Rep. Teshka's legislation to create an Office of Entrepreneurship and Innovation heads to the Senate

The Indiana House of Representatives recently advanced State Representative Jake Teshka's (R-North Liberty) legislation, which created an Office of Entrepreneurship and Innovation to provide resources to new and young businesses and support Hoosier entrepreneurs.

According to the Center for Entrepreneurship, new and young businesses are the key drivers of net new job growth, improving productivity and fostering innovation in our economy. While Forbes has ranked Indiana the second best state in which to start a new business, Kauffman Foundation research shows that our rate of new business starts is below the national average.

House Bill 1172 would elevate efforts to support small businesses, entrepreneurship, and innovation in the state. It aligns with Governor Braun's restructured cabinet's creation of such an office and the priority of Hoosier entrepreneurship.

"This legislation will bolster our support of Indiana entrepreneurs, innovators, and small business owners," Teshka said. "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."

Teshka said the Office of Entrepreneurship and Innovation would be under the Indiana Secretary of Commerce's jurisdiction and have seven core tenants and responsibilities: 

• Develop and administer programs to support the growth of small business, entrepreneurship, and innovation in Indiana;
• Direct and oversee programs and sources of funding related to the growth of small business, entrepreneurship, technology, and innovation in Indiana; 
• Work to strengthen policies and programs supporting the growth of entrepreneurship in Indiana;
• Coordinate with state agencies and other state-funded entities to align services and programs related to entrepreneurship and starting and scaling a business;
• Work with funded entities on identifying strategies and metrics around the disbursement of funds to measure funds reaching rural communities and other underrepresented communities;
• Work with stakeholders and organizations supporting entrepreneurship to enhance learning and skills, provide technical support, and expand access to resources for entrepreneurs across Indiana and
• Develop and administer programs to support and encourage youth entrepreneurship, including helping students and teachers in fostering entrepreneurial skills. 

Representatives from the Indiana Technology & Innovation Association, IU Kelley School of Business, Indiana Chamber of Commerce, and the Indiana Secretary of Commerce's office testified in support of the bill.
 
House Bill 1172 now moves to the Senate for further consideration. For more information or to watch the session and committee meetings live, visit iga.in.gov.