Watch ‘Biz Buzz’‘Biz Buzz,’ a live Web chat featuring Star business columnist John Ketzenberger and reporter Dan Lee, airs every Wednesday at 10 a.m., focusing on all things business in Central Indiana. Today’s show did not air live because of technical difficulties, but should resume in its usual format next week.

Click the white player button above to watch today’s “Biz Buzz”By Scott Thienscott.thien@indystar.comCutting funding in the state’s 21st Century fund couldn’t come at a worse time, Star business columnist John Ketzenberger said this morning on IndyStar.com’s “Biz Buzz."The fund, started about a decade ago to foster entrepreneurship in life sciences and technology sectors in Indiana, has spent about $35 million a year to help leverage more private capital to help such companies grow.This year, for the first time, funding is being cut — by half, which Ketzenberger says doesn’t make sense, especially when funding from other sources has dried up.“Biz Buzz” co-host Dan Lee, a business reporter for The Indianapolis Star, agreed.“This is funding that can pay huge dividends down the road … If you get these companies started, and give them money at the exact time that it’s needed, that can keep them here in Indiana and keep them growing.”Ketzenberger said he hoped that the reduction wouldn’t have a major effect on the momentum that that has been built up in the critical areas of life sciences and technology services so far.Lee, whose column Monday in The Star will center on venture capital in Indiana, added that he thought the state’s venture capital industry should step up its efforts.“I really think that it’s time for Indiana’s venture capitalist industry, as small as it is, to step forward,” he said. “I’ve been (in Indiana) for four years now, and with one exception, not too many local venture capitalists have emerged as really important sources who are big players in the community.”Further, Lee said, the state’s venture capital efforts tend to be conservative and often go for out-of-state companies, which bring smaller returns but may be safer bets.Ketzenberger said that’s the critical point: safer bet versus big return. You get in early in a risky business, and it can return big.“It seems completely that the venture capital funds in Indiana have been focused mostly on return, and not necessarily on helping foster. That’s almost been their secondary purpose,” he said.Today’s weekly Web chat also touched on Indianapolis’ amateur sports capital status and the latest developments in state’s sagging auto manufacturing industry.Followers of the show can watch replays of today’s show by clicking on the white arrow of the player atop this story.Call IndyStar.com online editor Scott Thien at (317) 444-6912.