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news release
INDIANAPOLIS — Gov. Eric J. Holcomb and Secretary of Commerce Brad Chambers announced the end of a record year for entrepreneurship in Indiana, fueling innovation and spurring the growth of small businesses and start-ups statewide. facilitated.
seconds.brad chambers
“Indiana’s business-friendly climate, combined with Hoosier’s strong work ethic, makes the state prime for entrepreneurship growth and innovation,” Holcomb said. “As a state, we are committed to investing in entrepreneurs and small businesses so that innovators can continue to grow, achieve success, and contribute to our economy and communities.”
“2022 was a record year for Indiana. One thing is clear: entrepreneurship is thriving in Indiana.” The best state to start a business in and one of the top 40 destinations in the world, today and every day we celebrate the many contributions of our entrepreneurial ecosystem and commit to supporting tomorrow’s businesses and breakthroughs. looking forward to it.”
Promoting Entrepreneurship is Chambers’ comprehensive initiative designed to ensure that Indiana is at the heart of the future and the global economy, and that Indiana’s leadership in innovation and entrepreneurship continues to grow. is a key pillar of our economic roadmap. In 2022, Indiana was named the “Best State to Start a Business” by Forbes. This cites the state’s favorable climate for business, above-average business survival rates, and sound funding opportunities. In addition, Indiana was named one of the Global Top 40 “Emerging Ecosystems by Startup Genome”, her six cities in the state were named “Best Midwest Startup Cities 2022”, and Indianapolis is her 3 was ranked first.
Together with its venture capital partner, Elevate Ventures, IEDC will support the entrepreneurial ecosystem by supporting innovators and SMEs at every stage of the entrepreneurial journey, from ideation to formation, scale and beyond. working to activate the
Inspiring innovators and startups
In 2022, a record number of startups (38) have joined IEDC-supported accelerators. These startups set new annual records by raising more than $65 million in growth capital and creating 236 high-paying jobs. Since 2018, when IEDC launched a partnership with gener8tor, a leading national startup accelerator, 120 startups have taken advantage of the state-backed accelerator program to promote 5G technologies, the future of mobility, advanced manufacturing, and more. We drive innovation and growth in key industries.
In addition, IEDC set a new record for utilization of the Venture Capital Investment Tax Credit Program. Support these fast-growing companies. In 2022, IEDC will authorize $71.8 million in capital investments in Indiana businesses, with related tax credits totaling $18.5 million. Additionally, 49 new Indiana businesses, including 18 women- and minority-owned businesses, have been certified to use the program, advancing the entrepreneurial ecosystem in the years to come.
Investing in entrepreneurs and small businesses
IEDC works to assist entrepreneurs and small businesses through the Indiana Small Business Development Center and the Indiana Procurement Technical Assistance Center. In 2022, Indiana SBDC provided grant support to more than 5,469 of her entrepreneurs and small businesses, secured $110 million in capital, and helped launch 407 new businesses. This broke the annual record. Of these new businesses, 32% were founded by minority entrepreneurs. The Indiana SBDC will also fund a record number of growth and improvement projects through the Indiana Technical Assistance Program in 2022, with 62 projects in business management systems, product prototyping, SBIR/STTR support, technology research and development, and more. of start-ups.
In addition, PTAC served 433 new clients, approximately 68% of whom were women, minority or veteran-owned businesses, and helped businesses secure $446.1 million in federal contracts, resulting in helped create 815 new jobs as
Encouragement of entrepreneurial equity
IEDC has secured up to $99.1 million in federal funding through the State Small Business Credit Initiative to expand access and raise capital for Hoosier entrepreneurs, start-ups and small businesses. Invested alongside private capital, the funds are expected to invest at least $990 million in Indiana’s innovation and entrepreneurship ecosystem, with at least 37% of SSBCI funding traditionally underserved. allocated to SMEs and entrepreneurs who were previously unfamiliar, promoting greater equity in access to capital. for Hoosiers.
Investing in high-growth startups
As the most active venture capital firm in the Great Lakes region since 2017, Elevate Ventures supports IEDC’s efforts by providing backing to high-growth, high-potential, cross-sectoral startups and innovators to raise more capital. Make it accessible and attract additional private co-investment. In 2022, Elevate Ventures has pledged 183 investments totaling nearly $35 million. This broke the annual record. Since inception, Elevate Ventures has invested his $152 million in his Hoosier business, and from other sources he has raised $2.035 billion in capital (an investment leverage ratio of 13:1 ).
Elevate Ventures also assists small businesses by applying for grants and securing state matching funding through the Small Business Innovation Research and Small Business Technology Transfer Program, which accelerates the commercialization of R&D technologies. In 2022, Elevate Ventures will invest $1.8 million in state matching funds to leverage his $12.5 million federal SBIR/STTR Phase 1 and Phase 2 grants secured by his 34 companies in Indiana. bottom.
In 2022, IEDC will celebrate the many contributions of Indiana entrepreneurs and innovators during Global Entrepreneurship Week by unveiling new entrepreneurial ecosystem assets. Entrepreneurship Indiana, an annual publication celebrating entrepreneurial journeys, and a new website in the final stages of testing. , provides a comprehensive statewide list of entrepreneurial resources, programs, and services to help start and grow your business. Visit EntrepreneurshipIndiana.com to submit inspiring entrepreneurs in your community in next year’s issue.
Read more about Indiana’s focus on entrepreneurship and the 5E approach to creating the economy of the future in IEDC’s 2022 Annual Report.
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