2014 Indiana Code TITLE 4. STATE OFFICES AND ADMINISTRATION ARTICLE 4. LIEUTENANT GOVERNOR CHAPTER 36. YOUNG ENTREPRENEURS PROGRAM
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IC 4-4-36
Chapter 36. Young Entrepreneurs Program
IC 4-4-36-1
"Office"
Sec. 1. As used in this chapter, "office" means the office of small
business and entrepreneurship established by IC 4-4-35-3.
As added by P.L.187-2014, SEC.8.
IC 4-4-36-2
"Young entrepreneur"
Sec. 2. 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 3 of this chapter.
As added by P.L.187-2014, SEC.8.
IC 4-4-36-3
Young entrepreneurs program
Sec. 3. (a) The office shall administer a program to promote
young entrepreneurs who wish to start a business in Indiana. The
program is the continuation of the program established under
IC 5-28-35 (repealed).
(b) The office 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 office may use any money
available to the office under this article to implement this chapter.
As added by P.L.187-2014, SEC.8.
IC 4-4-36-4
Auctions
Sec. 4. The program administered under 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.187-2014, SEC.8.
IC 4-4-36-5
Application
Sec. 5. A young entrepreneur who wishes to participate in the
program must apply on a form prescribed by the office. 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.187-2014, SEC.8.
IC 4-4-36-6
Review and selection of young entrepreneurs
Sec. 6. The office shall review the applications submitted under
section 5 of this chapter and select the young entrepreneurs permitted
to participate in an auction conducted under section 7 of this chapter.
As added by P.L.187-2014, SEC.8.
IC 4-4-36-7
Notice and guidelines for auctions
Sec. 7. The office shall publicly announce the office's intent to
conduct an auction and the auction guidelines. The office 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.187-2014, SEC.8.
IC 4-4-36-8
Bidders; submission of bids; review and selection of winning bids
Sec. 8. (a) Communities and economic development organizations
may submit bids to the office for the auction consistent with the
guidelines announced by the office. The office 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 office 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.187-2014, SEC.8.
IC 4-4-36-9
Assistance with business proposals
Sec. 9. The office 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.187-2014, SEC.8.
IC 4-4-36-10
Auction preview event
Sec. 10. The office shall conduct a preview event before an
auction held under section 7 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.187-2014, SEC.8.
IC 4-4-36-11
Assistance for bidders
Sec. 11. 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 7 of this chapter.
As added by P.L.187-2014, SEC.8.
IC 4-4-36-12
Fees
Sec. 12. The office 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.187-2014, SEC.8.
IC 4-4-36-13
Expiration of program
Sec. 13. This chapter expires December 31, 2016.
As added by P.L.187-2014, SEC.8.
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