IN HB1378

Requires the Indiana Economic Development Corporation (IEDC) to establish an Internet-based virtual incubator pilot program to assist entrepreneurs and start-up small businesses that cannot access conventional incubation programs due to distance, population dispersal, or business scale

Limits program participation (tenants) to start-up small businesses located in northwestern Indiana, selected through a competitive application process

Mandates IEDC develop selection criteria including assessment of potential economic impact, likelihood of collaboration with Indiana research and educational institutions, financial commitment, applicant industry experience, and likelihood of profitability within 3 years

Requires IEDC to provide tenants with assistance including business planning, identifying funding sources, market guidance, proof-of-concept analysis, access to business mentors, and help reaching state, national, and global markets

Requires annual reports to the legislative council by September 1 detailing applications received, accepted, and rejected, jobs created, tenant locations, and program recommendations; program expires July 1, 2018