2013 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 28. INDIANA ECONOMIC DEVELOPMENT CORPORATION
CHAPTER 35. YOUNG ENTREPRENEURS PROGRAM
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IC 5-28-35
Chapter 35. Young Entrepreneurs Program
IC 5-28-35-1
"Young entrepreneur"
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-2
Young entrepreneurs program; powers and duties of the
corporation
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-3
Young entrepreneurs program auction
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-4
Application to participate in the young entrepreneurs program
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-5
Selection of participating young entrepreneurs
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-6
Notice and guidelines for auctions
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-7
Bidders; submission of bids; review and selection of winning bids
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-8
Young entrepreneur business proposals; corporation assistance
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-9
Auction preview event
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-10
Office of community and rural affairs assistance for bidders
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-11
Fees
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.
As added by P.L.4-2011, SEC.1.
IC 5-28-35-12
Expiration of the young entrepreneurs program
Sec. 12. This chapter expires December 31, 2014.
As added by P.L.4-2011, SEC.1.
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