The bill establishes the Minnesota Entrepreneurship Task Force, which is tasked with assessing current economic development programs and recommending improvements to make Minnesota a more favorable environment for starting and growing businesses. The task force will be composed of the commissioner of employment and economic development and ten additional members with diverse backgrounds, including entrepreneurs, business owners, labor representatives, and education professionals. The commissioner of labor and industry will also be a member. The task force is required to convene its first meeting by September 15, 2027, and will operate under the guidelines of Minnesota Statutes regarding advisory task forces.

The task force's duties include creating support systems for small business owners, streamlining licensing and permitting processes, providing access to financial resources, and addressing barriers to entrepreneurship such as healthcare and childcare access. It is mandated to submit a report with its findings and recommendations to the relevant legislative committees by February 15, 2028. The task force will dissolve the day after the report is submitted.