Legislation would establish competitive grant program to fund university business incubators
A newly-proposed bill would create a competitive grant program supporting business incubators operated by or affiliated with universities and colleges in an effort to encourage entrepreneurship and more innovation among students.
U.S. Representative Eric Swalwell (CA-15) introduced H.R. 3990, the Start-Up America’s Students Act, which would create a competitive grant to establish, expand, or improve business incubators operated by or affiliated with universities and colleges.
Swalwell is the chair of the Future Forum, a group focused on issues and opportunities for millennial Americans. Future Forum members Derek Kilmer (D-WA), Patrick Murphy (D-FL), Ruben Gallego (D-AZ), and Hakeem Jeffries (D-NY) joined as original cosponsors.
“Because of rising student loans, entrepreneurship among young Americans is at 24-year-low. We shouldn’t let student loan debt hold millennials back from pursuing their entrepreneurial dreams,” said Swalwell. “Universities and colleges can provide the perfect environment to foster innovation and entrepreneurship. However, many schools lack the resources to invest in an incubator. I’m honored to join my Future Forum colleagues to introduce the Start-up America’s Students Act to give more students opportunities to get businesses off the ground.”
University business incubators (UBI) are defined as facilities on college campuses that provide shared spaces, resources, guidance, and assistance in creating and growing student-owned small businesses.
For example, at UBIs across the country, students can work with university faculty and local business owners to learn valuable lessons about running a business. This bill would create a competitive grant program within the Small Business Administration to specifically fund college business incubators.
Material from a press release was used in this report.
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