Carol Johnson, Southern Indiana Business Report
One of Gov. Mike Braun’s initiatives since taking office in January has been to boost the state’s support for entrepreneurs and make it easier for start-ups to become established.
Earlier this month, Braun signed SB 516, establishing the Office of Entrepreneurship & Innovation.
Pike County Economic Development Corporation Executive Director Ashley Willis was at the Indiana Statehouse for the bill signing. Willis is a member of the Right to Start Coalition, which placed a priority on establishing the new office to empower Hoosiers by making it easier to start and scale a business in Indiana.
“As a member of the Right to Start Coalition, the focus is to bring more opportunities to entrepreneurs and remove barriers that hinder their success in our Hoosier state,” Willis said. “SB 516 is a great step forward to support our current and future entrepreneurs in Indiana. I’m very excited to see the additional support the new Office of Entrepreneurship will offer our start-ups!”
In 2024, Right to Start launched the Indiana Starters Coalition, a statewide initiative to advance entrepreneurship as a civic priority, educate policymakers and foster a dynamic entrepreneurial ecosystem.
Net job growth across the United States is tied to young businesses. According to Right to Start, research across the 50 states shows that for every 1% increase in the entrepreneurship rate, the poverty rate decreases by 2%.
The state is not without resources for igniting business development. The Indiana Economic Development Corporation is the state’s agency that oversees entrepreneurial endeavors and the Indiana Small Business Development Center offers no-cost business advising, training, referrals and resources for small businesses.
Courtney Zaugg, Right to Start’s coalition manager for the eastern US, said the new office will take a broader approach. In comments to the Indianapolis Business Journal, Zaugg said the fact that the office is funded at all means it is a major priority for Braun and that it’s set up for success.
SB 516 details
A budget of $1 million was approved for the new office. Although specific details on the Office of Entrepreneurship & Innovation have not been released, SB 516 outlines its functions:
(1) Develop and administer programs to support the growth of small business, entrepreneurship, and innovation in Indiana.
(2) Direct and oversee programs and sources of funding related to the growth of small business, entrepreneurship, technology, and innovation in Indiana.
(3) Work to strengthen policies and programs supporting the growth of entrepreneurship in Indiana.
(4) Coordinate with state agencies and other state funded entities to align services and programs related to entrepreneurship and starting and scaling a business.
(5) Work with funded entities on identifying strategies and metrics around the disbursement of funds to measure funds reaching rural communities and other underrepresented socioeconomic communities.
(6) Work with stakeholders and organizations supporting entrepreneurship to enhance learning and skills, provide technical support, and expand access to resources for entrepreneurs across Indiana.
(7) Develop and administer programs to support and encourage youth entrepreneurship, including supporting students and teachers in fostering entrepreneurial skills.