Indy Standard

The Indiana House of Representatives has advanced legislation introduced by State Representative Jake Teshka aimed at establishing an Office of Entrepreneurship and Innovation. This office is intended to provide resources for new and young businesses, supporting entrepreneurs across the state.

According to the Center for Entrepreneurship, these businesses are crucial for net job growth, productivity improvements, and fostering innovation in the economy. Despite Indiana's ranking as the second-best state to start a business by Forbes, its rate of new business starts lags behind the national average as per Kauffman Foundation research.

House Bill 1172 seeks to enhance support for small businesses, entrepreneurship, and innovation within Indiana. The bill aligns with Governor Braun's cabinet restructuring efforts that prioritize entrepreneurship in the state.

"This legislation will bolster our support of Indiana entrepreneurs, innovators and small business owners," said Teshka. "Establishing an office to align efforts and expand access to resources will help spur new business creation and generate a culture of entrepreneurship in Indiana."

The proposed Office of Entrepreneurship and Innovation would operate under the jurisdiction of the Indiana Secretary of Commerce. It would have seven primary responsibilities:

- Develop programs supporting small business growth.

- Oversee funding sources related to small business growth.

- Strengthen policies supporting entrepreneurship.

- Coordinate with state agencies on services related to starting businesses.

- Identify strategies for fund disbursement reaching rural and underrepresented communities.

- Work with stakeholders on enhancing skills and technical support for entrepreneurs.

- Develop programs encouraging youth entrepreneurship.

Supporters from various organizations including the Indiana Technology & Innovation Association, IU Kelley School of Business, Indiana Chamber of Commerce, and the office of the Indiana Secretary of Commerce testified in favor of this bill.

House Bill 1172 now proceeds to the Senate for further consideration. More information can be found at iga.in.gov where session and committee meetings can also be viewed live.