Indiana Proposes New State Office to Support Small Businesses

In alignment with Governor Mike Braun's economic development initiatives, a new bill aims to establish a state office dedicated to providing resources for small businesses and fostering entrepreneurship across Indiana.

House Bill 1172, introduced by Representative Jake Teshka (R-North Liberty), proposes the creation of the Office of Entrepreneurship and Innovation. This office would oversee programs designed to empower small businesses, drive innovation, and enhance entrepreneurship within the state.

As currently drafted, the office would operate independently from the Indiana Economic Development Corporation (IEDC) and report directly to the governor. However, Rep. Teshka shared that he plans to revise the language to place the office under the purview of Secretary of Commerce David Adams, who also oversees the IEDC. Importantly, Teshka clarified that while the office aligns with Governor Braun's agenda, the bill was conceived prior to the governor's policy rollout.

Programs to Be Transferred to the New Office

If enacted, several programs currently managed by the IEDC would transition to the Office of Entrepreneurship and Innovation, including:

• Certified Technology Park Program
• Venture Capital Investment Tax Credit
• ConnectIND interactive portal
• 21st Century Technology Fund
• Additional grant and business assistance programs

This transition aims to streamline support for businesses and foster a more cohesive ecosystem for entrepreneurship.

Funding and Staffing

The proposed office would require $1.8 million in state funding for operations and salaries, according to the bill’s fiscal note. It would employ approximately 10 full-time staff members. To offset some costs, the state may utilize six vacant positions currently available at the IEDC. Notably, these estimates do not account for programming expenses.

Legislative Process

The bill has been referred to the House Commerce, Small Business and Economic Development Committee for its initial review. A meeting date has yet to be announced.

This initiative has gained early support from organizations such as the Indiana Chamber, which highlighted the importance of such an office in its legislative priorities.

Stay tuned to our blog page for updates on this and other initiatives impacting Indiana's small business community.