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The Indiana Emerging Technology Center, a collaboration between Evansville-based Circular Venture Labs and the University of Evansville's Center for Innovation & Change, opened in downtown Evansville on Aug. 13. The technology research firm and venture partners work with startups, industry leaders and research labs to support the innovation and entrepreneurial ecosystem in southwest Indiana.
The center is led by Circular Venture Lab Executive Director Logan Jenkins, who has been working with local and regional leaders in industry, education, economic and community development since 2023. Jenkins' vision for the center was inspired by the established entrepreneurial ecosystems of Los Angeles, San Diego and Denver.
“We felt that the Evansville region, being a gateway for multiple transportation modes and home to many national and international industry leaders, needed better connections to institutions and universities across the state, the Midwest and the nation,” Jenkins said in a news release.
ICET will host an introductory event on Thursday at 5 p.m. at Innovation Pointe, 318 Main St. Tech enthusiasts, entrepreneurs and industry professionals can register online to attend the gathering and learn how they can work together to create new growth ventures and company spinoffs.
About ICET
ICET helps create high-tech start-ups and high-skilled technology jobs in the Evansville region by researching, evaluating and validating the market potential of emerging technologies.
“Emerging technologies are revolutionary advancements that have the potential to disrupt industries and society. They represent the cutting edge of technological development and are characterized by rapid evolution and wide range of applications. Examples include artificial intelligence, robotics and advanced manufacturing techniques such as 3D printing,” Jenkins said in the release.
The center will serve a variety of purposes, including fostering regional partnerships and attracting skilled workers.
“ICET is a resource center for industry leaders seeking collaboration between academia, government research institutes and Indiana manufacturers,” Jenkins said. “Our center will help attract new entrepreneurs and industry to Southwest Indiana, spur the creation of new startup and spinoff companies, and retain our current entrepreneurial talent.”
The centre also plays a role in making relevant connections and highlighting industry capabilities.
“Working with our network in Evansville and across the state, we will help startups strengthen their capabilities and reach funding and commercialization milestones,” Jenkins said. “The center will provide regional industry leaders with a digital and physical space and an opportunity to showcase their technical capabilities and strengths.”
Dr. Jason Salstrom, ICET president, venture partner and technology scout, sees the center as a catalyst for companies to thrive in the digital age.
“Companies can't compete without staying ahead of the curve with new technologies,” Salstrom said in the release, “so we're connecting industry with startups, universities and federal labs to help executives make the hard choices they need to stay competitive.”
Get started
Funding from the U.S. Department of Energy and the U.S. Small Business Administration has allowed ICET to develop into a hub of intensive research and collaboration, and this year, the Circular Venture Lab received four awards totaling $331,000 for technology transfer initiatives, economic development and regional collaboration efforts.
“We've already been doing great work with our partners at the University of Evansville's Center for Innovation and Change and the Evansville Regional Economic Partnership,” Jenkins said, “and now we have a formal center to work with industry leaders in manufacturing, healthcare and a variety of emerging technologies across those sectors.”
Jenkins told Inside INdiana Business that winning $50,000 in the first phase of the SBA's 2024 Growth Acceleration Fund competition was especially noteworthy.
“There were only two winners from Indiana in the entire country; the other was TechPoint through the Central Indiana Corporate Partnership (CICP). It is significant that our new center receives the same recognition as CICP, which has been in existence for over 25 years,” he said.
Salstrom comes to ICET after more than a decade of working in industry, academia and government, where he launched the Eagle Innovation Accelerator at the University of Southern Indiana, Purdue@WestGate in Odon and WestGate@Crane Technology Park.
“We were excited to join the center because it gives us the opportunity to focus on incubating and attracting startups that are specifically relevant to our region. Startups will have a competitive advantage to grow in the region because of the industry clusters we have here, and these industry clusters will benefit from the startups we incubate and attract from other regions,” said Salström.
Jenkins said ICET's long-term goals include supporting existing and new startups and creating high-paying jobs. In the short term, the center will lay the foundation for achieving those goals.
“A lot of the early work is discovering local startups and talking to them and meeting with them. The same goes for industry – discovering relevant industry leaders, having early meetings with them and identifying the specific challenges they're facing in the region is really important,” Jenkins said.
Moving Forward
Prior to launching ICET, Jenkins and Solstrom worked to understand and map the innovation ecosystem associated with the Evansville area’s industrial cluster and to network with potential partners.
“For example, we spent time with HG Ventures in Indianapolis to get to know the startups they currently have running in their accelerator and understand what their value proposition is and how they benefit from and add value to Southwest Indiana's economy,” Salstrom said.
The two will host an ICET kickoff event in Evansville on Thursday, a day after attending Rally, an innovation conference in Indianapolis that brings together companies, universities, entrepreneurs and investors from around the world.
“Part of this (event) is to network, build relationships and bring back some of what we've learned and share it with local stakeholders and the emerging innovation ecosystem in Evansville,” Salstrom said.
Solstrom will be inviting technology enthusiasts and entrepreneurs to a launch event to find out what ICET has to offer.
“What we're hoping for at the event on the 29th is to attract lesser known startups and innovators to participate and hopefully seek support from corporations,” he said.
Solstrom also explained how the gathering will be beneficial for technology industry professionals.
“We'll help connect with innovation ecosystems, with universities, with federal labs, with startups, because a lot of that know-how doesn't exist in companies, especially small and medium-sized companies. But even the larger companies here might have offices in Silicon Valley or Austin or Spain, but they don't have that capability here. We might be able to be a bridge to some of those companies and help them develop locally,” he said.
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