Indiana – Page 2 – Swanson Reed | Specialist R&D Tax Advisors

IN3 Announces David Beering as VP of Hypersonics

The Indiana Innovative Institute (IN3) has named David Beering the new Vice President of Hypersonics. IN3 works with academia, industry, and government to create a hub of national security innovation to help in solving critical defense priorities.

David Beering has been invested in developing space systems to further the economy and national security interests. In addition to contributing work at IN3, he is the owner of Intelligent Designs, LLC and co-founder of Continuous Satellite Data, LLC – two companies focused on delivering innovative solutions to the satellite industry.

The Hypersonics division is set on solving the hypersonic national security threat. They are working on furthering hypersonic technology through better modeling, improved simulation capability, and increased collaboration. David Beering will bring his extensive experience to help further this division and improve the development of solutions.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

SurClean Announces New Headquarters in Indiana

SurClean, Inc. announced Brownsburg, IN as the location of their new headquarters. They will be investing $1.3 million to fund this venture, and hope to create 35 jobs by the end of 2024.

This woman-owned business is an expert in laser coating removal. The alternatives include corrosive chemicals, abrasives, and water blasting methods. However these produce hazardous waste, put employees at risk, and are limited in their applications. SurClean develops custom laser removal methods and combines them with off the shelf laser sources, chillers and exhaust extractions to create handheld or robotic units.

This relocation will bring the company closer to major universities as well as the Indianapolis International Airport and Department of Defense research centers. They hope to work with these research centers to develop brand new custom laser alternatives and help strengthen Indiana’s economy.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Nextremity Solutions and Fort Wayne Metals Team Up on Metal Implants

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Two Indiana companies are teaming up to make lifelong orthopedic metal implants. Nextremity Solutions, Inc and Fort Wayne Metals will design a resorbable metal implant to help support damaged bones or replace missing joints.

Standard Orthopedic Implants

Standard orthopedic metal implants are designed from metals like titanium or stainless steel and can be life-long implants. Oftentimes, an implant will remain in the patient as an extraction surgery is rarely ideal. Resorbable implants could safely degrade in the body over time which would remove this extraction problem.

Innovative Orthopedic Implants

Nextremity will be developing metal implants using a special magnesium alloy combined with a biodegradable polymer. Research shows that these can provide higher initial stability and support. It also shows that magnesium can increase bone formation.

Fort Wayne Metals had previously designed a magnesium-based alloy and will be giving an exclusive supply to Nextremity. Their alloy product safely degrades within the body and has a low corrosion rate. Both companies hope to advance the standard of care and provide the possibility of an implant-free life for patients.

Are you developing new technology? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Indiana Patent of the Month – September 2020

Indiana-based Biomet Manufacturing (Zimmer Biomet) is combining biology and technology with its patient-matched surgical navigation systems. The company received a patent for its software program, which recreates a three-dimensional model of a patient’s anatomy from a scanned image. Using this model, the system then develops a surgical component in the optimal shape, specific to the patient’s body and needs.

Surgical navigation systems, also known as computer assisted surgery systems or image guided surgery systems, shows the real-time position of instruments and patient anatomical structures. They help surgeons to guide surgical instruments and implant medical devices. For example, surgical navigation systems are often used to measure the size and shape of a bone before creating a prosthetic implant.

Typically, it uses a computer, with patient imaging from MRI, CT fluoroscopy. With Zimmer Biomet’s invention, the pre-operation scan is uploaded to the software. The program develops the three-dimensional model, on which it can locate and identify anatomical landmarks on the patient’s anatomy. These anatomical landmarks are then analyzed, with specific surgical information (i.e. about the surgery about to take place) and the software develops a prototype design of a surgical component that would best fit within the patient. A surgeon approves this design, and sends it to be developed, to then be used in surgery.

To better plan, track and navigate surgical instruments, tools and devices, surgeons often use tracking arrays, or reference arrays. Because Zimmer Biomet’s surgical components are custom-made, they can be manufactured with a reference array on the surface, again specific to the patient’s anatomy. So, when this piece is used/implanted, it assists the surgeon on where other anatomical landmarks are. This makes the surgery process easier to navigate, and therefore quicker and safer.

Are you developing a new product or process? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who we are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Continental To Invest $4M in Indiana R&D Operations

German vehicle technology company, Continental, will be expanding its R&D operations in Indiana. The company will invest over $4 million in its ContiTech Vibration Control business unit.

