Indiana Office of Entrepreneurship and Innovation

What Is the Indiana Office of Entrepreneurship and Innovation?

The Indiana Office of Entrepreneurship and Innovation (OEA&I) is a strategic force driving entrepreneurial growth, innovation, and statewide economic development under the guidance of the Indiana Secretary of Commerce. The office was formally established by Governor Braun (Mike Braun), whose administration has prioritized entrepreneurship and innovation as key pillars of Indiana’s economic future. Co-founder Brian Schutt, a proven leader with a strong entrepreneurial background, leads the office, bringing experience from startup incubators and business development to establish credibility and authority. Its mission centers on empowering entrepreneurs and startups by providing resources, advocating for innovation, and fostering collaboration between key players in Indiana’s vibrant business ecosystem. The OEA&I serves as both advocate and architect, ensuring Indiana remains a national leader and an inspiring environment for business creation and growth, with the ambition to make Indiana the best place in the country for entrepreneurship.

Led by forward-thinking leadership in the Office of the Secretary of Commerce, the OEA&I crafts policies and supports programs that directly benefit new ventures and established businesses alike. The office’s primary directives include supporting entrepreneurship, economic growth, and job creation across all four corners of the state, and it has taken over certain entrepreneurship-focused functions from the Indiana Economic Development Corporation. By prioritizing inclusive growth, they make sure that entrepreneurs from all walks of life—urban, rural, experienced, or early-stage—have opportunities to access critical tools, capital, and knowledge. This commitment is widely recognized in Indiana business news, as the state repeatedly earns accolades for its pro-business policies and entrepreneurial climate.

How Does the Office Support Statewide Entrepreneurship and Economic Growth?

The OEA&I is pivotal in coordinating initiatives that fuel entrepreneurship across Indiana’s diverse regions. The office plays a key role in aligning services and collaborating with state agencies and other state funded entities to support entrepreneurship, innovation, and small business growth statewide. It acts as a conduit for resources ranging from capital investments to technical support, working closely with public and private stakeholders to strengthen Indiana’s economic ecosystem. The Office’s strategies include fostering mentorship networks, advocating for favorable policy, and ensuring seamless access to funding and guidance at every business stage.

The OEA&I oversees programs and administers programs related to entrepreneurship and innovation across the state. With its focus on removing barriers and championing growth, the OEA&I is instrumental in boosting Indiana’s competitiveness as a premier business destination.

What Are the Key Partnerships Within Indiana’s Innovation Ecosystem?

Collaboration is at the heart of the OEA&I’s impact. The Office works in harmony with universities, major industries, accelerators, and organizations like Elevate Ventures to align statewide resources and expertise. The OEA&I also collaborates with funded entities to deliver programs supporting entrepreneurship and innovation across Indiana. These partnerships catalyze innovation by connecting entrepreneurs to groundbreaking research, facilitating direct industry collaboration, and integrating academic innovation into commercial opportunities. By bridging connections among higher education, industry, and government, the OEA&I ensures that Indiana’s innovation pipeline is robust—supporting not only emerging startups but fueling sustainable, long-term economic prosperity.

For entrepreneurs and startups looking to benefit from Indiana’s business-friendly environment, the OEA&I offers a unique launching pad. In collaboration with Elevate Ventures, the Office presents unparalleled access to networks, capital, and tailored mentorship, including funding related initiatives developed through these partnerships. As a result, Indiana is recognized nationally as a dynamic, innovative, and welcoming state to start and scale a business, and the OEA&I is at the heart of this transformation.

What Programs and Resources Does the Indiana Office of Entrepreneurship and Innovation Offer?

The Indiana Office of Entrepreneurship and Innovation offers a comprehensive suite of programs and resources designed to empower entrepreneurs, fuel innovation, and drive sustainable business growth throughout Indiana. In addition to these offerings, the Office oversees key entrepreneurship-focused functions, such as managing certified technology parks and developing resources for entrepreneurs. These programs supporting small businesses and startups deliver significant benefits to Indiana by fostering job creation, economic development, and expanded opportunities for both business owners and workers. From financial grants and vouchers to specialized support for underrepresented founders, the Office plays a pivotal role in building an inclusive and robust startup ecosystem. By actively collaborating with partners across the state, including venture capital firms like Elevate Ventures, nonprofit groups, and community organizations such as the Central Indiana Women’s Business Center, Indiana is crafting a dynamic environment where startups can thrive.

Overview of Major Funding Programs

Indiana’s innovation infrastructure is bolstered by funding opportunities, including the Indiana Innovation Voucher. This program helps early-stage companies access critical resources for research and product development by offering vouchers—essentially, non-dilutive grants—to offset costs like prototyping, legal services, and commercialization support. These initiatives not only support business growth but also contribute to wage growth and create new job opportunities for Indiana residents. In addition, a host of Indiana business grants are available for various industries, and the Office maintains close ties with Indiana venture capital networks, ensuring entrepreneurs can navigate the path from seed funding to scaling their businesses with the guidance of experienced investors such as Elevate Ventures.

