The Business Innovation and Startup Act aims to enhance economic development in Nebraska by establishing the Office of Business, Entrepreneurship, and Innovation within the Department of Economic Development. This office will focus on creating policies and programs to support innovation and entrepreneurship, particularly in underserved demographic segments and geographic areas. It will also assist businesses that have been operating for five years or less in their interactions with state government and will be responsible for preparing annual reports detailing the impact of state legislation on business and entrepreneurship, as well as strategic goals for the office.

Additionally, the Act encourages state agencies and local workforce development boards to allocate a percentage of contracts and funding to new businesses and those providing services to them. Starting July 1, 2026, state agencies are encouraged to award five percent of state contracts and economic development funds to businesses that have been in operation for less than five years. The Act also promotes the elimination of business license and registration fees for new businesses and mandates that a portion of state investment funds be directed towards venture capital funds that invest in these emerging businesses.