Helping Indiana’s tech ecosystem thrive is a group effort
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The Indiana tech scene has gained traction over the last decade, earning national accolades and recognition, but ensuring its future success requires a continued, strategic team effort from the entire community. Maintaining—and growing—Indiana’s thriving tech industry will require every player in the ecosystem putting in the work to keep Indianapolis and the state as a whole topping lists, attracting talent and generating dollars.
The most successful tech communities have three pillars represented well: founders, partners and investors. Indiana has all three players. The key though is having all three work together to establish relationships, cultivate connections and grow the community in a way that benefits everyone.
Founders
Not long ago many tech founders in Indiana were serial entrepreneurs. A handful of these excellent founders were creating the vast majority of new tech companies. That isn’t the case now. The majority of current founders are experts in their fields which can range from health care to construction and more. The most challenging issue for these founders is finding the right people to help bring their ideas to life.
Founders, especially first-time founders, need to plug into the tech scene that surrounds them and get to know the community that can support them. So often I’ll talk to a founder who spent too much time trying to hit the ground running before knowing there was solid ground below their feet. For example, not all investors make early seed round investments. Spending time pitching an investor focused on later-stage companies is not going to be an efficient use of time for someone seeking early seed dollars. But that information doesn’t always present itself clearly.
There is a vibrant community that exists for founders to lean on to turn their ideas into reality. By attending tech gatherings, founders can connect with and better understand the local tech community. Seasoned founders and entrepreneurs can act as mentors to first-timers while continuing to deepen connections of their own within the community.
“The entrepreneurial journey can be lonely,” is a common phrase heard in tech. Let the help of the right partners and investors make that journey feel a little less secluded.
Partners
In addition to providing excellent services to help companies excel, partners also have an obligation to play the role of connectors between founders, investors and other partners. Over the last decade at Innovatemap, I’ve learned that not all founders realize the number of partners they may need to start and grow a company. This includes experts in industries such as product, design, marketing, engineering legal and HR. In Indiana, we’re fortunate to have several companies in these industries that specialize in tech. These specialized partners should be working as a community to support founders. Strategic introductions are an important part of that, as relationship building is essential.
When partners are excellent in their craft and prioritize being a community connector, they can significantly accelerate a tech company’s growth. Indiana tech partners must continue to be active in the local communities they serve, making relevant introductions and recommendations and offering strategic advice not only when a contract is on the line, but anytime.
Investors
A challenge for investors today is knowing where to find promising founders. Likewise, founders don’t always know where to find the right investors. This is in part because some Indiana investors aren’t investing full time so they’re not publicly sharing that they’re seeking investment opportunities. That’s why relationships are so valuable when it comes to investing. Investors must continue to come together and gather often. The best tech communities in the country know this winning recipe. One-to-one introductions are important, but large gatherings can ignite the right relationships much faster. I’ve been in the Indianapolis tech scene for more than two decades, and I’ve seen Indianapolis be exceptional at this. But there is room to grow. There are growing tech communities in places like South Bend, Bloomington and other cities outside of our state’s capital. Investors must stay plugged in to these communities to continue financing the best tech the state has to offer.
The Indiana tech community is known for its collaboration and support, and that must continue to meet the ecosystem’s growing needs. Founders, partners and investors should be aware of the roles and responsibilities we have in raising all our ships. Giving time, advice and introductions is essential to bolstering the tech industry as a whole. Consider leaving conversations both with an appreciation for the dialogue and a continued commitment to creating more connection within the community. Asking something like, “who is someone else you think I should meet,” is not a transactional statement. It’s a commitment to connection that will strengthen the journeys of founders, partners and investors alike.
Mike Reynolds is the CEO of Innovatemap, an Indianapolis-based digital product agency focused on product design and brand, product management and product marketing, that recently celebrated its 10-year anniversary.