SENATE BILL REPORT
SB 5102
BYSenators Lee, Warnke and Smitherman
Providing for an institute for entrepreneurial development.
Senate Committee on Economic Development & Labor
Senate Hearing Date(s):January 24, 1989
Senate Staff:Jack Brummel (786-7428)
AS OF JANUARY 23, 1989
BACKGROUND:
Entrepreneurial development has been suggested as a mechanism to stimulate economic growth and strengthen local economies through diversification. In 1986, Washington ranked 48th among the states in entrepreneurial awareness in a study by the Corporation for Enterprise Development. An Interagency Task Force on Entrepreneurial Development was established by the Legislature in 1988 to, in part, make recommendations on how to improve the entrepreneurial climate in the state. A number of task force recommendations have been incorporated in Senate Bill 5102.
SUMMARY:
The Business Assistance Center of the Department of Trade and Economic Development operates a grant program designed to establish an Institute for Entrepreneurial Development. Educational institutions and nonprofit development organizations are eligible to apply for the grant to establish the institute. The institute will assess entrepreneurial activities and training programs and develop a coordination plan. It will also operate a clearinghouse, publish a newsletter and operate an awards program for excellence in entrepreneurial education and assistance. In addition, the institute will facilitate the development of private and interinstitutional entrepreneurial training, develop entrepreneurial instructional materials and curricula, and raise funds for and operate a grant program for demonstration projects, research, and symposia.
The institute is governed by a board of directors, the majority of whom shall be from the private sector. State support for the institute decreases incrementally to zero support by the sixth year of operation.
Appropriation: $450,000 to the Department of Trade and Economic Development
Revenue: yes
Fiscal Note: requested January 23, 1989