New entrepreneurship director will help develop small businesses

The Indiana Economic Development Corporation named Stephen M. Hourigan executive director of the 21st Century Research and Technology Fund and entrepreneurship on April 6.

The former entrepreneur will be responsible for diversifying the state’s economy. Some of Bloomington’s small businesses and companies will continue to benefit from finance counseling and grants of the 21st Century Research and Technology Fund, which is a division of the Indiana Economic Development Corporation.   

“As executive director of the 21st Century Fund and entrepreneurship, I look forward to providing support to Indiana companies as they meet the challenges of commerce during difficult global economic conditions,” Hourigan said in a statement.

Hourigan will replace Bruce Kidd, who resigned in December. The corporation’s Director of Media Relations Blair West said Hourigan has worked with finance and technology, which will be beneficiary to companies in today’s economy.

“At a high level, he will be responsible for leading our entrepreneurship initiative,” West said. “He will oversee our small business development centers, research and technology program, and small businesses.”

West said the Development Corporation provides more funding opportunities to continue research and commercialize products in Indiana, which is especially important in today’s economy. She said small business innovation research has increased awards 35 percent for grants from 2005 to the present, and counseling and coaching for businesses has also increased.

“One tactic that we are changing is the initiative that we will be counseling these businesses,” West said. “Good finance is so hard to come by in the economy.”

Hourigan will work with companies of all kinds – in life sciences, manufacturing, technology and universities, including IU.

Many of the businesses that receive grants from the 21st Century Research and Technology Fund are right here in Bloomington. Vice President of Business Development and CFO for Information in Place, Inc. John Schalliol said his company, which develops performance support through research and technology, received a grant from the fund.

He said federal grants are collected in phases, depending on the number of items that the company is trying to pursue.  

“My feeling is that it has been unbelievable what the IEDC has been able to do in this field, progressing high above the other states despite the economy,” Schalliol said. “We’re seeing a technology impact in Bloomington, which impacts our ability to employ graduates and interns.”  

Jeremy Sowders, vice president for business development at the Bloomington Economic Development Corporation, whose goal is to increase and create new jobs in the area, said it is even more important in a bad economy for businesses to receive funding.

“If you look back in history, this is when the most important inventions come out,” Sowders said. “We’re fortunate that the University is here in Bloomington. We also have Cook, a medical device company – the life sciences industry gets better as the economy environment gets worse. There are smaller companies that are taking a hit, and we’re fortunate.”