Building a Future for Medtech + Lifetech Innovation in the Heartland

Session Description

This session will highlight the innovation ecosystem in Indiana, specifically focusing on the growth and potential of its Medtech (centered in Warsaw) and emerging Lifetech (Indianapolis) sectors. 

Join this discussion about the unique assets of the region, the collaborative efforts driving its progress (including initiatives like IU LAB and the MedTech Global Gateway), and the opportunities for entrepreneurs and investors looking to tap into this dynamic market. Attendees will gain insights into the specific strengths and future trajectory of innovation in the Indiana, and how its trajectory can serve as a model globally.

Session Recap

This session showcased Indiana's rapidly expanding innovation ecosystem in MedTech and Life Sciences, challenging the notion that such advancements are exclusive to coastal regions. It highlighted the extraordinary fusion of technology, community, and capital driving growth in the heartland. Representatives from PlugandPlay Tech Center and Parkview Health discussed their pivotal roles in connecting startups with corporations and investors, transforming regional healthcare into a national innovation player, and fostering a uniquely collaborative environment that prioritizes collective success for entrepreneurs and the state.

Outline

• Indiana as an Innovation Hub: Discussion on how Indiana is emerging as a significant center for MedTech and Life Sciences, contrary to common perceptions.
• PlugandPlay's Indiana Initiatives: Details on PlugandPlay's establishment in Warsaw (MedTech) and its upcoming Indianapolis location (Life Sciences), focusing on accelerating startups and fostering corporate engagement.
• Parkview Health's Innovation Strategy: Overview of Parkview Health's role as a large regional healthcare system engaging globally in innovation, including its Mirro Center for Research and Innovation and global innovation competitions.
• Global Partnerships and Local Impact: How entities like Parkview Health are forging international connections, such as with Ireland, to bring transformative technologies to Indiana patients and beyond. PlugandPlay's global footprint and localization efforts were also discussed.
• The Power of Collaboration in Indiana: Emphasis on the unique collaborative spirit among Indiana's entities, including government, universities, corporations, and startups, working towards a common mission of statewide economic development and entrepreneurial success.
• Bridging Startups and Corporates: Insights into the challenges and strategies for effectively partnering fast-moving startups with slower-moving corporations, focusing on mutual learning and direct access.
• Future Vision for Indiana's Ecosystem: Aspirations for Indiana to compete with established innovation hubs like Boston and San Diego, attract more venture capital, and encourage local talent retention and growth.

Notable Quotes

• "If you thought that the innovation only happens on the coasts, you would be bang wrong. In fact, right here in the heartland, we are seeing just this extraordinary fusion of technology, of community, and of capital coming together".
• "We're not looking at, hey, let's get a bigger piece of the pie. It's like, let's just make the whole pie bigger".
• "I think we need to quit being so humble. We need to tell everybody this is what we're doing and how we're doing it".

Key Takeaways

• Indiana is a hidden gem for innovation: The state offers a unique and thriving environment for MedTech and Life Sciences, with strong foundations in technology, community support, and capital, challenging traditional innovation hubs.
• Collaboration is Indiana's "secret sauce": The ecosystem thrives on deep-seated collaboration, where public and private partners, including major corporations, universities, and government, are genuinely committed to collective success over individual gain.
• Direct access accelerates innovation: Startups in Indiana gain direct access to essential stakeholders—from clinicians and researchers to purchasing, IT, and biomed teams within health systems—which significantly speeds up the integration of new technologies.
• Mutual adaptation for corporate-startup success: Effective partnerships require both startups and corporates to adjust their pace; startups may need to slow down expectations while corporates must strive to accelerate pilot programs and engagement.
• Economic advantages attract talent and capital: Indiana offers a higher quality of life and greater purchasing power compared to traditional tech hubs, making it an attractive destination for startups and potentially more venture capital investment.

Resources Mentioned

• Organizations/Entities: PlugandPlay Tech Center, Parkview Health, Indiana Economic Development Corporation (IEDC), Zimmer Biomet, Paragon Medical, CICP (Central Indiana Corporate Partnership), BioCrossroads, Cook Group, Mirro Center for Research and Innovation, Enterprise Ireland, Matter, Neurobel (Nurbel), Generator, Launch Fishers.
• Universities: Indiana University (IU), Purdue University, Notre Dame.
• Companies: Eli Lilly (Lilly), IU Health, Exact Target (acquired by Salesforce).

Action Items

• For MedTech/Ortho Startups: Connect with the PlugandPlay team to explore opportunities to engage with partners like Zimmer Biomet.
• For Startups & Entrepreneurs: If you're a startup or considering becoming one, or are not from Indiana, reach out to the speakers or others in the Indiana ecosystem, as there is a strong desire to see you succeed.
• For Healthcare Technology Companies: Consider participating in Parkview Health's global innovation competition series, especially if you're working on solutions for the cost of healthcare.
• For Venture Capital Firms: Explore investment opportunities in Indiana; the ecosystem is welcoming and growing.
• For Hoosiers: Be more vocal about the innovative work happening in Indiana to attract talent and investment.

To dive deeper into these discussions and hear the full context, listen to the complete session video.