H.R. 8404: 21st Century Entrepreneurship Act

This bill, known as the 21st Century Entrepreneurship Act, aims to enhance entrepreneurship education among disadvantaged youth by allowing volunteers from the Service Corps of Retired Executives (SCORE) to teach entrepreneurship in community learning centers. Here are the main components of the bill:

Findings

The bill begins with several findings that highlight the importance of entrepreneurship for economic growth and job creation in the United States. It notes that:

• Entrepreneurship creates new jobs and boosts the economy.
• Entrepreneurship rates have been inconsistent over time.
• Children from disadvantaged communities often have fewer opportunities to become entrepreneurs.
• Having mentors in entrepreneurship increases the likelihood of young people pursuing these careers.
• Engaging mentors with the SCORE program can help foster entrepreneurship in underserved communities.

Definitions

The bill provides definitions for key terms, including:

• Community Learning Center: Defined as per an existing education law.
• SCORE Program: Refers to the Service Corps of Retired Executives, which is a program that connects retired business professionals with small business owners and aspiring entrepreneurs for mentorship.

Entrepreneurship Education for Disadvantaged Youth

This section outlines the responsibilities of the Small Business Administration (SBA) in partnership with SCORE. The SBA must:

1. Develop a curriculum for volunteers to teach entrepreneurship to students in community learning centers.
2. Collaborate with various experts and organizations to create this curriculum.
3. Formulate a strategy for implementing this curriculum in community learning centers, in consultation with the Department of Education.
4. Encourage SCORE volunteers to collaborate with other entrepreneurial development programs.

Amendments to Existing Legislation

The bill proposes changes to existing laws, specifically:

• It amends the Small Business Act to include teaching entrepreneurship in community learning centers as a function of the SCORE program.
• It updates a section of the Elementary and Secondary Education Act to recognize entrepreneurship education provided by SCORE volunteers.

Reporting Requirements

The bill mandates that the SBA submit a report to Congress within a year of enactment and every two years thereafter. This report must include:

• Documentation of how the new curriculum is being used.
• Financial details about how funds are used by SCORE in relation to this Act.
• Information on training provided to SCORE leadership regarding fund usage.
• Estimates of how many students participated in the entrepreneurship programs.
• Identification of barriers to program participation.
• Plans for improving the entrepreneurship curriculum and outreach strategies.

Relevant Companies

None found.