable’ company

Posted on by Ryan Piurek

The first-ever company to receive a double investment through IU Ventures’ startup support ecosystem, diagnostic cancer testing startup Amplified Sciences, just received some resounding support by way of one of the nation’s most rigorous startup competitions.

Amplifed Sciences has landed on Pepperdine Graziadio Business School’s fourth-annual Most Fundable Companies List, which was announced during a recent virtual event. It was named as one of the top 16 “Most Fundable Companies,” and was chosen for the honor based on several company variables, including financial projections, market opportunity, intellectual property, competitive advantage and management-team expertise.

Amplified Sciences commercializes the innovation of IU School of Medicine biochemistry graduate Vincent Jo Davisson, a longtime biochemist at Purdue University, where he invented the technology that Amplified Sciences is developing. Davisson is now the company’s co-founder and chief scientific officer. The company’s co-founder and CEO is Diana Caldwell, an IU Kelley School of Business alumna, who was an entrepreneur-in-residence at the Purdue Foundry when she and Davisson met. Caldwell is also a member of the industry advisory board of the Kelley School’s Center for the Business of Life Sciences.

With operations in the Purdue Research Park and key alliances on both U.S. coasts, Amplified Sciences is focused on accurately detecting and pre-empting the risks of debilitating diseases. The company’s lead assay helps clinicians test for pancreatic cancer and better treat patients with pancreatic cysts.

Amplified Sciences received an initial $125,000 investment from the IU Philanthropic Venture Fund in April 2020. Later that spring, it received a $25,000 investment through the IU Angel Network.

Upon receiving the dual investment, Caldwell praised IU Ventures for the work it continues to do to support entrepreneurship and accelerate promising startups.

“The IU Angel Network has recruited an impressive group of alumni who are interested in supporting the IU-connected entrepreneurship community, not only through investment dollars but also through their expertise and networks. We are thrilled to have them on board,” she said. “This second investment by IU Angels is a testament to the power of collaboration across the IU network and demonstrates the great work IU Ventures is doing to develop a strong startup ecosystem.”

Caldwell also expressed her appreciation for the support and expertise of IU-affiliated researchers who have helped build the company’s platform, including Dr. Mohammad Al-Haddad, a gastroenterologist at the IU School of Medicine, who has researched and published on the pancreas for years, as well as experts at the IU Melvin and Bren Simon Comprehensive Cancer Center.

A complete list of the “Most Fundable Companies” is available online, where visitors can vote for up to three of their favorite companies now through Nov. 1.

Bringing together the best in innovation, improving Indiana’s quality of life and place

Posted on by Ryan Piurek

As Indiana University prepares to celebrate Homecoming this weekend, the university is less than a week away from another noteworthy “reunion” activity bringing together alumni and other friends of the university.

On Thursday, Oct. 21, IU Ventures will host the inaugural IU Founders and Funders Network Conference, which will spotlight key resources available to IU-affiliated entrepreneurs—including talent, expertise, educational programming, capital and connections. The event will also call attention to pathways for potential investors and others from IU’s global community to accelerate high-potential business ventures in Indiana and strengthen the Hoosier state’s fast-growing culture of entrepreneurship.

IU Ventures will host the inaugural IU Founders and Funders Network Conference on Oct. 21.

IU Ventures assists IU students, faculty, staff and alumni with advancing high potential new venture opportunities. Its mission is to serve as a catalyst for the IU entrepreneurial community, investing to generate significant and long-lasting social and economic impact for IU, Indiana and the world. As such, it works collaboratively across all of IU’s campuses and with multiple IU departments and units to develop the resources necessary to build a pervasive entrepreneurial culture throughout the IU ecosystem.

During the conference, IU Ventures will also present the inaugural Spirit of Venture Award. The award will go to a member of IU’s network of founders and funders who succeeds in entrepreneurship and innovation, provides mentorship and support to IU-affiliated founders and funders, and demonstrates noteworthy service to IU.

Registration for the virtual conference is now open the IU Ventures website. Attendance is free for faculty, student and alumni entrepreneurs, as well as investors, donors and anyone interested in being part of the IU Founders and Funders Network.

Immersing students in the venture capital industry

The Founders and Funders Network Conference reflects IU’s continued efforts to engage its network of entrepreneurs, passionate investors and potential partners in strengthening Indiana’s talent pipeline and economic competitiveness. A new educational program for IU graduate students promises to further expand that network.

