How We Invest

Indiana WIRED is all about leveraging resources. We make some investments on our own but we’re also really good about finding additional resources so that 2 + 2 can equal way more than 4. To meet the challenges of the global economy in the 21st century, Indiana WIRED is looking for partners interested in designing, testing, and expanding innovations in skills and business development. To help foster these partnerships, we have created the WIRED Opportunity Fund and we are always accepting proposals from educational and non-profit organizations to experiment with new ways to deliver education and training and support business development. In particular, we are looking for initiatives that will accelerate skills training and foster economic growth by creating new partnerships among organizations involved in economic development and workforce development.

Our guidelines for these investments are based on a long-term time horizon. We are considering the federal government's commitment under WIRED as seed investment for a new generation of sustainable partnerships. We consider the 14-county WIRED region in North Central Indiana to be a test bed for that innovation and we are investing in promising initiatives that can be expanded or "scaled" across Indiana.

We are forming these partnerships to support a new generation of high performance businesses, organizations, and people in North Central Indiana. Our investments are taking place in the following areas:

• Creating Globally Competitive Industry Clusters
  We are investing in creating networks of businesses committed to high-performance production in North Central Indiana. In particular, we are investing in business networks that are particularly important for our region: advanced manufacturing, advanced materials and agribusiness. We are supporting initiatives that increase the competitiveness of industry through innovation transfer, technical assistance, and skill development.
  
  
• Building an Entrepreneurship Super-Region
  We are investing in initiatives to teach and support entrepreneurs from primary school to older adults. Among our efforts, we are coordinating existing entrepreneurship training and extending this training into our high schools. Our goal is to have entrepreneurship training in every high school in the region. To support these efforts, we are creating a network of entrepreneurship support at locations throughout the region. We are also committed to increase the number of business ideas generated in the region and the financial capital available to support these new ventures.
  
  
• Developing 21st Century Talent
  We are investing in new initiatives to deliver 21st Century Skills from primary school to older adults. We are particularly focused on the skills involved with science, technology, engineering and math (STEM) in high school. We are encouraging high schools to adopt new methods for teaching STEM courses, such as Project Lead the Way. In addition, we are working to expand training opportunities for older adults to make it easier for people to restart their careers. We’re also interested in innovations that will develop skills for our existing (incumbent) workforce.
• Weaving a Supportive Civic Network
  We are investing in new networks of civic leadership to encourage the collaboration and sharing that has become critical to successful innovation. In particular, we are promoting quarterly regional forums in order to share what we have learned and celebrate our success.
  
  

Investment Criteria: Sustainability and Funds Leverage

WIRED Opportunity Fund investments are designed to test new ideas and stimulate the sustained transformation of the regional economy. Co-investment and leverage are critical components to achieving sustainability. WIRED investments will be successful if they quickly trigger prompt investment.

The Types of Opportunity Fund Investments

The Opportunity Fund will make investments in three types of proposals:

• Exploratory Investments
  The purpose of Exploratory Investments is to get new ideas into action quickly to investigate “what works” to improve the delivery of skills and business development. We want to encourage rapid testing and deployment of new ideas. Small investments of up to $35,000 are available to explore the new concepts in education and training. Single-county investments are accepted but multi-county collaboration is encouraged. Co-investors are preferred, but not required at this stage. One outcome of an Exploratory Project investment is a feasibility report that researches all aspects of the practicability of wide-scale implementation of this concept.
  
  
• Demonstration Investments
  The purpose of a Demonstration Investment is to build on pilot projects and expand them beyond the pilot. Successful Exploratory investments should lead to Demonstration Investments. Demonstration Investments are limited to $100,000. Co-investors are preferred, but not required at this stage. One outcome of a Demonstration Investment is a fully-developed business plan that details all aspects of scalability and replication.
  
  
• Implementation Investments
  The purpose of these investments is to stimulate promising initiatives widely - across the region. Implementation Investments are committed based on the submission of a regional business plan that demonstrates how the initiative can be sustained and scaled both in the 14 county region and across Indiana. Implementation Investments are generally designed to expand initiatives across two or more counties in the WIRED region. Limits and other conditions on Implementation Investments are set on a case-by-case basis. Co-investors are, however, required at this stage.
  
  

Investment Screening of Opportunity Fund Proposals

The WIRED Opportunity Fund is managed by a Core Team and a Policy Team. The Core Team is composed of economic development, workforce development, and education professionals. The Core Team meets monthly to provide guidance to the investment process and review new investment proposals. The Policy Team meets quarterly to provide policy direction to support WIRED efforts. To streamline the investment process, the Policy Team has agreed to the following investment authority. Purdue University operates as the Project Leader for WIRED. Purdue has the authority to commit up to $35,000 for Exploratory Investment proposals. These funds must be approved by Vice Provost Vic Lechtenburg.

For funds in excess of $35,000, the Core Team evaluates proposals and forwards to the Principal Investigator for approval and review by the Policy Advisory Team.

Exclusionary Investment Screens include:

• Investments in fixed assets like buildings, property and infrastructure.
• Investments in projects that have weak prospects for replication or expansion.
• Investments that provide direct payments to learners or business

Preferred Investments include:

• Investments that strengthen our focus on talent networks, entrepreneurship networks, business networks, and civic leadership networks.
• Investments that are likely to be replicated easily.
• Investments with co-investors.
• Investments that link economic development and workforce development activities across county and organizational boundaries.
• Investments that link the interests of the business community with primary and secondary schools and colleges and universities.
• Investments that are likely to provide reasons for young people to stay in Indiana.
• Proposals that expand on proven strategies.

Submitting an Investment Proposal

An Opportunity Fund Proposal Template and Scoring Criteria is available by contacting the WIRED office. Exploratory and Demonstration Project Investments can be brief responses stating project purpose and outcomes. Submissions for Implementation investments require a regional expansion plan to demonstrate how the initiative will achieve sustainability.

Proposal Content - Exploratory/Demonstration Project Investment
Proposals for Exploratory and Demonstration Project Investments should include the following:

• Contact information
• The Opportunity: Briefly describe the opportunity: Why should WIRED invest in this proposal?
• Action Plan and Budget: Briefly describe how you plan to use WIRED funds
• Co-investors: Outline who else might be a co-investor with WIRED: Who else is likely to have an interest in success?
• Potential to scale the initiative: Briefly explain how this initiative could be expanded across the region and state.
• Potential problems: Outline any major factors that could go wrong or any potential conflicts of interest and how we can manage this risk.
• Deadlines: Specify any deadlines you must meet.

With each type of proposal, WIRED staff and partners are available to assist in the process. The review process is not a blind review. WIRED wants to work collaboratively to develop ideas that are truly transformational.

For more information on the Opportunity Fund please contact Mark C. Smith, WIRED Project Administrator, smith96@purdue.edu or 765-479-6058.