Video technology company hiring 300 by 2026, receiving $7M in IEDC state tax credits and grants
FISHERS, Ind., Oct. 14, 2022 /PRNewswire/ — spokenote, LLC today announced the company’s multi-year growth plans — including the creation of 300 jobs by 2026 — along with a new headquarters location in the Certified Technology Park in Fishers.
“We are very excited about our prospects for growth, and having the support from our state and local government makes a real impact in our expansion plans,” said spokenote Founder and CEO, John Wechsler. “Between the thriving innovation ecosystem in Fishers, and the financial incentives from the State, we’re confident in our ability to generate new jobs and create economic value in Indiana.”
The company — which launched its first product this June — will graduate from space in the Indiana IoT Lab to a 4,000-square-foot office located at the Techway building currently being redeveloped by Fishers-based Rebar Development. The company plans to grow its team to 300 by the end of 2026.
Helping to fuel the company’s growth plans, the Indiana Economic Development Corporation (IEDC) has committed an investment in spokenote of up to $7 million in the form of incentive-based tax credits and up to $165,000 in training grants. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired and trained.
As a state, we are focused on advancing future-focused industries by investing in innovative, high-growth companies like spokenote,” said Indiana Secretary of Commerce Brad Chambers. “Indiana was named one of the top global emerging destinations for startups, and our robust network of entrepreneurs and innovative companies like spokenote will continue to elevate our reputation as a leader in the tech sector.”
The City of Fishers has also pledged $55,000 in training grants to assist in the skilling up of spokenote employees. Additionally, spokenote is utilizing the state’s Venture Capital Investment (VCI) tax credit program, which helps entrepreneurs and startups attract capital more quickly by giving investors an additional incentive to invest in early-stage, growing Indiana companies. The company was previously approved to leverage the program to raise up to $4 million.
“John Wechsler and his spokenote team have built an incredible product platform as they join the growing list of companies that have graduated from Launch Fishers,” said Fishers Mayor Scott Fadness. “As spokenote creates connections around the world, we can all be proud of the fact that it all began here in Fishers.”
The company’s technology allows customers to “add video to anything,” and their initial product — called spokenote™ stickers — features a unique, machine-readable spokenote™ code that users can pair with a recorded or uploaded video. Once the code and video are paired, anyone who scans the code on the sticker can view (and share) that video. The company’s products are currently available on Amazon and spokenote.com, and plans for a retail launch are in the works for 2023. Additionally, the company will be developing and launching several new products and capabilities for consumer and enterprise customers next year.
“Attracting and retaining the very best talent is one of the main ingredients of our recipe for success,” said Wechsler. “We believe our new location and the broad support we are receiving at the state and local level will fuel interest in spokenote and significantly enhance our ability to execute our business plan.”
spokenote develops technology that improves how people communicate, providing tools for human expression and communication via digital media. The company’s initial product – spokenote™ stickers – connect users to the company’s video creation and sharing platform. Each spokenote sticker features a unique spokenote™ code that, when scanned by a mobile device, can be paired with a video created by the user. Once the code and video are paired, anyone who scans the code on the sticker can view the video. The company is headquartered in Fishers, Indiana. For more information or to purchase spokenote stickers, visit spokenote.com.
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.