Development News From Southwest Indiana (7/19/04)

Innovate Indiana seminar begins transformation process for growth associated with Daviess County tech park

The challenge for Indiana and for Daviess County, Beck explained, "is to create opportunities to both retain the people who are here now and to lure former residents and graduates 'Back Home to Indiana.'"

"One of the biggest problems facing Hoosier business people is that we don't dream big enough," he said. "People here in Washington probably have great ideas, but they need to think huge."
Beck was the afternoon speaker at the first "Innovate Indiana" development series, which was sponsored by the Daviess County Growth Council and the Southwest Indiana Development Council.

Executive Director Ron Arnold said that the Growth Council was organizing the series to "help set the stage for transformation of the region as the commercial focus on technology grows in the areas to comprise the West Gate Technology Park at Crane."
Arnold pointed out that the Indiana Venture Center provides business plan review, management review, funding assistance for Indiana high growth companies and technology transfers.

"This type of information and aid is critical for our success on several fronts," he said. "Bringing these professionals to Daviess County and the region through the 'Innovate Indiana' series will help create momentum to accomplish our regional growth goals."

Washington Mayor David Abel opened the seminar by welcoming the group, which included entrepreneurs, business professionals, university administrators and county officials from Daviess, Greene, Knox, Martin, Monroe and Orange counties. "This 'Innovate Indiana' seminar is an important event for Washington and the region, and we look forward to hosting future presentations," the mayor said before introducing Donald Knebel, who heads up the intellectual property practice group at Barnes & Thornburg.

The morning session of the series was devoted to intellectual property law, specifically about patents and trademarks as they are applied in business and by inventors, such as the scientists and engineers associated with NSWC Crane. Barnes & Thornburg, one of Indiana's largest law firms, directed the first session.
"You may wonder why three senior attorneys would drive down here to Washington from Indianapolis on a Saturday," said Knebel. "The reason is that through the emerging tech parks associated with the Crane Naval base, Washington and Daviess County represent major technology growth opportunities for the state of Indiana. If we help nurture that growth, then we all benefit."

Knebel, who worked at as an electronics design engineer at Lockheed after receiving a BSEE from Purdue, graduated magna cum laude from Harvard Law School in 1974. He is ranked by Mondaq, a British company, as "one of the most recommended lawyers in the world in the field of patent law."

Knebel was joined by Barnes & Thornburg intellectual property attorneys James Sweeney and Bradford Addison for 2 1/2 hours of intense but occasionally humorous presentations on patent and trademark law, and how to defend a patented product or service.

The Indianapolis-based law firm's intellectual property group has successfully filed or defended more than 15,000 patents.

Barnes & Thornburg hosts the TechPoint "New Economy-New Rules" monthly presentation, which in May featured the economic growth opportunities of the Naval Surface Warfare Center at Crane and the Daviess County tech park.

Outlining a spectrum of means to fund new companies, Beck explained in the afternoon that the Indiana Angel Investor Network could be of excellent value to businesses in Washington and neighboring counties. "Angel investors represent people who want to invest their funds in private growth companies, but also want to help the companies they invest in with their business knowledge, skills and experience," he explained. "There is no reason why we can't develop an opportunity for the people of Washington to do this right here."

Beck, who is a former Ernest & Young Entrepreneur and Indiana Banker of the Year, pointed out that sometimes angel investors will invest in a business even before it starts.

"If there are several very smart and experienced business professionals here in Washington who want to start a new business together, there is no reason why they could not pursue this platform," he said.

Beck laid out the proven path to secure business funding and extend a small business extension opportunity. "No idea-no matter how smart-can develop on its own," Beck said. "You must have smart people developing those ideas up front." Cash flow analysis, equity investment, industry issues and risk management also play major roles in securing investor funds, whether from a venture capitalist or a bank.

"Most start-up businesses have an unbalanced balance sheet and banks won't loan money to them," Beck said. Nonprofit organizations like the Indiana Venture Center or Rose-Hulman Ventures (the latter is directly associated with the Daviess County tech park) can help business owners straighten this out.

Beck offered the services of the Indiana Venture Center to businesses in Daviess County, including companies and individuals who are considering becoming involved in the Daviess County tech park. More information is available at: www.IndianaVentureCenter.org.

Beck and his Indiana Venture Center colleague, Bruce Kidd, will be featured on the statewide "New Economy-New Rules" Techpoint program on Aug. 6.

Area residents interested in participating in the interactive "New Economy-New Rules" presentation can do so at Vincennes University, which will have a live videoconference connection with the Indianapolis office of Barnes & Thornburg on Aug. 6. More details can be found at www.techpoint.org.

For more information about the technology park or Daviess County,
please contact: Ron Arnold growth@dmrtc.net.

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