Bill to benefit Indiana young entrepreneurs signed into law
STATEHOUSE - On Tuesday, Gov. Mitch Daniels signed into law a bill co-authored by State Rep. Steve Davisson (R-Salem) that promotes economic development and business opportunities for young entrepreneurs and communities across the state. House Bill 1251 establishes a Young Entrepreneurship Program for students enrolled in entrepreneurship programs in Indiana.
"This is a win-win for Indiana because we get to keep our best and brightest here in Indiana" said Rep. Davisson.
The Young Entrepreneurship Program will be set up through the Indiana Economic Development Corporation (IEDC) to promote business proposals of students graduating in entrepreneurship programs across the state. Young entrepreneurs would apply to the program by sending in a business proposal, startup needs, and their preferred locations for the startup, and the IEDC would select a number of applicants to participate in previews for Indiana communities to review. Communities would be given the opportunity to bid for the proposals to have the startup brought to their community.
"This bill allows rural Hoosier communities the opportunity to compete, develop and grow," said Rep. Davisson.
Indiana's Office of Community and Rural Affairs will assist more rural communities in preparing bids to help them compete with larger communities. At least one preview would be held each year, and a yearly report would be prepared detailing the impact the program has had on the state.
HB 1251 will go into effect on July 1, 2011.