As a regional innovation hub, the client needed a detailed ecosystem analysis to understand Indiana’s position within the broader landscape and identify opportunities for growth. Ultimately, through this research, PSF was able to help the client prioritize high-impact TFAs, strengthen the region’s innovation ecosystem, and drive targeted initiatives for economic and technological advancement.
By analyzing initiatives across U.S. states, we identified five key components of strong innovation ecosystems: supportive policies, funding mechanisms, collaborative networks, talent development, and infrastructure investments. Together, these elements foster innovation and address critical barriers, enabling businesses to grow and thrive. These insights can help policymakers strengthen their own ecosystems.
Indiana’s ecosystem features a robust mix of emerging startups, global enterprises, renowned research institutions, and key investors. Stakeholders span sectors like biotechnology, semiconductors, and AI/ML. This dynamic network, including traditional and non-traditional entities , reflects the state’s growing capacity for innovation, research, and commercialization partnerships.
Benchmarking across 16 peer states reveals that Indiana demonstrates strong performance in Advanced Manufacturing and AI/ML & Autonomy. While moderately positioned in other focus areas like Biotechnology and High-Performance Computing, targeted interventions can enhance Indiana’s competitiveness, particularly against leaders like Maryland, Illinois, and North Carolina in specialized technological areas.
We identified key innovation partners and analyzed the broader innovation ecosystem while establishing a baseline assessment of the manufacturing sector in the state of Indiana. This involved mapping out critical stakeholders, assessing existing infrastructure and support systems, and evaluating the current state of manufacturing to understand growth opportunities and potential challenges within the ecosystem.
Indiana ranks 7th overall among peer states in innovation ecosystem strength. It demonstrates balanced performance across R&D, patents, and workforce development. Although not top-ranked in any single category, Indiana’s consistent mid-to-high performance positions it as a strong regional contender with clear potential for strategic ecosystem-wide improvements.
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