‘Tectonic Shift’ For Indiana Innovation
(Image courtesy of the office of Governor Mike Pence.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA new plan detailed this morning by Governor Mike Pence at the Innovation Showcase in Speedway calls for a $1 billion investment into accelerating entrepreneurship in the state. The 10-year plan aims to support government, education and research institution efforts to promote, create and grow innovation throughout Indiana. The idea, says Pence, is to ensure Indiana "plays a leading role" in taking on long-term challenges and supporting economic growth, job creation and talent attraction along the way.
Pence says Indiana’s economy continues to gain national recognition for its strength, "but we’re not done yet." He says "we must build on this economic momentum and increase collaboration between educators, community leaders, industry partners and most importantly, idea generators, to further propel innovation across the Hoosier state for generations to come."
The funding will be requested from several sources. Pence will ask the Indiana Public Retirement System to put part of its investment fund toward covering half of the total cost of the program. He will request that $30 million each year (a total of $300 million) be approved by the General Assembly for the 21Fund. Pence wants $100 million to come from the Venture Capital Investment tax credit program and the remaining $100 million from the General Assembly for partnerships with higher education and research institutions.
Some keys to the plan include:
- Collaboration with secondary schools to stir interest and detail the opportunities of innovation and entrepreneurship
- Leveraging and expanding existing programs focused on entrepreneurship at the college and university level and embedding Entrepreneurs in Residence to help share best practices statewide
- Helping with startup and funding for co-working spaces, incubators and innovation centers, as well as matching investments made by regions and communities to start and scale-up young companies companies
- More support for industry-driven initiatives such as AgriNovus Indiana, BioCrossroads, Conexus, Energy Systems Network, TechPoint, the Institute for Advanced Composites Manufacturing Innovation, OrthoWorx, 16 Tech and the Indiana Biosciences Research Institute
- Additional investments in early-stage, mid-market and high-growth companies and pushing for further investments from the private sector, communities and education and research institutions through matching funds for these businesses
- More integration of small business-focused resources and micro-lending opportunities
The Indiana Economic Development Corp. will oversee the strategy. As part of the plan, Pence has issued an executive order to shift the Office of Small Business and Entrepreneurship, which includes the Indiana Small Business Development Center, Procurement Technical Assistance Center and Small Business Ombudsman, from the Office of the Lieutenant Governor to the IEDC umbrella. Pence says the transition will create "a onestop shop of resources, experience and information for entrepreneurs and job creators at all stages of growth and development, partners and investors."
The announcement will be made this morning at the Innovation Showcase in Speedway. Inside INdiana Business will be there and have updates throughout the day on social media and in our INside Edge enewsletter.