The American Legislative Exchange Council-Laffer Economic Outlook recently ranked Indiana as having the fifth-best economic outlook in the country. Aaron Renn, former Senior Fellow, Manhattan InstituteĪ series of record-setting years for economic development ensued. ![]() Mitch Daniels (now Purdue University’s president) signed Right-to-Work into law in 2012, making Indiana the first Midwest state to pass such a bill and he and subsequent administrations overhauled state government to make it more business friendly. Well, a funny thing happened on the way to the national media’s favorite Midwest narrative. How did this happen so quickly in Indiana? After all, wasn’t this supposed to be the Rust Belt state that Chrysler forgot? Notable examples are Novartis AG acquiring Endocyte in 2018 for $2.1 billion and Plex Systems buying DATTUS Inc. Major companies have acquired nine Purdue startups for $2.3 billion. Collectively, they’ve raised $352 million in funding and 210 are in active operation, 186 of which are based in Indiana. Since 2013, some 223 startups affiliated with Purdue have launched. From Covert Defenses and Curasis to Evolve Biomechanics and Vestigo Aerospace, Purdue has quietly become the epicenter of Midwestern innovation. Adranos joins a lengthy list of success stories owing their origins to Purdue’s renowned technology transfer. The company is developing a novel high-performance, solid rocket fuel for long-range missile and space launch systems.Īdranos is but the latest successful startup to emerge from the Purdue Research Foundation Office of Technology Commercialization. Winning a prestigious Army entrepreneurship contest has a way of doing that.įollowing Adranos’ successful launch of a prototype rocket and its corresponding grand prize award at the Army event, Stoker said the additional dollars were necessary to add key team members and scale up the firm’s manufacturing capabilities. ![]() That’s because this innovative startup in West Lafayette, Indiana, oversubscribed its target raise by $250,000 in less than one week after opening the round. “We actually had to turn several interested investors away.” Army’s inaugural xTechSearch competition. “We knew there was a lot of interest in our company but were shocked with both the speed and amount of the funding that was offered to us,” said Stoker, whose company won the grand prize at the U.S. recently closed a $1 million funding round, among the people shocked by the news was Chris Stoker, CEO of the rocket-science startup.
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