Indiana Representative Sue Ellsperman (R-Ferdinand) plans to file a bill during the first legislative session of 2011 that would create a “young entrepreneur auction.” The gist of the bill is this:
- The Indiana Economic Development Commission would host sessions in different communities. At each session, recent college graduates would each present a business plan to representatives of the community or the community’s economic development organization. The plan would include a list of what would be needed to get the business started — such as space, exposure and mentors.
- Leaders would go back to their communities and decide if they are interested in any of the proposals. For each one they are interested in, they would develop a bid package to offer the entrepreneur. The Indiana Office of Community and Rural Affairs would be available to help leaders create bid packages.
- Each of the students, with the help of the state economic development commission, would review all proposals to see which would be the best for a proposed business.
I have not seen a copy of the bill yet, but conceptually this sounds like a great idea. If communities around the state are able to widely participate, something like this might be successful in matching up young entrepreneurs with communities that have the facilities and talent to give them a chance at success. Some critical considerations, at least in my mind, include:
- Making sure there is wide participation around the state – lots of communities will need to get on board. Otherwise, what is the point?
- If the only “community leaders” who participate wind up being real estate developers and brokers in Indy and Bloomington looking to fill empty office space at discounted rates, this will flop.
- How is this paid for? What will the incentives be? Tax breaks? Free space? Grants?
I plan to keep an eye out for this bill and will post a follow up.
What are your thoughts?
- IndianaStartup.com – Plans for 2011 (and looking for bloggers to contribute)! (indianastartup.com)
- Boot Camps for Entrepreneurs (entrepreneur.com)
- 10 Reasons Why you should Join a Business Plan Competition (penn-olson.com)