Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H415 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 2061 FILED ON: 1/19/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 415
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Bradley H. Jones, Jr.
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act relative to the student entrepreneurial and economic investment fund.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Bradley H. Jones, Jr.20th Middlesex1/17/2023Nicholas A. Boldyga3rd Hampden1/26/2023F. Jay Barrows1st Bristol1/26/2023Paul K. Frost7th Worcester1/31/2023Kimberly N. Ferguson1st Worcester1/31/2023 1 of 3
16	16	HOUSE DOCKET, NO. 2061 FILED ON: 1/19/2023
17	17	HOUSE . . . . . . . . . . . . . . . No. 415
18	18	By Representative Jones of North Reading, a petition (accompanied by bill, House, No. 415) of
19	19	Bradley H. Jones, Jr. and others for legislation to establish a student entrepreneurial and
20	20	economic investment fund. Economic Development and Emerging Technologies.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Third General Court
24	24	(2023-2024)
25	25	_______________
26	26	An Act relative to the student entrepreneurial and economic investment fund.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. Chapter 23A of the General Laws, as appearing in 2020 Official Edition, is
30	30	2hereby amended by inserting after section 10B the following new section:-
31	31	3 Section 10C. (a) There shall be established and set upon the books of the commonwealth
32	32	4a separate fund to be known as the student entrepreneurial development and economic
33	33	5investment fund, hereinafter referred to as the student investment fund, to which shall be credited
34	34	6any appropriations, bond proceeds, or other monies authorized by the general court and
35	35	7specifically designated to be credited thereto and additional funds designated for deposit to the
36	36	8student investment fund, including any pension funds, federal grants or loans, or private
37	37	9donations made available to the secretary of economic development. The secretary of economic
38	38	10development shall hold the student investment fund in an account separate from other funds or
39	39	11accounts. Amounts credited to the student investment fund shall be available to the investment
40	40	12board as established in subsection (b) to carry out the purposes of subsection (c). 2 of 3
41	41	13 (b) The investment board shall consist of the following members: the secretary of
42	42	14economic development or his designee, who shall serve as the chairperson of the board; the
43	43	15chairman of the board of higher education or his designee, who shall serve as the vice-
44	44	16chairperson of the board; the president of the Massachusetts technology development
45	45	17corporation, or his designee; the executive director of commercial ventures and intellectual
46	46	18property, or his designee; two private Massachusetts-based investors to be chosen by the
47	47	19chairperson in consultation with the president of the Massachusetts technology development
48	48	20corporation; one student representative selected by the university of Massachusetts representative
49	49	21to the board of higher education; one student representative selected by the state college
50	50	22representative to the board of higher education; and one student representative selected by the
51	51	23community college representative to the board of higher education. The chairman of the board of
52	52	24higher education shall establish a student application program to aid the representatives of the
53	53	25board of higher education in the selection of student members to the board.
54	54	26 Five members of the board shall constitute a quorum and the affirmative vote of five
55	55	27members shall be necessary for any action taken by the board. No vacancy in the membership of
56	56	28the board shall impair the right of a quorum to exercise all the rights and perform all the duties of
57	57	29the board.
58	58	30 (c) The purpose of the student investment fund shall be to provide an opportunity for
59	59	31interested students to gain experience in entrepreneurialism and early-stage business
60	60	32development while fostering an economic environment that will attract students to the
61	61	33commonwealth and forge a relationship between the public higher education system and the
62	62	34Massachusetts business community with the intent of driving economic growth. Funds made
63	63	35available to the student investment board from the student investment fund shall be used for a 3 of 3
64	64	36grant program administered by the board for prototype funding of Massachusetts’ student ideas
65	65	37in early development stages; provided however, that the development of such ideas, plans, or
66	66	38business occur within the commonwealth. The secretary of economic development shall
67	67	39promulgate rules regarding the enforcement and penalties for recipients who relocate outside of
68	68	40the commonwealth. The board shall not be limited in the number of grants distributed to students
69	69	41in any one year; provided however, that the total monetary amount of all grants distributed by the
70	70	42board in a fiscal year shall not exceed twenty percent of the fund’s first year balance. The board
71	71	43shall hold periodic hearings to allow selected students, who have submitted a statement of
72	72	44interest and initial business plan, the opportunity to present a comprehensive business plan
73	73	45describing characteristics and proprietary positions of the student’s product or services; present
74	74	46and future markets for such products or services; potential strategies for the future development
75	75	47and funding of the prototype product or service; a statement of amount, timing and projected use
76	76	48of the capital sought by the student; and a statement of the projected growth in employment or
77	77	49other positive economic impacts. Comprehensive business plans may be written and reviewed in
78	78	50consultation with the Massachusetts technology transfer center at the University of
79	79	51Massachusetts.
80	80	52 (d) The board shall, by January 1 of each year, submit a report of its activities for the
81	81	53preceding fiscal year to the governor, the joint committee on economic development and
82	82	54emerging technologies, and the clerks of the House of Representatives and senate. Each report
83	83	55shall set forth a complete financial statement covering its operation during the year and shall also
84	84	56include any requests for additional appropriations.”.