SSTI Digest

Joseph Hornett has been selected to serve as senior vice president and treasurer of the nonprofit Purdue Research Foundation (PRF). Hornett currently is COO for Sport Service, Inc. in Indianapolis. PRF holds more than 130 properties and 10,000 acres of Indiana farmland near Purdue University, including the Purdue Research Park.

The Indiana Technology Partnership named Jim Wheeler as its new president. A former partner with Andersen LLP, Wheeler takes the position vacated by Tom Miller last fall.

Leaders of Central Indiana's top research, academic and economic development organizations announced on Wednesday an effort to develop the region as a world-class center for the life sciences industry.



The Central Indiana Life Sciences Initiative — led by the Central Indiana Corporate Partnership (CICP), the City of Indianapolis, Indiana University, Purdue University and the Indiana Health Industry Forum — will seek to increase the number of jobs, businesses, and research opportunities in the life sciences industry in Central Indiana through four goals:

Indiana 

The Indiana legislature approved a $50 million appropriation over the next biennium for Indiana's 21st Century Research and Technology Fund. The program supports the development and commercialization of advanced technology. Created in 1999 (see related 9/10/99 Digest story), the fund received $50 million in the 2000-2001 biennium. 



Maryland 

To help grow new technology and biotech firms, the Maryland Department of Business & Economic Development five years ago modified the rules of a now 30-year old economic development tool originally intended for manufacturers’ equipment acquisition. The program now permits the state to guarantee lease payments for selected tech companies that landlords consider too risky. Six companies have been backed so far and the state is considering more, according to a June 17 Associated Press wire story. The story reports the state is experiencing its first payout under the new rules — a maximum of $1 million over the next year — when an Internet connection provider declared bankruptcy and abandoned its lease. The remaining five companies employ 750-1,000 Marylanders, according to the article. 



Kalamazoo, Michigan 

Southwest Michigan First, a Kalamazoo-based partnership of the region's leaders in private business, education and government, has secured $6.5 million in private commitments for the initial $10 million raised for a local early-stage technology investment fund. The balance of the fund is being provided through a partnership with Chicago-based Arch Development Partners. According to the Chicago Tribune, the new fund will receive a $20 million injection of money from the Small Business Administration. Planners say, when fully capitalized, the fund will have $100 million to invest in life-science and technology firms around the Midwest. For more information: http://www.southwestmichiganfirst.com/100_million_early-stage_ventur.html 

Companies seeking venture capital investments through the Great Midwest Venture Capital Conference have until August 25 to apply for consideration. The conference, this year taking place October 30-31 in Knoxville, Tennessee, annually draws around 200 investors and other financial professionals. The tenth annual event is organized by the Indiana Business Modernization and Technology Corporation and Technology 2020, located in Oak Ridge, Tennessee. 

Purdue University plans to seek $15 million in matching funds from the state to establish and support five technology business incubators or regional technology centers around Indiana. The state also will be asked to provide $6.25 million in funding for administrative support over the first four years of the centers’ operations.

The Indianapolis-based Lilly Foundation is providing nearly $60 million in two grants to help make Indiana more competitive for technology research and education and high-tech business development. The grants were made to Indiana University and the Rose-Hulman Institute of Technology.

The SSTI Offices will be closed Wednesday, October 6 - Monday, October 11 due to the SSTI conference and in observance of the Columbus Day holiday.

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.

The State Science and Technology Institute’s (SSTI) third annual conference will focus on how to meet the challenge of the New Economy through science and technology programs.

The United States Innovation Partnership (USIP) reported on a recent roundtable discussion on the 21st Century Economy. The topic of the discussion was the role of states in science and technology. The roundtable highlighted "best practices" in technology-based economic development in five states (Oklahoma, Kansas, Indiana, Utah, and Pennsylvania).

The 1998 annual report of the Indiana Business Modernization and Technology Corporation (BMT) addresses various changes encountered by the organization this year.