The bill establishes the Minnesota Entrepreneurship Task Force, which is tasked with assessing current economic development programs and making recommendations to improve the business environment in Minnesota. The task force will focus on identifying barriers to entrepreneurship, streamlining licensing and permitting processes, and enhancing support systems for small business owners. It will consist 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 first meeting of the task force is to be convened by September 15, 2027.

The task force is required to submit a report by February 15, 2028, detailing its findings and recommendations to the relevant legislative committees. The report will address the effectiveness of existing programs, propose new initiatives, and suggest reforms to improve the overall entrepreneurial landscape in Minnesota. The task force will expire the day after the report is submitted. This initiative aims to position Minnesota as a leading state for starting and growing businesses.