The Indiana Innovation Alliance was expected to grow the state's life science industries by creating jobs and industry in the state, according to university officials. What was needed, said Purdue President France Córdova and IU President Michael McRobbie, was $70 million in jump-start funds from the state.
"But because of the economy with the state, not all of the money was there for it. And now there isn't any money at all." Due to rapidly declining tax revenue, Gov. Mitch Daniels has held back funds specified for the alliance. In mid-December, Daniels announced projections of state tax receipts that were $1.8 billion less than expected in the current budget cycle.