ContiTech develops products to optimize in-car vibration and noise levels. It also designs sealing systems for applications in chassis, brakes and steering.

Continental says the 100,000 square foot facility in DeKalb County will support technologies that reduce noise vibrations for the automotive and commercial industries. They hope to produce over 45 new jobs by the end of 2023 and be completely set up in the building by the end of 2024.

The Indiana Economic Development Corporation (IEDC) have offered Continental up to $650,000 in conditional tax credits dependant on job creation.

Jim Schellinger, Indiana Secretary of Commerce, said that “Continental’s decision to expand in DeKalb County continues a long-standing trend of German companies picking Indiana for growth.” Around 120 German-based companies have facilities in Indiana, employing over 15,100 workers.

AMERICAN Flow Control to Open Crawfordsville Research and Development Facility

Alabama based company AMERICAN Flow Control, the valve and hydrant division of AMERICAN Cast Iron Pipe Company, has formed a new company that will be dedicated to research and innovation.

The near company called AMERICAN Innovation LLC plans to invest in a new Indiana based R&D facility that will cost $9 – $12 million. Division sales manager, John Hagelskamp, said that the facility “will expand our research and design functions, allowing us to fast track innovations to get products to market more quickly.”

The facility will be built on 17 acres with both indoor and outdoor product testing taking place. It will also include the latest industry related equipment and technologies and for developing new products. The central Indianapolis location of the facility also making it easily accessible to several engineering schools. Hagelskamp also noted that the Crawfordsville, Indiana location was chosen due to “its easily accessible location and proximity to several major engineering schools.”

According to the company’s officials, the new facility will hire up to eight R&D professionals, including technicians and engineers by the end of 2020. AMERICAN Innovation LLC’s job creation plans have attracted a $130,000 conditional tax credits from the Indiana Economic Development Corporation.

Construction of the AMERICAN Flow Control Center for Innovation Excellence is due to begin towards the end of the year and completed in mid-2020.

Gloria Jean’s Coffee Set to Expand its Franchise

Globally recognised cafe chain, Gloria Jean’s Coffee – U.S.A has decided to expand its reach in Indiana. The company signed a multi-unit development agreement with a new franchise partner, Raed Naser allowing the new partner to open as many as seven new locations in Northwest Indiana and another 20 across greater Chicago.

To keep meeting its customer’s expectations, Gloria Jean’s carefully selects Arabica Beans from judicious sources around the works, then determines their suitability at its Southern California Headquarters, which includes a test kitchen where it partakes in R&D projects managed by a Cordon Bleu-trained chef.

By investing more in R&D and coupling those efforts with their market experience, Gloria Jean’s intends to improve and solidify its proven global operating system.

“With a refreshed brand image and four decades of experience in the specialty coffee industry, Gloria Jean’s is in growth mode and uniquely positioned to own a larger share of the segment, especially in riding suburban markets like Northwest Indiana and Southern Chicago,” said Laina Sullivan, Gloria Jean’s Coffees’ Director of Franchise Development. “We’re thrilled to welcome passionate franchise partners like Raed to the Gloria Jean’s family during this exciting brand evolution. As we pursue strategic growth outside of malls and move into regions where customer demand for exceptional specialty coffee is high, we see tremendous opportunity to introduce Gloria Jean’s to new guests around the country.”

Since purchased by the Australia-based Retail Food Group in 2014. The brand has been finding opportunities to expand in multiple locations. By investing in R&D, Gloria Jeans is aiming to grow the franchise portfolio.

Metal Powder Products Beefs Up Its Indiana Operations

According to a report released by Indiana Economic Development Corporation (IDEC), Metal Powder Products (MPP), a global provider of custom-engineered powder metallurgy product solutions, has decided to relocate its operation from Solon, Ohio, to a new facility in Hamilton, Indiana by 2020, creating around 80 jobs in the process.

The Noblesville-based metal parts manufacturer currently employs more than 350 associates in its Washington and Noblesville County Operations, and more than 1,100 overall in China and the United States.

According to the release, MPP has already employed 51 individuals as part of this transition and is planning on adding 29 more over the next two years. They (MPP) are currently hiring for expert labor positions. In fact, they expect the new Indiana division to be fully operational this Spring.

