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$50 Million Research & Technology Fund Underway In Indiana

September 10, 1999

Last week, Indiana Governor Frank O'Bannon named the Board of Directors to oversee the design and administration of the new 21st Century Research & Technology Fund. By law, the Lieutenant Governor serves as chairman for the board.

Earlier this summer, the Indiana General Assembly approved a budget for the initiative of $50 million for the next two years for the initiative. This level of funding, coupled with the existing programs of the Indiana Business Modernization Technology Corp. (BMT), moves Indiana into the top tier of states investing in technology-based economic development.

The 21st Century Research and Technology Fund is to provide grants and loans that support economic development by addressing one or more of the following goals:

  • to increase the capacity of Indiana institutions of higher education, businesses, and nonprofit organizations to compete successfully for federal or private research and development funding;

  • to stimulate the transfer of research and technology into marketable products;

  • to assist with the diversification of the state's economy by investing in biomedical research, biotechnology, information technology, and other high tech industry clusters; and,

  • to encourage an environment of innovation and cooperation among universities and businesses to promote research activity.

The nine-member board consists of: the Lieutenant Governor; three directors representing higher education, including two public and one private research institution of higher education; three directors representing business interests, including a high technology business, a company investing in R&D in the state, and a venture or growth capital firm; one director with expertise in economic development; and, the final board member is to have expertise in academic research, technology transfer, or collaborative research between the public and private sectors.

During the first board meeting, scheduled to be held this week, members were to begin mapping out the fund's objectives. The format for funding proposals is to be available by the end of September. Parties interested in applying are asked to submit letters of intent by September 23. Full proposals for the first round of funding are due November 1, 1999.

The enabling legislation for the 21st Century Research and Technology Fund currently expires on January 1, 2001.

Governor O'Bannon appointed Kathy Davis to spearhead the start-up of the fund. She can be reached at (317) 635-3058 or by email at kdavis@21stcentury-research.org. For more information, see http://www.21stcentury-research.org.

Indiana