Indiana's 21st Century Research and Technology Fund, which has funded numerous Hoosier entrepreneurial ventures since its creation in 1999, will see dramatically less funding over the next two years. The new state budget cuts support for the 21 Fund in half, from $70 million to $35 million over two years. The 21 Fund provides financial support to help Hoosier innovators make the leap from research to product development.
Bright Automotive hopes to accelerate plans
Anderson-based Bright Automotive Inc. says it continues to receive positive responses after the global unveiling of its plug-in hybrid-electric vehicle at a conference in Norway. Vice president for marketing and sales Lyle Shuey says the vehicle has generated interest from public and private companies, dealerships, utilities and fleet customers. Shuey says the company still plans to have the vehicle ready for mass production by the fourth quarter of 2012.
Report: Indiana still top destination for foreign investment
A new report from the Indiana Business Research Center at IU's Kelley School of Business shows the state has been one of the nation's top beneficiaries of foreign direct investment in this decade. The report's co-author, Matt Kinghorn, says the most significant finding is foreign-related employment grew in Indiana by nearly 3 percent per year between 2002 and 2006, compared to the national annual rate which declined by 0.4 percent in that same period.
Innovation Alliance dealing with less funding
Funding for the Indiana Innovation Alliance is included in the new state budget, but it is much less than the $70 million requested by Purdue University and Indiana University. The budget includes a total of $40 million for the two-year budget cycle. The universities have created the alliance to help the state grow its bio- and life-sciences industries.
Indiana areas lead nation in unemployment jump
Two Indiana cities have posted the largest year-to-year jobless rate increases in the country for May. The U.S. Department of Labor's Bureau of Labor Statistics reports Kokomo's jobless rate jumped 11.7 percentage points, while the Elkhart-Goshen area increased 11.4 percentage points.
Notre Dame to contribute to area communities
The University of Notre Dame is planning to contribute $5.5 million over the next decade to South Bend, Mishawaka, the town of Roseland and St. Joseph County. Notre Dame President Father John Jenkins says the unrestricted funds can be used as needed by the communities. He says the contributions demonstrate the institution's commitment to be a community leader during tough economic times.
Marian University receives $6 million donation
Marian University has received the largest donation from a single individual in its history. The Indianapolis institution used to be known as Marian College. The $6 million gift comes from a former trustee and helps the university toward its $68.2 million fundraising goal.