“We are very excited with regard to the move to Noblesville, and the state of Indiana and city of Noblesville have been exceptionally helpful during this process,” said Dennis McKeen, Chief Executive Officer of MPP. “MPP sees a very bright future for our MIM operations with very rapid growth.”

MPP will invest $1.5 million to re-purpose a 60,000 square foot facility at 14670 Cumberland Road and acquire new equipment.

When the site is ready, MPP plans on using it as its Metal Injection Molding (MIM) manufacturing division. 40,000 square foot of the facility will be utilized for manufacturing whereas the remaining 20,000 square foot will become space for offices and Research & Development (R&D) activities.

“Indiana has a strong reputation for making products that power our world, and we’re also developing new solutions and advancing innovative technologies that are driving industries forward,” said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). “With a fiscally-sound, pro-growth business climate and talented workforce, global businesses like MPP have the confidence to expand their capabilities here and create new, skilled jobs for Hoosiers.”

In 2018, the IEDC offered MPP up to $600,000 in training grants and conditional tax credits based on the firm’s job creation strategies. Duke Energy and the city of Noblesville have offered MPP incentives as well.

Chicago and Indiana Among the Fastest Growing Life Sciences Clusters

In an industrial sector defined mostly by innovation, life sciences research remains a high expense, high-risk scheme – and having a great location strategy is a vital success factor.

According to Deloitte’s 2019 Global Life Sciences Outlook, rising research and development (R&D) costs, operating costs, competitive wages for top talents, and skyrocketing lab rent payment in top tier clusters are driving life science firms to newfangled and creative real estate strategies so they can remain near resources and top talent.

Competitive and expensive real estate markets are forcing life sciences firms to think twice when assessing their real estate preferences. For the most highly in-demand locations, fierce competition for talent and space is resulting in both creative renovations and new development of first generation space.

But not every need for life sciences laboratory space can be met in larger and more established clusters such as San Diego, Boston-Cambridge, or Raleigh Durham. As these cities face a scarcity of laboratory space and other life sciences real estate, companies looking for alternative options are discovering second-rank markets such as Chicago, Indiana, Seattle, and Denver. Even though established United States clusters are located on either coast, emerging clusters are showing that life science companies are growing and taking root in the middle of the nation.

Midwest cities such as Indiana are showing sufficient growth to rank as emerging clusters. Indiana’s pharmaceutical and medical device industries have shown steady growth since 2014 and was ranked in the top 10 states for bio-science patent distributions in 2016. According to TEConomy 2018 research on Investment, Innovation, and Job Creation in the Bioscience Industry, Indiana boasted the highest location quotient for drugs and pharmaceuticals compared to all other US states. This implies there is a high employment concentration in the industry in this city relative to the rest of the nation.

Illinois, chiefly the Chicago region, is now home to several top research institutions and universities, and also boasts the headquarters of big firms such as Hospira, Baxter International and Abbot Laboratories.

The Windy City also received favorable attention in February 2018 when CBRE (the commercial real estate giant) pointed out the city’s emergence as a noteworthy life sciences cluster. And even though the region ranks tenth in NIH funding with awards totaling around $688.2 million, it placed ninth in lab space (8.8 million square feet), patents (1246), and VC funding ($332.21 million from nine deals).

Over the next few years, we can expect these city’s commercial real estate sector to be the main beneficiaries of the booming life sciences sector.

R&D Expenditure By Research Universities Helps Drive the Economy

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R&D by universities can help solve global challenges through a collaborative, world-class research environment. R&D is of key importance for Indiana’s economy, with the state’s three largest research universities contributing directly and indirectly to all 92 counties. Indiana University, Purdue University and the University of Notre Dame are all ranked in the top 150 universities according to the Times World University Rankings. Together, they produce annual research expenditures of approximately $1.3 billion. This spending drives the economy forward and is necessary for developing advanced technology-based economies, which results in high-paying jobs. Jobs created from R&D activity include those for both university and contracted employees as well as jobs being sustained indirectly. Many US states are beginning to create economic strategies that are partially focused around their universities R&D capabilities.

Of course, Indiana’s private company R&D is also an enormous contributor to the state, with expenditure making up around $6.2 billion p.a. According to the National Science Foundation, the state ranks 17th in the US for overall R&D expenditure, 16th for research funding at public universities, 17th for research funding at private universities and 15th for industry R&D spend.