Skip to Content, Navigation, or Footer.
Support the IDS in College Media Madness! Donate here March 24 - April 8.
Friday, March 29
The Indiana Daily Student

IU is ‘hot spot’ for life-sciences industry

INDIANAPOLIS – Gov. Mitch Daniels encouraged investors to look at the good they’re doing by investing in start-up life-sciences companies during a conference that stressed the importance of the life-sciences industry in Indiana.\nDaniels referred to small entrepreneurial companies that are able to look back at their early stages of production and say “That grant saved us.”\nThe conference, held Friday at IU-Purdue University Indianapolis’ University Place Conference Center and Hotel, was the final program in a four-part series that focused on creating more life-sciences companies and jobs.\nGuest speakers and panelists included Daniels, IU President Michael McRobbie, a mix of life-sciences venture capitalists and several state officials.\nUniversities in Indiana are a “hot spot” for research and development of life-sciences entrepreneurial companies, said August Wantanabe, a recently retired executive vice president of science and technology and former president of Lilly Research Laboratories with Eli Lilly and Company.\n“Scientists blossom when you put them in a lab with some funding and say ‘invent something good.’” he said. “They blossom.” \nWantanabe noted there is a great amount of activity in the life sciences in Bloomington at the moment, the most prestigious of which is the entrepreneurial company Marcadia Biotech, which creates products that treat diabetes and obesity. Wantanabe is the chairman of the board for that company, which is headed by IU Chemistry professor Richard DiMarchi.\nThe goal for life-sciences companies is to create jobs while creating products that help people, said panelist Bruce Kidd, director of entrepreneurship for the Indiana Economic Development Corporation. Kidd heads all programs designed to create or strengthen entrepreneurial companies in Indiana.\n“We’ve made 59 investments in 27 months, and 30 of those 59 are life-sciences companies,” Kidd said. “Before that, we just had a sprinkling of life-sciences companies. There’s been a dramatic increase in devices and therapeutics ... We try to invest in what we see as market-changing technologies.” \nAll of the speakers, including panelist John Diekman, touched on the importance of having a good team working on a product or getting a new company off the ground. Diekman is founder and managing partner of 5AM Ventures, a capital fund that helps shareholders invest in new and risky but profitable enterprises.\n“I think good people make a company,” Diekman said. \nHe emphasized that an entrepreneur should not be afraid of failure on his or her resume, especially during the early stages of a company. As a venture-capital firm, 5AM Ventures does not look for a good sales pitch – they look for a good product, Diekman said. \nWatanabe agreed, adding that he looks for the unmet need a new business’ product would fill. \n“Does the world need it?” he said.

Get stories like this in your inbox
Subscribe