Legislature gives $70 million to research, technology fund
BYLINE: MAX SHOWALTER mshowalter@journalandcourier.com
During much of the Indiana legislative session, which ended late Sunday night, the level of funding for the 21st Century Research and Technology Fund was up in the air.
When the smoke cleared, the two-year budget bill headed to Gov. Mitch Daniels allocates $70 million for the fund.
"There was some question, early on in the session, whether we would even have that. It had zero in the (original) House Democratic budget," said state Rep. Joe Micon, D-West Lafayette. "We heard from an awful lot of folks at the Purdue Research Park who are concerned about that revenue stream."
Created by the General Assembly in 1999, and currently funded at a $75 million level, the goal of the 21st Century Fund is to advance research in the state and form new partnerships between universities and businesses. Through the partnerships, research ideas can be turned into new products that create new jobs.
During legislative wrangling over the budget bill, Micon and fellow state Reps. Sheila Klinker, D-Lafayette, and Terri Austin, D-Anderson, set up a 90-minute meeting between House speaker B. Patrick Bauer and representatives of companies that have benefited from earlier grants from the fund.
"That meeting was the beginning of a change of heart in our caucus," Micon said.
"I think it was a matter of getting in front of him and letting him know those dollars aren't being wasted and are creating jobs in communities," said Chad Barden, who attended the meeting in his role as president and chief executive officer of QuadraSpec Inc. The Purdue Research Park firm creates technology platforms to handle diagnostic tests and experiments for cancer and other life-threatening diseases.
Launched in 2004, the high-tech company received $933,000 from the 21st Century in 2004 and has grown to a staff of 46.
Other companies in the Purdue Research Park that have received allocations from the fund that is administered by the Indiana Economic Development Corp. include Arxan Technologies Inc., BioVitesse Inc., Endocyte Inc., gh LLC, Griffin Analytical Technologies Inc. and En'Urga Inc.
"It's very good to see such a structurally sound and balanced budget win out, after the earlier Democrat-led House version failed to address several fundamental issues," said Kevin Brinegar, president of the Indiana Chamber of Commerce. "Funding is now available ... for economic development programs and the Major Moves road projects, which will benefit citizens statewide.
"Unfortunately, many pro-growth, pro-economic development measures failed to make it out of the House of Representatives -- either initially or after the Senate had already passed such bills."
Micon said many of the jobs that can be linked, in part, to the 21st Century Fund are high-wage, technical positions that pay $60,000 to $70,000 per year.
"The fund is a great leveler to the playing field for Indiana. It makes it attractive to start a company and keep a company in Indiana," Barden said. "I think the state's done the right thing. We've got an engine we're needing to feed."