State Secretary of Commerce David Adams is optimistic about South Central Indiana’s economic outlook, partly thanks to Indiana University.
Adams delivered an optimistic keynote address Friday as part of the Indianapolis Business Journal's Innovate Indiana series. Held at IU Bloomington, the event focused on the South Central region. Adams believes Indiana could become an economic powerhouse similar to Florence, Italy, in the Renaissance.
“We are the modern patrons of innovation, aligning government, education and enterprises to build a talent-based economy,” Adams said. “Our universities and industries are collaborating at a level I would contend few states can match. This is our Modern Renaissance system.”
Adams said universities — particularly Research 1 universities such as IU — play a key role in developing and attracting talent.
“Talent is at the heart of innovation and economic development in 2025 and our state and this region,” Adams said.
Under Gov. Mike Braun, Adams said, the state has aligned workforce development and economic health.
Adams said Indiana has invested about $1.2 billion in READI, or the Regional Economic Acceleration and Development Initiative. The Uplands region has received about $60 million in READI funding since its creation in 2021. Adams also stressed the Power Up Indiana incentives for employers to educate their employees.
Along with significant investments, Adams said the state plans to work with regions to develop strategic plans for economic growth. He said these goals will align with the goals of the region, versus the goals of the state.
“We think this is critically important, because instead of just being reactive to what's happening in the market today, we can work with the regions to help them establish the goals that they want to achieve, and as importantly, a plan to do it,” Adams said. “Then, we as a state are going to be in a very strong position to allocate resources accordingly to help support and fuel the efforts that they're looking to accomplish.”
The event also included Cook Group President Pete Yonkman and IU President Pamela Whitten.
Whitten highlighted the university’s new 5-year partnership with Cook and a new start-up incubator program called IU Innovates.
“We are proud to accelerate our role as the state's engine of economic growth by investing in our faculty and research, by breaking barriers that we had in the past with industry, and by preparing our students for a transformed world,” Whitten said.
Whitten compared IU’s work to its successful football team. Just like she believes the Hoosiers can win a national championship, Whitten said IU and the region could lead the nation in industry and entrepreneurship.
“I know that we're going to hit that point,” Whitten said.
