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August 18, 2010 – Economic Club of Indiana – David Johnson address

July 22, 2010 By Leave a Comment

Economic Club of Indiana – David Johnson address

Date: 8/18/2010
Time: 12:00 PM – 1:30 PM
Location: Century Center, South Bend, IN
Registration/More Info: http://www.economicclubofindiana.com
The Midwest: From American Gothic to American Renaissance David Johnson has always stood out for his accomplishments – most recently for his ability to bring together business and education leaders to promote the valuable life sciences industry in Indiana. Johnson received his undergraduate degree summa cum laude form Harvard University before studying at Oxford as a Rhodes Scholar and earning his juris doctorate from Harvard Law. A successful private attorney, Johnson became president and CEO of BioCrossroads in 2005. Under his leadership, the organization has raised nearly $200 million for life sciences investment in Indiana. Life sciences has long been a key industry for Hoosier jobs and economic growth. Indiana ranks in the top five nationally for number and concentration of life sciences careers. BioCrossroads is building on this foundation by connecting key elements of the industry and investing for future growth. A little about Mr. Johnson’s speech: Using American Gothic, the iconic image of rural America as his starting point, David L. Johnson will explore how global challenges to our traditional economy of farms and big factories provide new opportunities for the Midwest to emerge as a 21st-century economic powerhouse, particularly in the life sciences sector.

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The New Rural Paradigm

February 5, 2010 By Leave a Comment

I had a chance to hear Dr. Mark Drabenstott speak at the recent North Central Indiana WIRED celebration luncheon in Kokomo, IN. Some key points relayed by Dr. Drabenstott:

  • Rural America continues to lose ground in the global economic race.
  • Rural communities must move past commodities-based economies.
  • Rural communities need to move beyond “Friday night basketball / football rivalries” and think regionally to establish critical mass.

The North Central Indiana WIRED initiative is an early example of a region attempting to do just what Drabenstott suggests.

During the past few years, I’ve had a chance to meet and interact with several economic development professionals. I’m amazed at how many neighboring towns and counties perceive they are in competition with one another. As Dr. Drabenstott emphasized, county lines and townships were established for an 18th century economy.

Rural communities need a new paradigm to survive and succeed.

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Funding Challenges for Entreprenuers

September 22, 2009 By Leave a Comment

Until recently, funding for new business ideas or products was fairly common. Sure, investors have always been extremely conservative, even in the good times, but now investors are tightening their budgets even more than usual.

In Indiana we are seeing quite a fall out of investor dollars, especially for life science (pharma, medical device) start-ups. A perfect example is the Indiana 21st Century Research and Technology Fund. According to the 21st Century Fund Proposal Guidelines (revised on August 17th, 2009):

“. . . projects addressed by direct Fund awards will typically be approaching cash flow break even in less than 24 months. This preference is a result of the pressing need for use of State resources to create high-value jobs in the current challenging financial environment.”

Gone are the days where Indiana investors would look at longer break even cash flow cycles. Small businesses likely have to start looking outside of Indiana for investors, especially medical device and pharmaceutical companies. For these types of companies it is simply unheard of to turn a product around and break even in cash flow in less than 24 months.

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