Bill > H489

This bill establishes a Student Entrepreneurial Development and Economic Investment Fund designed to support student entrepreneurship in Massachusetts. The fund will be managed by an investment board composed of diverse members, including government officials, educational representatives, private investors, and student representatives from different types of higher education institutions. The primary purpose of the fund is to provide grants to students for developing early-stage business prototypes, with the goal of attracting students to Massachusetts and creating stronger connections between the public higher education system and the state's business community. Grants will be awarded through a process where students present comprehensive business plans, detailing their product or service, market potential, development strategies, capital needs, and projected economic impact. The board is restricted from distributing more than 20% of the fund's first-year balance in grants and must submit an annual report to state leadership detailing its activities and financial operations. Recipients of grants will be required to develop and maintain their business ideas within Massachusetts, with the secretary of economic development establishing rules and penalties for businesses that relocate out of the state.

Business and Industry

https://malegislature.gov/Bills/194/H489