Central Indiana is at a pivotal moment. While the region is experiencing rapid economic growth, the benefits of that expansion are not reaching all communities equally. Black residents make up 17.1% of the population but own just 3% of employer businesses, a clear and persistent disparity with significant economic consequences.
The Indy Biz Pass initiative developed through collaboration among InnoPower, the Indy Chamber, and the Indy Foundation aims to close this gap by creating a coordinated, well-supported Black business ecosystem. The goal is bold: increase Black-owned employer businesses to 10% in five years, generating 2,135 new businesses, thousands of jobs, and between $85 million to $1.2 billion in annual wages.
Understanding the Opportunity Gap
Despite entrepreneurship being a proven engine of economic mobility, Black business owners in Central Indiana continue to face major challenges:
- Only 27% of small businesses are aware of available support organizations.
- Many banks have closed branches in predominantly Black neighborhoods, limiting access to capital.
- Black entrepreneurs report a lack of connection to mentors, networks, and information.
- There is no centralized resource for navigating available opportunities.
These barriers were highlighted in foundational research by JPMorgan Chase, Next Street, and Common Future, along with the Brookings Institution, which called for a strategic, ecosystem-wide response.
A Comprehensive Ecosystem Approach
To address these systemic challenges, Indy Biz Pass takes a research-backed approach, focusing on three core pillars identified as essential to an inclusive entrepreneurial ecosystem:
- Continuum of Capital
Expanding access to flexible funding through partnerships with organizations such as the Indy CDFI Collaborative, Indy Chamber’s Business Ownership Initiative, Generations MDI, and revolving loan funds. - Equitable Access to Networks
Supporting peer-to-peer learning, mentorship, and customer connections through structured programs and platforms. - Ecosystem Building
Strengthening coordination between funders, service providers, community partners, and entrepreneurs through digital tools, convenings, and coalitions.
What Is an Entrepreneurial Ecosystem?
Defined by the Federal Reserve Bank of Kansas City, an entrepreneurial ecosystem includes:
“The individuals, organizations, support programs, investors, companies, relationships, policies, environments, spaces, and cultures that work together to support entrepreneurs as they start and grow companies.”
These ecosystems, when properly aligned, contribute significantly to job creation, output, and productivity growth. In fact, high-growth young firms account for nearly 50% of gross job creation in the U.S., according to the Brookings Institution.
Indy Biz Pass: Aligning Efforts for Greater Impact
Indy Biz Pass serves as a digital hub and coordination tool that connects Black entrepreneurs to critical resources, capital, and networks. Its core features include:
- Resource Navigator – A comprehensive directory of support organizations, educational tools, and mentorship opportunities.
- Capital Connector – Tailored guidance on accessing grants, loans, and equity based on business stage.
- Network Builder – Tools to foster community, mentorship, and B2B connections.
- Impact Dashboard – A data system to track business creation, growth, and the initiative’s progress toward its ownership goals.
This platform supports a market-driven strategy that includes both capacity building and economic activation ensuring that efforts are not just supportive but sustainable and scalable.
The Six Pillars of a Thriving Entrepreneurial Ecosystem
Indy Biz Pass is guided by six key domains of entrepreneurial health, as outlined by national research institutions:
- Human Capital – Developing technical and business skills.
- Social Capital – Strengthening networks and relationships.
- Financial Capital – Improving access to debt and equity financing.
- Culture – Building a sense of inclusion, visibility, and celebration around entrepreneurship.
- Infrastructure – Ensuring access to co-working spaces, broadband, and business districts.
- Policy – Simplifying licensing and permitting, and creating supportive tax and incentive frameworks.
Moving Forward Together
Through aligned strategies and collaborative partnerships, Central Indiana has the tools to radically shift its economic landscape. By focusing on inclusive growth and ecosystem-building, Indy Biz Pass represents more than just a program; it’s a pathway to lasting economic transformation for Black entrepreneurs and the broader regional economy.
Now is the time to invest in equitable growth. If you’re a business owner, service provider, investor, or supporter, there’s a role for you in this ecosystem. Join us in building a stronger, more connected, and more inclusive Central Indiana.