[r75] Governor signs bill co-authored by Rep. Bacon supporting young entrepreneurs (3/23/2011)

Wednesday, March 23, 2011

Start Date: 3/23/2011 All Day
End Date: 3/23/2011

Governor signs bill co-authored by Rep. Bacon supporting young entrepreneurs

STATEHOUSE - The Governor signed into law a bill co-authored by State Representative Ron Bacon (R-Chandler) that supports young entrepreneurs and local communities across the state. House Bill 1251 establishes a Young Entrepreneurs Program for students enrolled in entrepreneurship programs in Indiana. The bill went to the governor's desk after unanimous support from both the House and the Senate.

Through HB1251 the Indiana Economic Development Corporation (IEDC) will set up a Young Entrepreneurs Program to promote business proposals of students graduating in entrepreneurship programs across the state. Young entrepreneurs would apply to be in the program by submitting a business proposal along with startup needs and the entrepreneur's preferred locations. The IEDC will then review the applications and select a number of young entrepreneurs to participate in previews held.

At least one preview will be held each year, in which the entrepreneurship graduates will be given the opportunity to present their business proposals to Indiana communities. The communities will then be given the chance to bid on the business proposals to bring the new startups to their area. Indiana's Office of Community and Rural Affairs will also assist rural communities in preparing for the auctions. In addition, there will be annual reports on the impact the program has had on the state.

"This is by all means a jobs booster for our state," said Rep. Bacon. "Not only will this program benefit our communities and young entrepreneurs across the state, but it also encourages job growth and economic investments in our state to benefit all Hoosiers."

The bill will go into effect on July 1, 2011.