The bill proposes legislative changes designed to jumpstart the economy and expedite small business startups.
In the past, small businesses have on average created 3 million jobs a year. This is why small business is often described as the engine of the economy, or in recent years, the engine for recovery.
Are you an entrepreneur? Leader in higher education? Small business owner? Investor? You’ll want to take time to get familiar with the proposed changes.
Based on recommendations issued last year by the Kauffman Foundation, the legislation has ramifications for both business and education.
Briefly, the Startup Act addresses:
- The impact of major regulations and compliance costs on fragile startups
- Income tax credits and exemptions for certain startup businesses and investors
- Commercialization of taxpayer-funded research
- Visas for foreign students who pursue advanced STEM degrees in the US and wish to remain here
- New visas targeted to qualified immigrant entrepreneurs
- The impact of state laws on new business creation and growth
The bill is undergoing Senate committee review, as is similar legislation passed by the House in November.
Meanwhile, you'll want to read this summary and review the bill to learn more about the full range of implications for you, your organization and the economy in general.
Business & Education | Startup Act for Growth
WSJ: A Bipartisan Plan for Job Creation
The Atlantic: The Start-Up Act
The Kauffman Foundation
Manufacturing | Could We Make it in America?