Continuously serving Kosciusko County since 1854
There's money, lots of money for the right ideas, available to businesses at the state level.
Bruce Kidd, director of entrepreneurship for the Indiana Economic Development Commission, said the IEDC has innovative funding projects that don't get much publicity.
Kidd was the Manufacturers' Council guest speaker last week. The council is sponsored by Kosciusko Development Inc.
He said the IEDC and the "new" 21st Century Fund has an interest in building small- to medium-size technology-based companies. From 1999 to 2004, 65 percent of all awards went to universities and large corporations.
The agency wants to offer small businesses the same opportunities because 90 percent of the state's businesses employ 50 or fewer people. Fifty percent of the state's businesses have five or fewer employees.
The entrepreneurship department oversees four programs: the 21st Century Research and Technology Fund, the Small Business Research Initiative, Small Business Development Centers and the Venture Capital Investment Tax Credit.
Since January, the 21st Century Fund has made 28 awards totaling $32 million; 26 entrepreneurial companies received most of the funds along with two university developing "platform technologies." The results have been the creation of 2,000 high-skilled jobs.
"In Ohio you're surrounded by grant writers and staff to help build proposals," Kidd said about the 220 grants awarded in the Buckeye state totaling $63.5 million. "We want our numbers to look like Ohio's."
Ohio is ranked sixth in the country.
Indiana's Small Business Innovation Research Initiative awarded 38 grants in 2004 for a total of $8.6 million. The Hoosier state is ranked 26th out of 50 states.
"We've got to get more people in the game," Kidd said.
Compared to seven years ago, the state has a network of academic and commercial technologists. Academic institutions, particularly Purdue, are actively engaged in the commercial sector; company spin-offs from academic research have increased and money is available through "angel" and venture fund investors.
Indiana's small business development centers offer a full scope of services for all types of businesses, Kidd said. The centers are staffed with business experts who work with a small firm's staff to help them compete and grow.
The Venture Capital Investment Tax Credit of 20 percent is open to individuals making an investment in a qualified business.
The statewide award allocation is $12.5 million. Only 30 percent of the allocations were used in 2005.
On the Net:
www.iedc.in.gov
www.21fund.org
www.kdi-in.com
