INDIANAPOLIS (July 14, 2016) – Governor Mike Pence announced plans today to invest $1 billion over the next 10 years to advance innovation and entrepreneurship in Indiana. During remarks at the eighth annual Innovation Showcase in Indianapolis, Governor Pence outlined a proposal to strengthen and accelerate Hoosier innovation through strategic partnerships, ensuring that Indiana plays a leading role in solving 21st century challenges while supporting long-term economic growth, job creation and talent attraction.
“As a state, we have worked diligently to establish a pro-growth business climate in Indiana and our efforts are being recognized across the nation,” said Governor Pence."
“We cut costs, lowered taxes and reduced regulations to allow job creators to invest in what matters most – in their businesses and in their employees. Indiana is ranked first in the Midwest for business and first in the nation for small business regulations, but we’re not done yet. 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 10-year plan, which centers on collaboration between government, education and research institutions, communities and the private sector, will advance Indiana’s current economic momentum and combat potential threats to growth, such as workforce shortages and the availability of capital, by:
• Developing Indiana’s future innovators and entrepreneurs through partnerships with secondary school programs designed to encourage interest in, teach the economics of, and outline the opportunities in innovation and entrepreneurship.
• 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, advance research initiatives and programs like the Purdue Foundry Accelerator with embedded Entrepreneurs in Residence, and establish a system for sharing best practices across the state’s network of private and public institutions.
• Enhancing regional entrepreneurial culture and investment by supporting start-up costs and program development for co-working spaces, incubators and innovation centers, and providing matching funds for regional and community investments in start-up and scale-up companies.
• Supporting industry-driven strategic innovation and advancements by increasing support of industry initiatives, such as AgriNovus Indiana, BioCrossroads, Conexus, Energy Systems Network and TechPoint, and by spurring development of cross-sector transformational efforts, such as the Institute for Advanced Composites Manufacturing Innovation, OrthoWorx, 16 Tech and the Indiana Biosciences Research Institute.
• 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 to encourage local community development while developing new programs to increase opportunities for all Hoosiers to start and a grow a business.
Governor Pence will direct the Indiana Economic Development Corporation (IEDC) to coordinate and oversee the state’s strategy to accelerate innovation and entrepreneurship across Indiana. Through an executive order issued today, the Office of Small Business and Entrepreneurship (OSBE) and its programs, including the Indiana Small Business Development Center (ISBDC), Procurement Technical Assistance Center (PTAC) and Small Business Ombudsman, will transfer from the Office of the Lt. Governor and integrate into IEDC to align and enhance effectiveness of the state’s efforts, creating a one-stop shop of resources, experience and information for entrepreneurs and job creators at all stages of growth and development, partners and investors.