IU is currently accepting applications for the IU Ventures Fellows Program, an experiential learning initiative that will immerse entrepreneurial-minded students in the venture capital industry through a combination of classroom instruction, online and in-person seminars, guest lectures, internships and real-time projects. The 12-month fellowship, which will run from January to December each year, will expose IU graduate students to the fundamentals of early-stage business investment, including the processes of deal sourcing and due diligence, while also facilitating their engagement with IU alumni and industry experts currently working in the venture sector.

Neil Powell, director of the MBA Strategic Finance Academy and lecturer in the Masters in Finance Program at IU’s globally renowned Kelley School of Business, will oversee the new IU Ventures Fellows program as executive director of student experiential learning. Before joining the Kelley School, Powell spent nearly 30 years in corporate finance leadership roles, spanning the financial, technology and educational sectors.

Neil Powell, director of the MBA Strategic Finance Academy and lecturer in the Masters in Finance Program at IU’s globally renowned Kelley School of Business, will oversee the new IU Ventures Fellows program.

Several of the opportunities that the program will make available to students will be made possible by the IU Angel Network, which facilitates connections between IU-affiliated startup companies and prospective investors from among IU’s community of alumni, faculty, staff, students and friends. Additional support for the program, which is modeled after some of the nation’s leading student venture programs, will come from the IU Philanthropic Venture Fund, which introduces donors to IU startups, innovations and initiatives.

Advancing Indiana’s signature economic development initiative

The aforementioned initiatives arrive at a time when IU’s campuses and regional education centers across Indiana have been deeply engaged in developing proposals for the state’s signature economic development initiative. The Regional Economic Acceleration and Development Initiative, announced by Indiana Gov. Eric J. Holcomb in early 2021, will invest $500 million in projects to improve Indiana’s “quality of place” and “quality of life,” encourage activity in the area of innovation and entrepreneurship, and attract more talent to the Hoosier state.

READI calls upon private employers, educational institutions, economic development groups, philanthropists and others to help Indiana accelerate the economic resilience and growth of regional communities across the state. Early in the program, participating organizations were tasked with organizing into regional communities, with a lead organization responsible for advancing the top proposals to the Indiana Economic Development Corp. IU was involved in this organizing process from the beginning.

Project proposals, which were due on Sept. 30, have been developed by IU’s two core research campuses, IU Bloomington and IUPUI; five regional campuses, IU East, IU Kokomo, IU Northwest, IU South Bend and IU Southwest; two regional centers, IUPUC and IU Fort Wayne, and at least one campus of the IU School of Medicine without an IU campus nearby. These plans will be reviewed in the fall, and the IEDC expects to finalize funding recommendations before the end of 2021.

Seeking innovators to address national security challenges

Registration is now open for the second annual Midwest Defense Innovation Summit, which will be held Oct. 25 and 26 in Indianapolis. This will be a major opportunity for innovators from Indiana University and around Indiana and the nation to learn about the critical national security challenges and the need for new technological solutions to those problems.

The summit will bring enable policymakers and defense leaders to speak with industry, academic and government organizations and provide insight into future defense strategy. Among the event organizers are IN3 (Indiana Innovation Institute), which recently welcomed new IU President Pamela Whitten to its board of directors, Naval Surface Warfare Center, Crane Division, the National Security Technology Accelerator, Radius Indiana and the National Security Innovation Network.

A personal note of thanks

Though I have been working to tell the IU story for many years, this is my first post for the newly revamped “Innovate Indiana” blog, which readers might remember as the former “Crimson Catalyst” blog.

Despite a name change and some slight cosmetic changes, I hope you’ll continue to check in here for the latest news and information about IU’s ongoing efforts to drive innovation and entrepreneurship here in Indiana and beyond.

Occasionally, I’ll deliver some first-hand reports about IU’s many economic engagement initiatives, which are designed to connect the university’s intellectual and creative resources with the workforce needs of the Hoosier state. Likewise, you can expect to hear from me whenever those initiatives are making a real impact in strengthening Indiana’s economy and quality of life.

Of course, consider this blog a two-way street of information. I would love to hear from you about the issues that matter most to you. Contact me anytime at rpiurek@iu.edu, and thank you for reading!

