Bill Text: IN HB1251 | 2011 | Regular Session | Enrolled
Bill Title: Young entrepreneur program.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2011-05-16 - Effective 07/01/2011 [HB1251 Detail]
Download: Indiana-2011-HB1251-Enrolled.html
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AN ACT to amend the Indiana Code concerning economic development.
Chapter 35. Young Entrepreneurs Program
Sec. 1. As used in this chapter, "young entrepreneur" means an individual who:
(1) is enrolled in a state educational institution and pursuing a major or minor in an entrepreneurial program; or
(2) graduated from a state educational institution with a major or minor in an entrepreneurial program not more than three (3) years before submitting an application to participate in a program established under section 2 of this chapter.
Sec. 2. (a) The corporation shall establish a program to promote young entrepreneurs who wish to start a business in Indiana.
(b) The corporation shall cooperate with the office of community and rural affairs established by IC 4-4-9.7-4 to inform rural communities of the opportunity to seek economic development opportunities under the program.
(c) Notwithstanding any other law, the corporation may use any money available to the corporation under this article to implement this chapter.
Sec. 3. A program established under section 2 of this chapter
must include at least one (1) auction per year in which interested
communities and economic development organizations bid on the
opportunity to locate a young entrepreneur's business in the
community or territory served by the economic development
organization.
Sec. 4. A young entrepreneur who wishes to participate in the
program must apply on a form prescribed by the corporation. The
application must describe the young entrepreneur's proposals for
starting a business in Indiana, including start up needs for the
proposed business and the applicant's preferred locations.
Sec. 5. The corporation shall review the applications submitted
under section 4 of this chapter and select the young entrepreneurs
permitted to participate in an auction conducted under section 6 of
this chapter.
Sec. 6. The corporation shall publicly announce the
corporation's intent to conduct an auction and the auction
guidelines. The corporation may conduct an auction held under
this section in person or in an online format at a state educational
institution or a state government location in Indianapolis.
Sec. 7. (a) Communities and economic development
organizations may submit bids to the corporation for the auction
consistent with the guidelines announced by the corporation. The
corporation shall review each bid submitted at the auction to
identify the communities and economic development organizations
that submitted bids that meet or exceed the needs of the selected
young entrepreneurs.
(b) The corporation shall review the bids identified under
subsection (a) and assist the young entrepreneur in selecting a
winning community or economic development organization from
among the identified bids. A bid selected by a young entrepreneur
under this subsection is legally binding upon the parties in
accordance with the terms of the selected bid.
Sec. 8. The corporation may assist each young entrepreneur
selected to participate in the program with the development of the
young entrepreneur's business proposal to ensure that each
proposal is professionally presented to interested bidders.
Sec. 9. The corporation shall conduct a preview event before an
auction held under section 6 of this chapter. The preview event
must be designed to introduce the young entrepreneurs selected for
the auction to interested communities and economic development
organizations. The preview event may be held at a state
educational institution or a state government location in
Indianapolis.
Sec. 10. The office of community and rural affairs shall assist
rural communities and economic development organizations
serving rural communities in reviewing business proposals and
preparing bids for an auction held under section 6 of this chapter.
Sec. 11. The corporation may impose a reasonable fee on a
community or economic development organization that
participates in an auction conducted under this chapter.
Sec. 12. This chapter expires December 31, 2014.
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