INDIANAPOLIS (Inside INdiana Business) — Elevate Ventures CEO Chris LaMothe says he is encouraged by a report that shows in the face of a pandemic, venture capital activity in the state increased by nearly 20%. But he cautions Indiana still has a lot of work to get to where it needs to be. “The reality is we’ve had some significant movement over the last three or four years in Indiana, but we have a very, very long, long way to go,” said LaMothe, noting that Indiana accounted for just 0.3% of total VC invested in the U.S. last year, third lowest among Great Lakes states.
Once again in 2020, the life sciences sector led the way, accounting for nearly 60% of all VC dollars invested in Indiana, which translates into nearly $290 million.
Seven of the state’s top 10 venture capital deals in 2020 involved life sciences companies.
LaMothe says it’s important to note another finding of the report: regional participation.
While central Indiana continued to produce the majority of the state’s VC action, there are signs that regional collaborations, including those with Indiana colleges and universities, are beginning to pay dividends.
LaMothe says it’s the result of intentional efforts on the part of Elevate Ventures and others.
“Really, in a way, nation building, trying to convince communities that entrepreneurism is an exciting way to grow both personally, but also grow businesses, and it’s beginning to take off.”