Support for Underrepresented Founders

Inclusivity is a core focus area. Initiatives like the Central Indiana Women’s Business Center offer tailored mentorship, leadership programs, and funding guidance specifically designed to champion women and minority founders. The office is also committed to supporting rural communities and main street entrepreneurs, ensuring that resources and opportunities reach those who are often underserved. These programs not only expand access to funding but also foster mentorship and peer networks vital for long-term success, with a particular focus on growing main street businesses. The Office’s partnerships aim to break down systemic barriers and open doors for a wide array of entrepreneurs across the state.

Community Initiatives and Collab Programs

Beyond individual funding, the Office actively collaborates with initiatives like Indiana for the Bold, which showcases the state’s commitment to cultivating a bold, entrepreneurial spirit. These community-driven programs offer networking opportunities, pitch competitions, and events where startups can connect with industry leaders, investors, and potential partners. Indianapolis co-working spaces and startup incubators like Refinery46 play a key role in supporting these efforts, providing resources and collaborative environments for entrepreneurs. Such efforts strengthen both urban and rural entrepreneurial communities and demonstrate Indiana’s forward-thinking approach to economic development.

For example, Brian Schutt, co-founder of Homesense Heating and Cooling, exemplifies entrepreneurial leadership in Indiana’s innovation community, contributing to the growth of small businesses and startups across the state.

Advisory, Networking, and Educational Services

To complement its financial programs, the Office of Entrepreneurship and Innovation provides a plethora of advisory, networking, and educational services. In addition to these offerings, the office is committed to supporting students and teachers by providing technical support and fostering entrepreneurial skills through targeted initiatives. Entrepreneurs can access workshops on business planning and scaling, connect with expert mentors, and tap into statewide databases of business resources. Networking forums facilitate collaboration, foster investment connections, and showcase Indiana’s ever-expanding pool of entrepreneurial talent. Through its partnership with Elevate Ventures, the Office ensures that new and growing businesses can find the capital, mentorship, and strategic insights needed to accelerate their trajectory—regardless of their industry or phase of growth.

The Indiana Office of Entrepreneurship and Innovation stands as a cornerstone for founders seeking not just funding but the support, knowledge, and connections crucial to thriving in today’s competitive landscape. By leveraging these programs and partnerships, including those that encourage youth entrepreneurship and develop entrepreneurial skills among students, startups can unlock their full potential and contribute meaningfully to Indiana’s vibrant and innovative economy.

How Can Indiana Innovation Voucher and Other Grants Support Small Businesses?

Indiana Innovation Voucher and other Indiana business grants play a transformative role for small businesses statewide, offering the funds and validation needed to accelerate innovation. These targeted financial supports are designed to empower startups and established entrepreneurs alike—especially in sectors where early-stage investment or R&D collaboration is crucial. By lowering financial barriers and supplementing venture funding, Indiana’s grant programs help bring bold new ideas to market faster, supporting sustainable business growth and competitive advantage. In addition to grants, the office offers programs related to entrepreneurship and innovation, providing significant benefits for small business owners, workers, and economic development in Indiana. The office works to develop these initiatives to enhance resources, foster entrepreneurial skills, and create new opportunities for growth and job creation.

What Is the Indiana Innovation Voucher, and How Do You Apply?

The Indiana Innovation Voucher is a non-dilutive funding resource that provides eligible startups and small businesses with up to $50,000 to offset innovation-driven expenses. This voucher can be used to engage with Indiana higher education or research institutions for product development, prototyping, research, or testing. To apply, businesses typically complete an online application, detailing their innovation project and the intended use of funds. The program’s streamlined process focuses on accessibility and speed—key for entrepreneurs seizing time-sensitive market opportunities. Elevate Ventures frequently advises applicants, ensuring their proposals align with program guidelines and maximize impact.

Which Types of Small Businesses and Startups Are Best Positioned To Benefit?

The voucher and grant programs are particularly impactful for early-stage technology companies, life sciences startups, manufacturers introducing new products, and any innovative small businesses seeking external expertise. Indianapolis, as a hub for tech and biotech, sees many companies using the voucher to scale prototypes or run market validation pilots. That said, rural businesses or companies outside traditional high-tech spheres are also encouraged to apply, with success not limited to urban centers. By emphasizing innovation and market readiness, Indiana’s grant ecosystem fosters diversity across sectors and geographies.

Are There Success Stories of Indianapolis or Indiana Businesses Leveraging These Programs?

Yes, the impact of these grants can be seen in numerous Indiana business success stories. For instance, several small businesses in Indianapolis have used the Innovation Voucher to refine their technology through partnerships with local universities. Others statewide have leveraged grant funding for rapid prototyping, leading to job creation, new revenue streams, or further investment. Elevate Ventures works closely with these businesses—helping secure not only initial grants but also connecting founders to follow-on venture funding in Indiana and beyond.

