About the Fund

The Indiana 21st Century Research and Technology Fund was created to stimulate the process of diversifying the State's economy by developing and commercializing advanced technologies in Indiana. The legislation established a Board, representing most of the academic and commercial sectors of the State, which determines Fund award and review policies, and approves awards.

The 21 Fund provides financial support for new companies making the transitional leap from general R&D to product development. By managing early stage development projects, the 21 Fund encourages entrepreneurial success and helps the new companies of today grow into the big companies of tomorrow.

The Fund supports the creation of academic and commercial partnerships. In making awards, the 21 Fund expects significant leverage from the partners involved in the projects. Awards are disbursed over a period of two years or less. The dollar amount of the award may be up to $5 million, although awards greater than $2 million are extremely uncommon.

The Fund makes awards based on peer reviewers comprised of science and technology researchers and economics experts from across the country, ensuring proposal quality is judged at a national level. The excellence of the science or technological objective is the primary determinant in making awards. Furthermore, a clear commercialization intent is required.