The Indiana Economic Development Corp. (IEDC) “quietly” nixed its 21 Fund, which was a program that gave matching grants to startups that received research awards from the federal Small Business Innovation Research program, some time in fall 2011, the Indianapolis Star reports, even though the IEDC touted the program in company paraphernalia until the Indy Star article was published.
The 21 Fund has previously given money to biotech, medical device, pharma, nanotech and other life sciences and healthcare startups over its history.
According to the article, the program ended fairly shortly after IEDC relinquished control of the program to Elevate Ventures. But where the blame lies and why the program went dormant or died are both still mysteries.
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From the article:
“Overall, under Elevate, the state has significantly cut the amount of public money going to Hoosier startups in the past two years, even as it invested $800,000 in federal dollars in companies run by its chairman and his son. Elevate now faces state and federal probes after a Star investigation exposed the investments.”
Though the program had been lauded as a “great success” and helped attract jobs and industry to the Crossroads of America, the article says now there is fear startups and big ideas will go elsewhere.