HB 1172 / Chamber Supports
The Indiana Chamber testified in support of priority bill House Bill 1172, authored by Rep. Jake Teshka (R-North Liberty), last Wednesday. The bill was heard – and passed – by the House Commerce, Small Business and Economic Development Committee.
The bill, which establishes a state Office of Entrepreneurship and Innovation, is also a priority of Gov. Mike Braun, who intends to invest just as many resources in supporting main street businesses as prior administrations have expended to grow Indiana’s high-tech and innovation sectors.
Indiana’s entrepreneurial flywheel is on the precipice of beginning to spin. Beginning with Gov. Mitch Daniels, the Indiana Economic Development Corporation has made great strides to support innovators and innovative communities, youth entrepreneurship, Elevate Ventures and its 21 Fund, bringing the Rally innovation conference to Indianapolis – just to name a few achievements. In borrowing a phrase from Governor Holcomb, this new administration now has the opportunity to take these efforts to the “next level.”
It would be nearly impossible to articulate in this article the many reasons why the Chamber supports HB 1172. In short, however, an Office of Entrepreneurship will ensure there is a dedicated leader at the state level who eats, breathes and sleeps entrepreneurial issues.
Research shows that new and young businesses create virtually all net job growth in America. Further, for every 1% increase in the U.S. entrepreneurship rate, the poverty rate decreases by 2%. Governing conducted a survey that found 43% of respondents have thought about starting a new business, but only 21% have tried. Furthermore, 92% of those surveyed think it’s difficult to start and grow a new business.
In 2023, the Indiana Chamber published Indiana Prosperity 2035, an economic development playbook for the state’s economy. A pillar of that report – and the top priority for our members – is supporting entrepreneurship and innovation in Indiana.
Indiana lacks many of the amenities that, say, California has to foster an organic, well-funded entrepreneurial ecosystem. However, we have the assets here to cultivate an environment in which new businesses can thrive.
Indiana is already one of the best states in the country to start and grow a business; we just have to make it easier to do so.
House Bill 1172 was recommitted to the House Ways and Means Committee, where it awaits its next hearing before going before the full House for a final vote and passage.
