Throughout the month of December, Indiana industry, university and community leaders have joined forces to make our proverbial life sciences cup "over-floweth" with two major announcements totaling $120 million in new investments.
In an Indianapolis Star newspaper editorial, David Johnson (president of Indy Partnership's sister organization BioCrossroads) and Craig Brater (dean of the Indiana University School of Medicine) lay out the details of a $60 million grant from Lilly Endowment to the Indiana University School of Medicine, and the new $58 million INext Fund. The INext Fund is spearheaded by BioCrossroads with investments from Eli Lilly and Co., the Indiana State Teachers Retirement Fund, Indiana University, Purdue University, the University of Notre Dame and the Richard M. Fairbanks Foundation.
Click here or on the above graphic to read the full editorial.
Interestingly, in our weekly Indy Partnership staff meeting this morning we had an important discussion about VALUE vs. COST and the fact that the 10-county Indianapolis Region has moved into a competitive space where the business value we offer is altogether a richer, more complete picture than just offering a low cost of doing business.
How is this relevant to the $120 million investments in life sciences education and venture capital?
From a workforce development perspective, the $60 million Lilly Endowment grant will be used, in part, to recruit, retain and advance current and emerging leaders in fields such as cancer, neurological and mental illness and diabetes. This talent pool will be conducting research and developing innovative solutions to some of our nation's greatest health challenges along side medical students and our state's likely future life sciences leaders. It is the highly skilled life sciences workforce coupled with affordable housing and commercial real estate, lower tax rates, and many other "low cost" factors that positions our 10 counties as a region of great value.
The INext Fund will invest in other venture capital funds that are focused on life sciences, which will facilitate direct investment in Indiana life sciences companies. While this alone is remarkable in today's economic environment, it is "the multiplier effect" that could have an even greater and longer lasting impact on Indiana life sciences.
According to Johnson and Brater, $155 million worth of Lilly Endowment grants from 2000-2003 were parlayed into an additional $682 million in research grant awards to Indiana University -- that's more than four times the amount of the original Lilly Endowment grants. Those grants resulted in more than 60 international patents and the creation of at least four start-up life sciences companies.
At a time when almost every state across the nation is cutting back and placing infrastructure investments (including education) on hold, there are industry, university and community leaders in Indiana charging forward with truly monumental investments that will have significant impact on the life sciences workforce and, in the long term, on Indiana life sciences innovation leadership. Now that's a value proposition that life sciences company CEOs, site consultants and corporate location managers should find very interesting.
In an Indianapolis Star newspaper editorial, David Johnson (president of Indy Partnership's sister organization BioCrossroads) and Craig Brater (dean of the Indiana University School of Medicine) lay out the details of a $60 million grant from Lilly Endowment to the Indiana University School of Medicine, and the new $58 million INext Fund. The INext Fund is spearheaded by BioCrossroads with investments from Eli Lilly and Co., the Indiana State Teachers Retirement Fund, Indiana University, Purdue University, the University of Notre Dame and the Richard M. Fairbanks Foundation.
Click here or on the above graphic to read the full editorial.
Interestingly, in our weekly Indy Partnership staff meeting this morning we had an important discussion about VALUE vs. COST and the fact that the 10-county Indianapolis Region has moved into a competitive space where the business value we offer is altogether a richer, more complete picture than just offering a low cost of doing business.
How is this relevant to the $120 million investments in life sciences education and venture capital?
From a workforce development perspective, the $60 million Lilly Endowment grant will be used, in part, to recruit, retain and advance current and emerging leaders in fields such as cancer, neurological and mental illness and diabetes. This talent pool will be conducting research and developing innovative solutions to some of our nation's greatest health challenges along side medical students and our state's likely future life sciences leaders. It is the highly skilled life sciences workforce coupled with affordable housing and commercial real estate, lower tax rates, and many other "low cost" factors that positions our 10 counties as a region of great value.
The INext Fund will invest in other venture capital funds that are focused on life sciences, which will facilitate direct investment in Indiana life sciences companies. While this alone is remarkable in today's economic environment, it is "the multiplier effect" that could have an even greater and longer lasting impact on Indiana life sciences.
According to Johnson and Brater, $155 million worth of Lilly Endowment grants from 2000-2003 were parlayed into an additional $682 million in research grant awards to Indiana University -- that's more than four times the amount of the original Lilly Endowment grants. Those grants resulted in more than 60 international patents and the creation of at least four start-up life sciences companies.
At a time when almost every state across the nation is cutting back and placing infrastructure investments (including education) on hold, there are industry, university and community leaders in Indiana charging forward with truly monumental investments that will have significant impact on the life sciences workforce and, in the long term, on Indiana life sciences innovation leadership. Now that's a value proposition that life sciences company CEOs, site consultants and corporate location managers should find very interesting.
LEARN MORE about life sciences in the Indianapolis Region.
Powered by Compendium Blogware
Comments for Indiana Life Sciences Gets $120 Million Education and Venture Capital Boost