Could Indiana become a sports tech hub?
Summary
Nearly a year after Indiana launched its sports technology initiative, organizers say they have built relationships with leaders throughout the sector and hope to lure four related companies to the state by the end of the year.An arm of the Indiana Economic Development Corp., Sports Tech HQ Inc. opened in June 2022 and has been increasing its visibility through events, programming, incentives and site tours.The sports tech umbrella covers technology as wide-ranging as wearables that measure a persons movement and speed, sensors that measure heart rate and pressure or, on a larger scale, tools that measure whether team goals were met.The IEDC has invested $2.5 million in Sports Tech HQ, with a two-year agreement that runs through the end of this year and is expected to be extended.So far, about $474,000 has been spent on staff compensation, general operations and marketing. I dont know yet where the next stage of funding will come from, but in terms of partners that help us grow thats something the network weve created in Indiana is really important for.As part of its launch, Sports Tech HQ invested an undisclosed amount to bring the One-Zero Summit to Indianapolis last year.The summit is an international, multi-day event centered on sports and entertainment technology that began in Dublinin 2016. The event was held at the NCAA headquarters downtown last summer and will return to the city in August as part of a co-location strategy that follows a summit in Dublin in March.In December, Sports Tech HQ was the title sponsor for Indy Classica two-game basketball event that replaced the long-running Crossroads Classic that featured four Indiana teams. 1 state to start a business.Sweitzer said the IEDC believes there is no ceiling for the sports tech industrys growth here.For most companies, the biggest challenge is getting off the ground. Hintz said hes really excited to deploy the states new venture capital tax credit program, which provides significant tax credits to individuals and investors who provide equity or qualified debt to Indiana companies or an Indiana-based investment fund.The incentive allows for 25% transferrable tax credits on those investmentsor 30% if its in a woman- or minority-owned businessand allows investors who dont live in the state to sell the credit.For us, its critical to be able to work with these companies to make sure theyre aware of what exists here, then getting them in front of the right people at IEDC to go through all the details, Hintz said.Sports tech companies looking to locate in Indiana also have other funding optionslike EDGE tax credits, the capital access program, innovation vouchers and relocation creditsbut Hintz said many, especially startups, come to Sports Tech HQ specifically to forge relationships with others in the sports and tech communities.What comes next?Marc Ganis, a sports business expert and president of Chicago-based SportsCorp Ltd., noted that, while Indianapolis is smaller than many tech hubs, its size hasnt hindered it in other sports-related endeavors.In March, Sports Business Journal tabbed Indianapolis as the 11th-best market for sports business.