Meet Indiana companies seeking to disrupt the health care, defense, agriculture, wearable device and even death industries using AI, quantum computing and other emerging technologies.
These 20 companies are seeking to disrupt their industries
Is the next Uber, SpaceX or Airbnb percolating right now in an Indiana co-working space, a university lab or even on a Hoosier farm? Is there another ExactTarget or First Internet Bank that will disrupt an industry from a base in central Indiana?
It’s hard to predict the future, of course, but for this year’s Innovation Issue, IBJ asked more than a dozen funders, entrepreneurs, industry cheerleaders and university leaders to tell us about the local startups they believe have promise. IBJ editors then combed through that list, looking for telltale signs of future success—unique ideas, previously successful founders and fruitful funding rounds, for example.
The result is a list of 20 companies—profiled here in no particular order—that are seeking to solve problems in inventive ways. They represent various startup stages—some are still trying to create a product, many haven’t yet earned their first dollar, and a few have already racked up hundreds of customers. Their founders range from recent college grads to serial entrepreneurs. Most of these startups are actively seeking or have closed fundraising rounds, while a few are bootstrapping their efforts. And for the most part, we chose companies that are no more than 5 years old, although we made some exceptions for life sciences firms for which testing and regulation lengthen a startup’s runway.
IBJ’s list is far from comprehensive. There are, of course, many young companies worthy of recognition that aren’t included here. But the experts we consulted say the startups on the following pages are worth watching.
We hope you enjoy this issue and it inspires you to support a founder or take on your own challenge.
Lesley Weidenbener
IBJ editor
IBJ asked Eric Tobias, co-founder of Indianapolis-based venture studio High Alpha, to share advice for startup entrepreneurs. Here are five of his tips:
Prioritize outcome over ego.
The best founders are relentlessly focused on solving a problem rather than proving they’re smart or right.
Obsess about personal craftsmanship and product quality.
Quality is a reflection of character. Done consistently, it compounds with time.
Think from first principles, not convention.
Build what people need. The best ideas often sound crazy at first.
Have a bias toward action.
Speed is your greatest advantage against larger, more resourced organizations. Get comfortable making decisions with 70% of the information.
Build the team that raises your average.
Our habits, expectations and ambitions are shaped by the people closest to us. Every new team member should elevate the collective.
—Compiled by Dave Lindquist
Most say it’s a company that’s young, disruptive and scalable
It’s a short word packed with a ton of meaning. But what exactly is a startup? Like so many things in business, there’s no simple definition—nor lots of agreement.
For some, a startup is any business enterprise in its first five years. But for many others, it’s a young, innovative company aimed at disrupting established markets or creating entirely new ones. (Think the early days of Uber, Airbnb and Netflix.) And for yet others, it’s a great business idea being tested in the real world, with low odds of surviving even a few years.
