In July, Indiana’s governor announced a proposed $1 billion injection into Indiana innovation and entrepreneurship. The announcement was made at the Eighth Annual Innovation Showcase, hosted by Venture Club of Indiana, and sponsored in part by Gutwein Law.
The proposal marks the start of a 10-year plan that will call on government, the private sector, and research institutions to work together to boost innovation and entrepreneurship in the state. The funds will largely go towards early-stage and middle-market Indiana companies that are, in turn, creating new jobs and generating tax revenue for the state. This is a recognition that the next phase of dynamic growth for the state will come from small and mid-sized companies.
The major areas this initiative will focus on, according to the Indiana Economic Development Corporation, include:
» Developing Indiana’s future innovators and entrepreneurs through partnerships with secondary school programs;
» Supporting education, research and entrepreneurial practice at Indiana’s higher education and research institutions by leveraging strategic partnerships to support and expand current innovation and entrepreneurship programs;
» Enhancing regional entrepreneurial culture and investment by supporting start-up costs and program development for co-working spaces, incubators and innovation centers;
» Supporting industry-driven strategic innovation and advancements by increasing support of industry initiatives;
» Accelerating investments in early-stage, mid-market and high-growth companies and encouraging further investments from private investors, communities and education and research institutes through matching funds to increase Indiana’s network of startup firms and accelerate the growth of mid-market firms.
» Expanding opportunities for small businesses by integrating resources and micro-lending initiatives.
Over the next few months, Gutwein Law will be taking a deeper dive into what these areas of focus could mean for Hoosier businesses. Stay tuned for what our attorneys recommend to policy makers and entrepreneurs for what would be most beneficial to a growing business.
For a detailed breakdown of the investment or to get additional information, download this resource from the Indiana Economic Development Corporation.
ABOUT THE AUTHOR – sophia khan
Sophia Khan is the Marketing Manager at Gutwein Law. She manages the firm's digital presence, advertising efforts, and business development. Sophia earned her Bachelor of Arts in Business Communications from Albion College.