Sep. 6–Companies which need technological assistance, and possibly venture capital, business support and more, could benefit from an association with Rose-Hulman Ventures. That’s the message JamesEifert, president, shared on Friday with those attending the Hammond Development Corporation’s First Friday event.

“Rose-Hulman Ventures is a technology-based business incubator and product-development center with a rare combination of resources,” said Mary K. Kaczka, executive director of the Hammond Development Corp. “Their close working relationship with Rose-Hulman Institute of Technology gives them access to a wealth of information. They also have the funds and contacts needed to help a business bring an innovative idea to the marketplace.”

Rose-Hulman Ventures got its start in March of 2000 with a $30 million grant from the Lilly Foundation to establish the Center for an Innovation Economy.

The center develops new programs and has a state-of-the-art business incubator to advance engineering and science education, and create — as well as attract — high-tech businesses to Indiana.

Eifert believes it is necessary because he said Indiana ranks 48 out of 50 states in citizens with bachelor’s degrees, last in the number of citizens professionally employed while two-thirds of graduates leave the state.

“Mature product manufacturing is hard to retain, we need an innovative economy,” Eifert said. “The problem with a service economy is that it doesn’t generate the wealth of agriculture and manufacturing. We need to think in terms of innovation and do the things only we can do.”

Rose-Hulman Ventures supports innovation-based businesses, and only aids companies where they can make a technical contribution.

“We have to maintain the educational component,” Eifert said. “And sometimes we invest cash. Early stage venture capital is very difficult to come by in Indiana.”

Eifert said Rose-Hulman Ventures needs to play to Indiana’s natural competitive advantage, which includes technical talent and location.

“We have a lot of talent. Indiana is a major producer of engineers who can take a proven technology to market,” Eifert said. “The cost of living is also much lower here. Start-up companies without a lot of money to burn should consider Indiana.”

Eifert, named by the Indianapolis Business Journal as one of the 50 most prominent and influential people in the state’s technology field, has been a faculty member at Rose-Hulman Institute of Technology since 1972. He served as the vice president for academic affairs and was dean of the faculty at Rose-Hulman from 1981 to 1997.

As to the future, the group has received another $25 million from Lilly, which should help with the goal of bringing companies from outside Indiana into the state.

“Generally, the people in Indiana are interested in static security,” Eifert said. “They don’t want to rock the boat. But we’ve got to get used to dynamic stability, things are constantly moving.”

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