These programs are helping entrepreneurs achieve the American Dream by fostering innovation, supporting business growth, and creating economic opportunity for all residents.

How Can Entrepreneurs Connect to Additional Funding and Technical Assistance?

Navigating the landscape of available support requires both networking and strategic guidance. Organizations like Elevate Ventures provide hands-on coaching for grant applications and frequently host workshops in collaboration with Indiana’s innovation offices. The office and its partners also provide technical support to entrepreneurs navigating funding opportunities, helping them develop the skills and access the resources needed for success. These partners also introduce entrepreneurs to accelerators, angel investors, and technical experts, ensuring businesses can leverage not just initial grant capital, but also ongoing mentorship and resources critical for long-term growth. In summary, Indiana’s blend of public and private support—bolstered by robust funding programs—positions small businesses for outsized innovation impact.

Why Is Indiana Emerging as a Top Hub for Startups and Innovation?

Indiana’s rise as a leading destination for startups and cutting-edge innovation can be attributed to a unique blend of competitive advantages. From a business-friendly regulatory environment and low cost of living to a robust talent pipeline and world-class infrastructure, Indiana offers startups and entrepreneurs fertile ground to not just launch, but thrive. The state’s committed support through innovation centers, venture funding, and public-private partnerships has also positioned the region as an increasingly prominent player on the national and global stage. In addition, the past legislative session, under the leadership of the current gov, focused on strengthening policies that support entrepreneurship and innovation, further accelerating Indiana’s growth as a startup hub.

What Makes Indiana an Ideal Ecosystem for Entrepreneurs?

Indiana’s infrastructure is among the best in the nation, highlighted by a #1-ranked airport, advanced highways and ports, and the presence of major shipping hubs like FedEx. For entrepreneurs, this means unparalleled connectivity—crucial for both local and international business operations. The state’s regulatory framework is equally advantageous: consistently awarded for its business-friendly policies, entrepreneurs enjoy low corporate tax rates, relatively simple compliance processes, and a stable fiscal environment. This encourages business formation, minimizes operational hurdles, and allows founders to concentrate fully on innovation and growth.

Another pillar of Indiana’s ecosystem is its deep talent pool. Home to multiple R1 research universities, like Purdue University and Indiana University, the state annually produces thousands of graduates in engineering, technology, and business—providing startups with access to top-tier talent across critical disciplines. Organizations such as Indiana for the Bold further support this by offering networks and mentorship to help founders find, recruit, and retain skilled employees. State-backed initiatives like the Indiana Innovation Council foster connections among startups, academia, and established industries, allowing for a continuous flow of ideas and resources.

How Do Innovation Centers, Venture Capital, and Accelerators Contribute to Indiana’s Momentum?

Indiana’s landscape is rich in accelerators, incubators, and co-working spaces that not only offer infrastructure but also connect founders to vital support services, including mentorship, legal guidance, and industry-specific expertise. Central to this momentum are organizations like Elevate Ventures, which provide Indiana venture capital and strategic advisory services designed to propel early-stage companies toward scalability.

The state has also invested heavily in funding programs and competitions that lower the risk for founders and investors alike. These opportunities drive experimentation, attract top talent from around the world, and allow startups to scale quickly without relocating to higher-cost regions. Recent Indiana business news reflects this progress, with Indiana consistently earning spots in national rankings for the best states to start a business and for robust technology sector growth. These accolades have helped attract more venture capital and have drawn attention from global tech giants eager to establish regional hubs or invest in homegrown companies.

What Does the Future Hold for Indiana’s Startup and Innovation Ecosystem?

Building on a foundation of world-class infrastructure, pragmatic governance, and a growing pool of venture investors, Indiana’s innovation trajectory is poised for even greater expansion. Major investments by multinational corporations, continued government commitment to entrepreneurship, and the emergence of specialized industry clusters—such as life sciences, advanced manufacturing, and cloud technology—promise a diverse landscape of opportunity for new and established enterprises alike.

As the startup ecosystem matures, new accelerators, educational programs, and networking opportunities are being developed to meet emerging needs. These expansions are coupled with an inclusive vision: Indiana is home not just to entrepreneurs from traditional tech backgrounds, but also to innovators in manufacturing, life sciences, logistics, and beyond. This diversity of expertise and thought makes Indiana’s innovation ecosystem adaptable and resilient—capable of weathering market shifts while continuously driving forward momentum.

If you’re ready to seize the opportunities Indiana offers, Elevate Ventures stands ready to be your guide and catalyst. Connect your business with trailblazing capital, strategic mentorship, and deep-rooted networks uniquely tailored to Indiana’s thriving landscape. Take your innovation to new heights—partner with Elevate Ventures and unlock the advantages that await your startup in America’s next great hub of entrepreneurship.