Major technology companies dominate certain markets associated with the tech market - markets that don't have extra space to supply housing for the jobs the companies demand. Can Midwest cities, like Indianapolis, provide opportunities for tech expansion that are attractive to companies and to the employees?
Indianapolis is known as the “Racing Capital of the World.” And just a few miles from the famed Motor Speedway, plans to build the 16 Tech innovation community are rushing forward at breakneck speed.
Over the last year, the state of Indiana has doubled-down on funding for the Indiana Biosciences Research Institute (IBRI), 16 Tech’s anchor tenant and the brainchild of former Eli Lilly and Company Chairman John Lechleiter. IBRI is a model for shared life sciences research and development with potential to span high-tech industries.
As the city of Indianapolis invests in infrastructure supporting 16 Tech’s master plan, a major philanthropic boost was announced in March: The Indy-based Lilly Endowment awarded a $38M grant for trails, parks, and public art across the 60-acre community, including a new bridge connecting it to Indiana University-Purdue University Indianapolis (IUPUI) and the IU School of Medicine.
The Urbanization of Innovation
The nation’s high-tech terrain used to appear suburban — from the archetypical Silicon Valley garage to sprawling, self-contained corporate campuses surrounded by acres of parking. But times have changed.
“Today, innovation is taking place in urban areas, near research campuses and business centers,” said Bob Coy, a veteran economic and entrepreneurial development expert who took the helm as 16 Tech’s president and CEO last June. “16 Tech can create a critical mass of human capital and R&D capacity in the heart of one of the nation’s leading regions for advanced industries.”Read More