BHB/1/11
Sponsored by Santiago Lopez-Peon, Dhruv Upadhye, Luke Patel of Ravenwood High School
This legislation was filed in the Education category
Presented as part of the YIG Volunteer 2024 conference
| 1 | Section 1: Terms used in this Act, unless context requires otherwise, shall be defined as follows: |
| 2 | Entrepreneurship- the activity of setting up a business or businesses, taking on financial risks in |
| 3 | the hope of profit |
| 4 | Entrepreneur- a person who organizes and operates a business or businesses, taking on greater |
| 5 | than normal financial risks in order to do so |
| 6 | Startups- a company in the first stages of operation |
| 7 | Equity Investments- the value of an investor’s stake in a company |
| 8 | |
| 9 | Section 2: The Youth Entrepreneurship and Innovation Fund Act (YEIF) intent will cover but not be |
| 10 | restricted to providing financial support to students through loans and equity investments, offering |
| 11 | professional development through opportunities such as mentoring and networking, and promoting |
| 12 | collaboration between entrepreneurs through social events, seminars and more. No previous bill |
| 13 | has mentioned this type of support for young entrepreneurs, enabling them to reach opportunities |
| 14 | they would not otherwise have been able to access. |
| 15 | |
| 16 | Section 3: To be considered for this program, students must present a compelling business |
| 17 | proposal that showcases their exceptional thinking and reasoning. These individuals or teams of |
| 18 | entrepreneurs, aged between 14 and 21, must demonstrate a viable idea, product, or innovation |
| 19 | with the potential for commercialization. |
| 20 | |
| 21 | Section 4: A rigorous application and selection process for the YEIF will be established, |
| 22 | incorporating criteria for evaluating the justification and practicality of proposed projects, including |
| 23 | their likelihood of success. A team of experts who volunteer from various industries, relevant |
| 24 | companies, and academia will be tasked with reviewing and assessing these applications, ensuring |
| 25 | the most deserving recipients of YEIF funding are selected. |
| 26 | |
| 27 | Section 5: Recipients of the YEIF fund must submit regular fiscal reports and financial statements |
| 28 | to the YIEF organization. These reports should detail the use of the funds and the achievements |
| 29 | and challenges encountered during project implementation. The YIEF will conduct periodic |
| 30 | evaluations and assessments of the fund recipients to ensure the impact, effectiveness, and |
| 31 | alignment with the objectives of this Act are maintained. |
| 32 | |
| 33 | Section 6: The YEIF shall be funded through appropriations from the Tennessee Department of |
| 34 | Education budget through a one-time initial payment of 25 million dollars as the YEIF enacts a loan |
| 35 | process including minimal interest under 7%, exponentially increasing the budget. The funds |
| 36 | allocated to the YEIF shall be used exclusively for the purposes outlined in Section 2 of this Act. |
| 37 | Section 7: All laws or parts of laws in conflict with this Act are hereby repealed. |
| 38 | Section 8: The provisions of this Act shall be implemented on May 31, 2024, or the beginning of |
| 39 | the fiscal year. |
| 40 |