Lilly Endowment Grant Offers Significant Opportunity for Our Region

By Sheryl Conley, CEO, OrthoWorx

On July 11, we were delighted to join the Kosciusko County Community Foundation in announcing that Lilly Endowment Inc. is making a $4 million grant to continue to support our work, and that it was providing a dollar-for-dollar matching opportunity that would increase the total grant to $7.5 million if we can secure $3.5 million in contributions or pledges by October 15, 2013.

“OrthoWorx has served as an important convener and catalyst in the Warsaw region’s uniquely concentrated and globally significant orthopedics device sector,” said Ace Yakey, vice president for community development at Lilly Endowment, in the news release we issued July 11. “Lilly Endowment is pleased to support the next phase of OrthoWorx’s efforts to strengthen further the region’s appeal to the orthopedic industry and enhance the quality of life of the people who live and work there.”

The support we’ve received from Lilly Endowment and others reflects the critical role that the orthopedic industry plays in our community, region and across Indiana. In Kosciusko County alone, more than 40% of all jobs are directly tied to or indirectly supported by the industry.

For more than 100 years, the orthopedic industry has provided our region substantial economic and social benefits. The future success of the industry cluster and our community is not a given, however. Indeed, new challenges have risen that make further growth and expansion of regional operations far from certain. Because of these growing challenges and the opportunity represented by the Lilly Endowment match, we are inviting those directly involved in the industry and those who otherwise benefit from its presence to partner with us to assure the ongoing success of our regional economy.

“The $3.5 million that is available in the matching portion of the grant is a call to action for those who benefit economically from the presence and the vitality of the orthopedic industry cluster,” said Jon Serbousek, OrthoWorx board chair. “We must now move quickly to capitalize on this tremendous opportunity to generate investments that will strengthen our community and regional economy for years to come.”

We invite you to visit www.orthoworxindiana.com to learn more about our initiatives and see how we are making a difference. Since OrthoWorx was formed in 2009, we have focused our efforts and resources on education, workforce development, innovation and broad community enhancement to attract and retain a highly skilled and educated talent base. And we are leading or facilitating a number of significant programs designed to drive innovation and entrepreneurship to support and expand the orthopedic cluster, including the ongoing development of the Orthopedic Capital Clinic™ and the Medical Device Incubator/Accelerator concept.

We have been entrusted with the resources to do great things, to bring together the best of our region to preserve the benefits of being The Orthopedic Capital of the World®. Since 2009, we’ve deployed more than $7 million through grant funding and member dues. The grant we just received brings our total expected impact to $15 million. If we achieve the full match opportunity of $3.5 million, our cumulative impact since 2009 will rise to $20 million by mid-2016. With those additional funds, just imagine how much further we can go—igniting innovation and entrepreneurship in our own region, leading the way in education and workforce development, and enhancing our community. We’ve created a document that further explains the match opportunity and our plans for investing in our region. To learn more about where we’ve been and what the future holds, please click here.

The time to act to maximize our potential is now. The Endowment’s matching opportunity is for cash donations or binding pledges from qualified orthopedic-related donors received by October 15, 2013. Pledges can be multi-year, and gifts will be matched, dollar-for-dollar, up to $3.5 million. Qualifying matching funds must consist of irrevocable contributions of cash or equivalents (e.g. publicly traded stocks or bonds) and legally enforceable pledges to make irrevocable contributions of cash or cash equivalents on or before June 30, 2016. Contributions of cash equivalents will be matched on the basis of their gift value as determined by applicable United States Department of Treasury regulations.

Individuals or companies interested in financially supporting OrthoWorx initiatives in the region can make a contribution electronically at www.kcfoundation.org/OrthoWorxmatch or contact OrthoWorx for more information. Click here to view our individual pledge form.