Investable capital is required for technology-based companies to start and grow. While technology is Indiana’s fastest growing sector, our state ranks low in the amount of venture capital being deployed to Indiana companies. Indiana ranks 30th in America for venture capital deployment, lagging behind all of our neighboring states. (PwC analysis) Incentivizing and increasing the speed of capital to companies at all stages will accelerate the growth of Indiana’s technology industry and help us remain a leader in the 21st Century, data-centric economy.
ITIA supports policies that expand access to capital for tech companies at all stages of growth, and help educate and connect Indiana entrepreneurs to available sources of capital. ITIA also supports policies to encourage the creation of more state- and local-based venture capital funds, as well as make Indiana more competitive for national venture capital investment. As part of these efforts, ITIA encourages a focus on ensuring women and minority entrepreneurs have access to capital at all stages.
Indiana has built a reputation as a low-tax, low-cost, business-friendly state, and these efforts have helped attract companies and jobs in recent years. To continue this momentum as we transition to a 21st-century, technology-driven economy, Indiana must position and brand itself as a welcoming and attractive place to live and work in tech. Efforts to ensure Indiana has a thriving tech ecosystem and support structure are critical to our industry’s ability to attract and retain top tech talent, investment and resources. Also important to making Indiana an attractive place for the tech economy are policies that improve the quality of life metrics important to today’s workforce, including diversity, equality, sustainability and more.
Technology jobs are growing rapidly in our state. Technology job postings in Indiana increased by 85% over the last year, with more than 184,000 new tech jobs added to our economy (CompTIA Cyberstates 2019). Indiana tech employment is projected to grow nearly 7.6% between 2018 and 2026; more than Illinois (5.1%), Michigan (5.6%) and Ohio (4.6%) (CompTIA Cyberstates 2019). To embrace this tech growth, we must ensure Indiana has the trained workforce to match. Indiana’s technology companies are currently struggling to attract and retain skilled talent to fill available jobs, and this will only get more difficult as the industry grows.
ITIA supports policies to better educate and train Indiana students in technical trades and expose students to careers in technology and innovation, skill up our current Hoosier workforce, and retain and attract technically trained workers to fill the growing demand for tech jobs in our state. ITIA supports efforts to promote diversity within the tech ecosystem by ensuring women and minority populations have exposure, training and access to careers in tech.