The Pike County Tech Center is scheduled to open this month. The Entrepreneurship & Technology Center is the result of more than three years of planning and securing a $2 million grant from the federal Economic Development Administration.
Indiana needs more rural investment in innovation and entrepreneurship. The IEDC provides information about start-up and entrepreneurial opportunities, as well as locations of technology centers, co-working spaces, makerspaces and incubators (collectively “innovation hubs”) around the state. The list is dominated by Indiana’s more populated cities with just a handful of rural locations.
The success of innovation hubs depends on local support and entrepreneurial residents whose businesses will use the space as member-tenants. Unfortunately, rural Indiana is experiencing population declines that may disincentivize these types of investments. I argue, however, that now is the exact right time to invest in resources for talent attraction.
Imagine One 85, for example, is collaboration of five incorporated communities in Wabash County formed to address the alarming population decline that threatens school funding, industry, competitive wages and the prosperity of the entire county. The group’s goal is to develop a “bold, comprehensive plan” for growing the region, which requires consideration for how it intends to attract and retain a demographic that will start and grow new businesses. Innovation hubs must be part of that plan.
The timing is also right given our state’s executive and legislative leadership identifying the need to invest in “quality of place” initiatives. Last year, Gov. Holcomb shared his intent with Gerry Dick to invest in quality of place, stating that in addition to “economy and workforce and location, it’s the quality of place – where people want to live – that we’ll invest in.” Granted, a lot has happened since the Governor’s February 2020 interview, but the need remains.
Investing in Indiana’s quality of place complements initiatives like the one established in House Bill 1416, legislation that the Indiana Chamber is championing during this year’s Indiana General Assembly session. This bill will receive lengthier coverage in a future Tech Talk, but – in short – its objective is to establish a remote worker program that will attract out-of-state residents to move to Indiana and retain Hoosiers who recently earned (or will soon earn) a postsecondary credential.
The bill’s author, Rep. Martin Carbaugh, is seeking a $1.5 million appropriation to launch and administer the program for two years. But the state’s investment will not be enough. Local governments, leaders and industry have roles to play as well. More than the state, communities must demonstrate why people should want to move there. Access to an innovation hub should be deemed critical and, as exemplified by Pike County, federal resources are available for those looking to pursue such a venture.