Eli Lilly and Company chairman and CEO to speak at Economic Club of Indiana’s April 28 luncheon

Posted on by Steve Martin

David Ricks, chairman and CEO of Eli Lilly and Company, will speak at the Economic Club of Indiana‘s luncheon Wednesday, April 28. The luncheon will begin at noon. It will take place at the Indiana Convention Center, 100 S. Capitol Ave., Indianapolis.

David Ricks

Tickets for members of the Economic Club of Indiana are $30; tickets for nonmembers are $35. They can be purchased online.

Indiana University and IUPUI are platinum sponsors of the Economic Club of Indiana’s luncheon series.

Register by April 2 for Defense Innovation Accelerator

Posted on by Steve Martin

High-tech entrepreneurs are invited to participate in a national program to start companies based on innovations developed at U.S. Department of Defense laboratories.

The Defense Innovation Accelerator program, offered through the National Security Innovation Network, helps entrepreneurs, scientists and technologists assess an innovation’s commercial potential. Online registration closes April 2. Apply through the Defense Innovation Accelerator 2021 Entrepreneur Application or email dia@nsin.us for information.

Entrepreneurs may be based anywhere, but they are required to attend a two-day virtual summit as well as a demo day in Washington, D.C. They also must commit 15 to 20 hours weekly for interviews and workshops held during the program.

The 2021 cohort of the Defense Innovation Accelerator will focus on the following technology areas: cybersecurity and secure communications, autonomous systems, artificial intelligence, virtual reality and computer vision, sensors, human performance, advanced materials, biomedical, and energy and power sources.

A video highlighting the 2020 Defense Innovation Accelerator program is available online.

The 2021 economic rebound: Prepare to feel the ‘G’s’

Posted on by IU Communications

By Philip T. Powell, Indiana University Kelley School of Business associate dean of academic programs in Indianapolis and clinical associate professor of business economics and public policy

Philip T. Powell

When fighter pilots bank their jet for a steep climb, gravity exerted upon the human body suddenly multiplies. “Feeling the G’s” causes disorientation. This best describes what the 2021 economic rebound will feel like to business owners as they navigate through a period of accelerated growth and high demand in the coming months.

Business owners and managers must be proactive instead of reactive. In spite of continued lockdowns and social distancing, leaders must plan in 2021 to quickly accommodate this rapid growth and the higher expenses and constrained capacity that it generates.

Demand will suddenly return with unexpected strength. The Conference Board forecasts real GDP growth of 4.7% in Q2, 6.4% in Q3, and 4.8% in Q4 of 2021. This rate of expansion doubles and nearly triples the 2.2% growth experienced in 2019. Since recovery began in Q3 of 2020, actual growth has consistently beat predictions. Companies need to prepare for a tsunami-like return of business.

Powell’s opinion piece about a 2021 economic rebound is available on the Kelley School of Business blog.

 

IU alumni, students win at Bloomington business development contest

Posted on by Steve Martin

Monroe County residents pitched their startups and business plans to judges during Demo Day, the final event of the Bloomington Economic Development Corporation’s B-Start program.

Indiana University alumni took first and second place in the competition with the startups Reezy and Towny. Reezy also won the prize for Best Business Plan.

IU senior Ankush Bikkasani won third place and the Audience Choice Award for Deep Word, which produces synthetic videos of people talking without having to film them saying the words.

The winners received prize money to advance their businesses.

Three other startups with IU student leadership participated in B-Start:

  • Fyscal, an online financial learning platform led by Nicolas Narducci, Jackson Taylor and Kurt Taylor.
  • Onward Innovation, a carbon fiber wallet production and ecommerce company led by Trevor Pollock.
  • ShuffleMe, mood-tracking software related to social media use, led by Britain Taylor.

B-Start is an annual program designed for entrepreneurs who want to take their creative business idea through a comprehensive refining process to build a foundation for acceleration. Each B-Start participant was paired with a local entrepreneur or business leader who guided them through the program.

IU Ventures maintains momentum to support entrepreneurial efforts during pandemic year

Posted on by Steve Martin

Despite challenges created by the global coronavirus pandemic, IU Ventures had a hugely successful 2020 calendar year. Several investment milestones were reached, and new initiatives were put in place to springboard into an even stronger 2021.

