Indiana lawmaker proposes creation of new small-business focused state office

Aligned with one of Gov. Mike Braun’s economic development policies, a new bill would create a state office specifically to provide resources to small businesses.

House Bill 1172, authored by Rep. Jake Teshka, R-North Liberty, would create the Office of Entrepreneurship and Innovation. The new office would be tasked with developing and administering programs to support small business, entrepreneurship and innovation in the state, according to the bill.

As the bill is currently written, the office would be separate from the IEDC and report to the governor. However, Teshka told IBJ he intends to tweak the language so the office is housed under Secretary of Commerce David Adams, who also oversees the IEDC. While the creation of the office would be aligned with Gov. Mike Braun’s economic development policies, Teshka said the bill was drafted before the now-governor released his agenda.

Several current programs related to starting a business would be shifted from the IEDC’s oversight to the new office, according to the bill. That includes the Certified Technology Park program, the venture capital investment tax credit, ConnectIND interactive portal, the 21st Century Technology Fund and several other grant and business assistance programs. 

The Indiana Chamber supported the creation of such an office in its legislative priorities outlined last week.

The office would need about $1.8 million in state funding for staff salaries and operations, according to the bill’s fiscal note. About 10 full-time employees would staff the office, although the state may take advantage of the six vacant positions at the IEDC to offset new personnel costs. The fiscal note does not include the anticipated cost of programming. 

The bill was sent to the House Commerce, Small Business and Economic Development Committee for first reading. The committee has not scheduled a meeting yet.