CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 1325Introduced by Senator GonzalezFebruary 18, 2022 An act to add Article 6.3 (commencing with Section 12099.8) to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, relating to economic development. LEGISLATIVE COUNSEL'S DIGESTSB 1325, as introduced, Gonzalez. California Techquity Innovation Program.Existing law establishes the Governors Office of Business and Economic Development (GO-Biz) to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. This bill would establish the California Techquity Innovation Program, to be administered by GO-Biz, to fund grants or investments, upon appropriation by the Legislature, that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities. The bill would establish the California Techquity Innovation Program Fund for purposes of supporting the program.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Article 6.3 (commencing with Section 12099.8) is added to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, to read: Article 6.3. California Techquity Innovation Program and Fund12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 1325Introduced by Senator GonzalezFebruary 18, 2022 An act to add Article 6.3 (commencing with Section 12099.8) to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, relating to economic development. LEGISLATIVE COUNSEL'S DIGESTSB 1325, as introduced, Gonzalez. California Techquity Innovation Program.Existing law establishes the Governors Office of Business and Economic Development (GO-Biz) to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. This bill would establish the California Techquity Innovation Program, to be administered by GO-Biz, to fund grants or investments, upon appropriation by the Legislature, that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities. The bill would establish the California Techquity Innovation Program Fund for purposes of supporting the program.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Senate Bill
No. 1325
Introduced by Senator GonzalezFebruary 18, 2022
Introduced by Senator Gonzalez
February 18, 2022
An act to add Article 6.3 (commencing with Section 12099.8) to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, relating to economic development.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 1325, as introduced, Gonzalez. California Techquity Innovation Program.
Existing law establishes the Governors Office of Business and Economic Development (GO-Biz) to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. This bill would establish the California Techquity Innovation Program, to be administered by GO-Biz, to fund grants or investments, upon appropriation by the Legislature, that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities. The bill would establish the California Techquity Innovation Program Fund for purposes of supporting the program.
Existing law establishes the Governors Office of Business and Economic Development (GO-Biz) to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth.
This bill would establish the California Techquity Innovation Program, to be administered by GO-Biz, to fund grants or investments, upon appropriation by the Legislature, that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities. The bill would establish the California Techquity Innovation Program Fund for purposes of supporting the program.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Article 6.3 (commencing with Section 12099.8) is added to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, to read: Article 6.3. California Techquity Innovation Program and Fund12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Article 6.3 (commencing with Section 12099.8) is added to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, to read: Article 6.3. California Techquity Innovation Program and Fund12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
SECTION 1. Article 6.3 (commencing with Section 12099.8) is added to Chapter 1.6 of Part 2 of Division 3 of Title 2 of the Government Code, to read:
### SECTION 1.
Article 6.3. California Techquity Innovation Program and Fund12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
Article 6.3. California Techquity Innovation Program and Fund12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
Article 6.3. California Techquity Innovation Program and Fund
Article 6.3. California Techquity Innovation Program and Fund
12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.
12099.8. (a) The Governors Office of Business and Economic Development (GO-Biz) shall establish and administer the California Techquity Innovation Program, which shall fund grants or investments that advance equity in tech entrepreneurship in California, and support underserved, equity-forward entrepreneurs and business owners in geographic areas that are socioeconomically disadvantaged or that have limited venture capital funding opportunities.
(b) Under the program, GO-Biz shall fund competitive grants for, but not limited to, any of the following purposes:
(1) Financial grants for tech accelerators and incubators that support minority-led, women-led, and lesbian, gay, bisexual, or transgender persons-led technology businesses.
(2) Financial grants for underrepresented venture capital managers and underserved entrepreneurs developing economic opportunities based in California.
(3) Financial grants to fund regional workforce development partnerships that advance equity in tech employment.
(4) Financial grants to fund research to evaluate the effectiveness of investing in equity entrepreneurship and workforce, including establishing partnerships with local universities to lead these studies.
(c) The California Techquity Innovation Fund is hereby established in the State Treasury, to be administered by GO-Biz. Moneys in the fund, upon appropriation by the Legislature, shall be used by GO-Biz to implement and administer this article.