Jim Jay is the president and CEO of TechPoint, Indiana’s only statewide technology initiative, representing industry stakeholders including publicly-traded companies, private businesses, colleges and research universities, and local economic development organizations. The group’s mission is to accelerate Indiana’s emerging and vibrant information technology sector by: promoting the successes of information technology companies and professionals; supporting the formation, expansion, and attraction of IT companies; and advocating appropriate public policy.
As seen in The Session on IndyStar.com
Indiana is earning the confidence of entrepreneurs and investors as a hospitable place to launch new ventures, so says a California-based think tank that is lauding Indiana’s progress in financing new companies.
On Jan. 25, the Milken Institute released its 2010 State Science and Technology Index, which ranks states according to various measures of high-tech economic growth. Indiana was among the biggest gainers from the 2008 Index, moving up five spots from 33rd to 28th. Our biggest improvement came in the “Risk Capital and Entrepreneurial Infrastructure” category, where the report’s authors wrote:
“Indiana’s gains are across several categories, but the risk capital and entrepreneurial infrastructure component is responsible for the bulk of its overall advance from 33rd to 28th this year. Indiana vaulted from 37th in 2008 to 19th in that category, and ranked fourth in venture capital growth this year, gaining ground in both venture capital relative to GSP (from 26th to 17th) and business start-up rates (also 26th to 17th).”
Considering that all net job creation in today’s economy comes from small entrepreneurial companies, this is great news for Hoosiers. For too long, Indiana languished as “flyover country” for venture capitalists, limiting our ability to grow an entrepreneurial economy. Obviously, things are changing for the better.
But we can’t afford to be passive observers of these trends. We have to find new ways to encourage and accelerate them. That’s why TechPoint supports House Bill 1008, which extends the state tax credit for venture capital investments until 2015 and increases the available credit from $500,000 to $1 million.
The fact that our venture boom happened despite the economic downturn shows tremendous potential for future growth. A recent Kauffman Foundation study found that more than half of the companies on today’s Fortune 500 list were launched during an economic recession or severe bear market. We’re seeing the same sort of momentum with venture-backed companies like ExactTarget and EnerDel creating hundreds of new jobs in Central Indiana.
Now isn’t the time to take these gains for granted. Raising the venture capital tax credit will help maintain this progress and encourage investors to keep betting on Indiana innovations.
Congratulations to the team at ExactTarget for being recognized by Deloitte as one of the fastest growing tech companies in the country.Here's a snapshot from the announcement:
INDIANAPOLIS--(Business Wire)-- Deloitte LLP announced today that ExactTarget ranked number 254 on the Technology Fast 500, the ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
Based on percentage of revenue growth from 2004-2008, Technology Fast 500 named ExactTarget to the list for its 524 percent revenue growth during the five-year period.
"Our consistent growth and innovation continues to provide marketers the most reliable and sophisticated platform to connect with their clients and drive real ROI," said Scott Dorsey, ExactTarget`s chief executive officer and co-founder. "While I am incredibly proud of the ExactTarget team for their work to achieve five years of continuous growth, the real credit goes to the tens of thousands of marketers who use our platform to drive business results. Without them, none of this would be possible."
Overall, Technology Fast 500 2009 award winners logged growth rates ranging from 212 to 146,050 percent over five years, with an average growth rate of 2,486 percent.
"With its impressive five-year growth, ExactTarget has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor ExactTarget for its achievement."
Indiana continues to lead in the development of measured marketing businesses - business that deliver return on investment for your marketing dollar. Entrepreneurs are finding that Indiana is the place to start these businesses because of the qualified workforce and the hotbed of companies already here like Aprimo, Compendium, Delivera, ExactTarget, Autobase, and 70 others.
You can learn more about measured marketing, whether a technology entrepreneur, technology professional or interested marketer at the Master of Business On-line conference coming to Carmel, Indiana on Wednesday, October 21.
Visit http://2009.GetYourMBO.com to learn more and register.
TechPoint's Chairman and technology entrepreneur, Mark Hill will be the conference keynote speaker. Twenty-two other speakers will discuss on-line marketing throughout the day.
You can learn more about measured marketing, whether a technology entrepreneur, technology professional or interested marketer at the Master of Business On-line conference coming to Carmel, Indiana on Wednesday, October 21.
Visit http://2009.GetYourMBO.com to learn more and register.
TechPoint's Chairman and technology entrepreneur, Mark Hill will be the conference keynote speaker. Twenty-two other speakers will discuss on-line marketing throughout the day.
Most-welcome news is starting to arrive. Believable reports of abating economic turmoil increase daily, accompanied by fresh intelligence that the crushing global recession is nearing its long-awaited end.
As Indiana commences on recovery over the coming months, we all need to refocus our efforts to accelerate recovery and replace lost jobs.
The task of creating jobs is not going to be an easy one, but it does represent a unique opportunity. Although the Hoosier state lost thousands of jobs as the global economy nose-dived over the past 18 months, the state did enter the worldwide fiscal era of carnage in dramatically better financial shape than its neighbors. Now is the time to leverage that enviable position and advance Indiana quickly.
How can these new jobs be organically created over the coming months and years? Earlier in September, BusinessWeek magazine had a most interesting comment for Hoosiers to consider:
“Name an industry [presently in the United States] that can produce one million new, high-paying jobs over the next three years. You can’t, because there isn’t one. And that’s the problem.”
Adrian Slywotzky, a partner for national management consultancy Oliver Wyman, went on to illustrate for BusinessWeek readers how real American innovation from the mid-20th century – the transistor, cellular telephony, photovoltaic solar cells and others – all became building blocks for new industries and the subsequent creation of millions of new jobs. The paramount task at hand, according to Slywotzky, is for American entrepreneurs, scientists and business professionals to redouble their efforts and produce the next set of truly transformational building blocks.
Those of us living in Indiana would do well to consider how real innovation can dramatically accelerate our own respective position in the national – even global – economy.
“How so Indiana?” one might say. Take a look at Indiana University. Through some amazing and creative collaboration, IU is now a player in the top ranks of supercomputing horsepower. That gives the state an attractive tool for transformational development and innovation through the university’s Big Red supercomputer, which is already available to entrepreneurial businesses and technology entrepreneurship in the state.
Take a look at Purdue University. The Boilermakers raised more than an eyebrow or two when Purdue pulled down a $105 million grant from the National Science Foundation – the largest in the university’s 140-year history – for earthquake research and education. Purdue will now lead no less than 14 other major research universities in this endeavor, positioning even more firmly the state’s outstanding resources, such as Discovery Park in West Lafayette.
The list of Indiana technology innovation and Indiana technology research assets, emerging business technology and the positive impact on Indiana technology jobs and Indiana economic development goes much farther.
If you’re serious about job creation – and you should be – consider gathering with us on Sept. 29 for the statewide Innovation Summit. The Summit’s keynote speaker Clayton Christensen is the Harvard avatar responsible for defining disruptive innovation and how to achieve it. He will be joined by dozens of successful innovators, technologists and finance professionals striving to ignite Hoosier innovation.
Will you be part of the Hoosier solution to drive real transformation and innovation? Join us.
LEARN MORE ABOUT INNOVATION SUMMIT | DOWNLOAD AGENDA | REGISTER
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