Success in today’s digital economy requires a combination of entrepreneurial ideas, talent and capital, but it’s the last element that local communities and Indiana must do better at in order to thrive, said the head of one of the state’s leading technology companies.
Ideas are free and plentiful, and talent abounds, but venture capital is the vital oxygen for fueling the fire and allowing the creative ideas to grow, ClearObject Inc. CEO John McDonald, the keynote speaker at the Columbus Area Chamber of Commerce’s 110th annual meeting, told a crowd of about 425 on Thursday at The Commons.
Indiana lags in venture capital development, ranking 27th nationally, and behind nearby states such as Illinois, Ohio, Minnesota, Missouri, Michigan and Wisconsin, McDonald said.
“It starts with money and pooling resources,” McDonald said.
McDonald, a 1995 Purdue University graduate, has advocated for statewide policies that foster entrepreneurship as a economic strategy.
His message was pertinent to Columbus, which ranks well for innovation but poorly for entrepreneurial support, said Columbus Area Chamber of Commerce President Cindy Frey. Consequently, the city has embarked on a joint community partnership with Bloomington to develop an entrepreneurship-minded culture and infrastructure in south-central Indiana.
Columbus and Bloomington joined with Elevate Ventures, a venture development organization, last October on a three-year, $2.5 million partnership called Velocities. It will utilize an entrepreneur in residence to help startups and assist with needed early stage capital.
“It’s an opportunity not only for us, but the state of Indiana,” Frey said.
For more on this story, see Friday’s Republic.
