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Indiana Economic Development Corporation
The Indiana Economic Development Corporation (IEDC) is the state's lead economic development agency, founded in 2005.
Indiana Economic Development Corporation
The Indiana Economic Development Corporation (IEDC) was established in 2005 by then-Governor Mitch Daniels to streamline the state's economic development efforts. It operates as a quasi-public agency, governed by a board appointed by the governor, with a mandate to create jobs and investment in Indiana. IEDC's strategy combines tax credits, grants, and other financial incentives to attract and retain businesses. The agency has supported capital investment in manufacturing, logistics, technology, and renewable energy projects. Key recent projects include a $1.9B investment by Eli Lilly in Boone County (2022) and a semiconductor packaging facility by SkyWater Technology in West Lafayette (2021). The agency's geographic focus is state-wide, with an emphasis on underserved rural and urban areas. The IEDC does not disclose an AUM or deployment figure; its economic impact is measured in job creation and private capital catalyzed, not assets under management. As of 2024, the agency has supported over 1,000 projects annually, and its staff numbers roughly 100 professionals. It operates no additional offices beyond its Indianapolis headquarters. A February 2025 announcement detailed a $10M grant to support electric vehicle battery supply chain development (per the IEDC, February 2025). The IEDC's structural differentiator is its role as a state-level economic development corporation, distinct from a family office or asset manager. It functions more like a public-private partnership, sourcing deal flow through business attraction and expansion efforts, with capital deployed as incentives rather than equity or debt. Its governance is tied to the state's political leadership, making it responsive to policy objectives.
General information
Firm type
other
Year founded
2005
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Indianapolis
Corporate office
Indianapolis, IN, United States
Principals
Elaine Bedel
President (as of 2021)
Eric Doden
Former President (2013-2016)
Sector focus
Frequently asked questions
Who makes investment decisions at IEDC?
The IEDC is led by a president appointed by the governor, currently Elaine Bedel (as of 2021). Major capital allocation decisions require approval from the IEDC board, which is composed of state officials and private-sector appointees (public record).
How does IEDC source deal flow?
The IEDC sources projects through business attraction marketing, partnerships with local economic development organizations, and direct outreach to companies considering expansions or relocations. The agency also manages the Indiana Regional Economic Acceleration and Development Initiative (READI) to compete for projects (per the IEDC).
Is IEDC structured as an investment fund or a government agency?
The IEDC is a quasi-public corporation, not a fund. It does not manage assets for return but deploys incentives — such as tax credits, grants, and infrastructure assistance — to stimulate private capital investment and job creation (public record).
What is IEDC's relationship with the state of Indiana?
The IEDC was created by state statute in 2005 and is governed by a board appointed by the governor. Its budget and strategic priorities are aligned with state economic development policy, and it operates under the oversight of the Indiana General Assembly (public record).
What types of projects does IEDC typically support?
The IEDC supports a wide range of projects across manufacturing, technology, logistics, life sciences, and renewable energy. Examples include the $1.9B Eli Lilly expansion in Boone County and the SkyWater semiconductor facility in West Lafayette. The agency also invests in workforce training and infrastructure projects (public record).
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