During 2020, IU Ventures:

  • Made seven follow-on investments/commitments to companies in its Innovate Indiana Fund and IU Philanthropic Venture Fund portfolios for a total of $2 million.
  • Made two new investments from the IU Philanthropic Venture Fund totaling $375,000.
  • Organized 18 company pitches to the IU Angel Network, which led to 10 investments/commitments totaling $1.1 million. The IU Angel Network welcomed over 50 members during 2020.
  • Was recognized in the Elevate Ventures 2020 Indiana Venture Report as one the top three most active investors in Indiana in 2020.
Teri Willey

IU Ventures also launched the IU Angel Network Sports Innovation Initiative, which identifies IU-affiliated sports tech startups to support and connect with the IU Athletic department to support enhanced athletic performance, to support former IU athletes in their entrepreneurial endeavors, and to help create solutions to identified problem areas.

“We’ve been inspired by the resilience of the founders we work with and their contributions to society during the pandemic,” said Teri Willey, managing director at IU Ventures. “We look forward to the role they will have in the post-pandemic recovery.”

All IU Ventures portfolio companies – including those in the Innovate Indiana Fund, IU Philanthropic Venture Fund and IU Angel Network – can be found online.

Anthem president and CEO to speak at Economic Club of Indiana’s March 22 luncheon

Posted on by Steve Martin

Gail Boudreaux, president and CEO of Anthem, will speak at the Economic Club of Indiana‘s luncheon Monday, March 22. The luncheon will begin at noon. It will be held at the Indiana Convention Center, 100 S. Capitol Ave., Indianapolis.

Gail Boudreaux

Tickets for members of the Economic Club of Indiana are $30; tickets for nonmembers are $35. They can be purchased online.

Indiana University and IUPUI are platinum sponsors of the Economic Club of Indiana’s luncheon series.

IU student startup incubating at the Shoebox: ViLearn, founded by Fatima Rafiqui and Parumita Sachdeva

Posted on by Steve Martin

We’re celebrating Indiana University’s student innovators and entrepreneurs who are clients of the Shoebox, the university’s student-startup incubator. Located in the Shoemaker Innovation Center in Luddy Hall on the Bloomington campus, the Shoebox provides 24/7 office space to help student entrepreneurs build and sustain their businesses.

Meet ViLearn

ViLearn was founded by Fatima Rafiqui and Parumita Sachdeva. Both are candidates for a master’s degree in human-computer interaction and design at the Luddy School of Informatics, Computing, and Engineering. Both are from New Delhi, India.

ViLearn is a desktop application that reimagines virtual learning for K-12 students, creating a fun, futuristic hybrid learning model that is more engaging than traditional models and supports holistic growth.

Fatima Rafiqui. Photo courtesy Fatima Rafiqui

Rafiqui said K-12 students were affected particularly hard when schools transitioned online during the COVID-19 pandemic. She determined that students found it difficult to focus on their studies, even as e-learning became the default “new normal.”

“ViLearn not only offers basic features of a learning management system and video conferencing, but we also provide features to gamify the learning experience,” Rafiqui said.

Parumita Sachdeva. Photo courtesy Parumita Sachdeva

“Students can earn points by interacting with their class, completing assignments and participating in activities. Then they can use those points to build their own customized castle.”

ViLearn also provides students the tools to personalize their profile, including changing themes and adding achievement badges.

ViLearn’s present and future

Sachdeva said a significant part of ViLearn has been designed, and user testing is being conducted to determine that students enjoy the product and that it is adding value to learning platforms.

“Now that our idea is completely shaped, we are trying to get our MVP — or minimally viable product — developed and launched in order to get market feedback to understand how schools would perceive it,” Sachdeva said. “So far, we have heard only good things from students and teachers.”

Praise for the Shoebox

“We are very new to the Shoebox community, but we already have access to so many resources,” Rafiqui said. “All clients are from different backgrounds which helps us get a lot more perspective with respect to how we can think about the business strategy and engineering efforts. We believe Shoebox will provide us an opportunity to find the right connections and thrive in the market.”

Student startups can apply for 24/7 access to the Shoebox’s office space, which is located in the Shoemaker Innovation Center, Luddy Hall 2150. The Shoebox also collaborates with the Hoosier Hatchery pre-incubator at the Kelley School of Business, as well as Bloomington’s Dimension Mill startup accelerator. To apply for coworking space, write to luddysic@indiana.edu.