A 10-year plan for Indiana to invest $1 billion in innovation through public-private partnerships (P3s/PPP) and startups was recently announced by Gov. Mike Pence. Pence indicated that these innovations will be bolstered by tax incentives and grants and will depend on collaborations among government, education and research institutions, communities and the private sector.
“Indiana’s thought leaders, job creators and public-private partnerships are making tremendous strides in innovation and entrepreneurship today,” Pence said, adding that he is hopeful that this 10-year plan will create even more interest.
Some of the highlights of the plan include working with the state’s secondary schools to encourage students to develop an interest in innovation and entrepreneurship; supporting education, research and entrepreneurial practice at the state’s post-secondary education and research institutions; and expanding opportunities for small businesses.
The state’s efforts to institute the plan will be led by the Indiana Economic Development Corp. Pence said he will ask the State Legislature to invest $500 million of the Indiana Public Retirement System investment fund into early-stage and mid-market Indiana companies and continue its $30 million annual investment in the state grant fund for such companies. He also is seeking two $100 million investments over 10 years toward the venture capital investment tax credit as well as toward innovation and entrepreneurship education programs.